After much fanfare, SUI, the layer-1 blockchain platform is finally live on the mainnet. An update in Discord showed that the mainnet was released at 7:30 am EST, 30 mins ahead of its scheduled launch.
The project was created by engineers who previously worked on the now-defunct Novi project and were employed by Meta [formerly Facebook].
The testnet performance indicates that the blockchain may purportedly reach high throughputs of between 10,871 and 297,000 transactions per second [TPS] on a variety of workloads.
The project’s native cryptocurrency, SUI, is used for governance and transaction fee payments.
According to Binance’s Launchpad statement, there are 10 billion SUI tokens in circulation overall. The token will have an initial circulating supply of 528,273,717 or 5.28% of the total supply.
Recently, the top exchange added SUI tokens to its Launchpool, enabling users to deposit their crypto assets and get incentives from a liquidity pool. The move stirred a lot of traction from the cryptocurrency community.
Additionally, the token attracted attention after it was recently involved in a dispute between Justin Sun, the founder of Tron, and Binance CEO Changpeng Zhao. The dispute appeared to be resolved in a series of tweets.
Following Binance’s announcement of the token, Tron founder Justin Sun transferred a huge amount of TrueUSD [TUSD] stablecoins into Binance, which are required to farm SUI tokens.
The activity was spotted by Whale Alert, which caught the attention of the community.
Sun was cautioned by CZ that if he utilized any of the deposited TUSD to acquire Launchpool SUI tokens, the company will take legal action against him. CZ saw the transfer as a possible attempt to steal SUI tokens.
He also tweeted that the Launchpool was meant for retail users and not just whales.
The TRON founder apologized before stating that the deposit was not intended to take part in any exchange promotion but rather to facilitate market-making between the top TUSD exchanges.
Having said that, there were certain mishaps during the debut of SUI.
SUI Token Sank Over 70%
The token started off at 1.8 units on Binance before fluctuating and falling suddenly. OKX had to temporarily cease trading owing to heavy traffic.
Moreover, the FDV has surpassed 10 billion US dollars, and there are around 500 million tokens in circulation.
Price-wise, SUI has lost more than 71% of its value as a result of rumors that it is a “complete vaporware,” which was propagated by one Twitter handle and led to a sharp sell-off.