The Mysten Labs-created Sui blockchain has now gone live on its mainnet. Binance, OKEx, Bybit, and Kucoin will all be key trading venues for Sui’s native assets.
After many years of work, the Sui mainnet has been released, making it the latest Layer 1 blockchain in the cryptocurrency industry.
According to a message sent on the project’s Discord channel at 11.30 UTC, which cites a genesis blob, the network became online.
Solana, Aptos, and Sei are all high-performance Layer 1 blockchain that Sui will be competing with. More than 200 decentralized apps, including NFTs, DeFi, social media, and gaming, are expected to launch on the Sui network in the next weeks, according to the Sui team.
Sui’s creators, Mysten Labs, secured $300 million in a fundraising round in September 2022, valuing the project at around $2 billion at the time. Sam Bankman-Fried’s bankrupt cryptocurrency exchange FTX Ventures led the Series B funding round. This month alone has seen the $96 million sale of FTX’s share in Mysten Labs.
Sui is a blockchain with a block finality time of less than half a second, making it ideal for use with distributed applications. The Sui team said that, with 100 validators on testnet, the network was able to process more than 300,000 TPS. Aptos, the first blockchain to debut from the Move programming language forks of Meta’s Diem project, came online in October 2022.
Two high-throughput Mysten Labs mempool and consensus engines, Narwhal and Bullshark, are used by the proof-of-stake network. When it comes to performance, these motors are the best there is. Sui is horizontally scalable, meaning it can accommodate the rapid creation of a variety of applications at a cheap cost and with little latency. A representative at Sui explained to The Block that the company’s blockchain technology may benefit from having more devices per validator.
The Sui team claims that their framework prioritizes user friendliness and composability for smart contract developers.
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