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Sui Mainnet and token launch: Key points to know

Sui Token and Network Launch

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TL;DR

  • According to the team behind Sui, Mysten Labs, the latest layer 1 is a designated Proof-of-Stake (dPoS) blockchain.
  • The team behind Sui aims to establish the network as the leading NFT and gaming platform in the crypto industry, leveraging the Move programming language’s advantages for smart contract development.

The much-anticipated Sui mainnet is scheduled to launch on Wednesday, May 3 at 8 a.m. ET. The layer 1 designated Proof-of-Stake (dPoS) blockchain protocol employs a modified version of Meta’s Move programming language, originally developed for the Diem project.

Sui—A highly efficient layer-1 chain

Sui is a highly efficient layer-1 chain with low latency and high throughput. Its instant transaction finality makes it ideal for on-chain use cases like DeFi and GameFi. The blockchain uses Rust, a programming language prioritizes fast and secure transaction execution. Solana, another high-speed blockchain, utilizes Rust as its programming language.

The platform was developed by Mysten Labs, one of two companies that emerged from Meta’s Diem project, with the other being Aptos Labs, known as the “Solana Killer.” Mysten Labs raised significant funding, securing a $2 billion valuation after a $300 million Series B round in September.

Sui: Aiming to be the premier NFT and gaming platform

The team behind Sui aims to establish the network as the leading NFT and gaming platform in the crypto industry, leveraging the Move programming language’s advantages for smart contract development. Sui Move adapts the original language to include NFT-specific functions and focuses on “objects” rather than “accounts.”

According to the team behind Sui, their network is set to become an innovative and decentralized Layer 1 blockchain that will redefine asset ownership.

Sui Move has received praise for its speed and transaction throughput, with Solana Co-Founder Anatoly Yakovenko calling it “awesome” on Twitter.

The SUI token’s initial coin offering (ICO) began on April 20 and will conclude on May 3 when the mainnet goes live. IOU token versions are available for purchase on BitForex, DigiFinex, HotBit, and SuperEx. After the launch, SUI tokens will be listed on OKX, Kucoin, Bybit, and Binance.

Before the token launch, Binance experienced a surge of activity as users invested over $4 billion in anticipation of the highly sought-after SUI token launch.

The total value of staked tokens surpassed $4 billion, but due to the high demand, the average return on investment for the launchpad was only 0.016 SUI per dollar. Binance plans to allocate 40 million SUI tokens, with 80% going to BNB stakers and the remaining 20% to TUSD stakers. Hourly snapshots of staked balances were taken to calculate rewards.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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