Sui, the innovative new proof-of-stake (PoS) blockchain project, made its mark this week when their mainnet launched just three days ago. The Sui token (SUI), which was created by the team from Mysten Labs, sparked interest from crypto investors worldwide and has already made its way to crypto exchanges worldwide. When the network went live on Wednesday, May 3rd, the SUI token quickly surged to an all-time high of $2.16 per coin; since then, the price has dropped by 37% and is trading around $1.36 per coin.

The Sui network is powered by the Move programming language. As of now there are 528,273,718 SUI tokens in circulation with a maximum of 10,000,000,000 slated for the future. Notable characteristics of Sui include it’s delegation proof-of-stake (dPoS) blockchain, 2,122 nodes, and 100 total validators who are typically sourced using a Byzantine Consistent Broadcast. This network also allows users to create and destroy objects as well as transfer them to other addresses.

On the day of their mainnet launch, Sui was valued at a market capitalization of $1 billion; however, as it currently stands the token’s market capitalization is $709 million with 24-hour global trade volume of $511 million. Over the past 24 hours, the network has processed 2,373,134 transactions with 239,888 unique addresses holding SUI. In terms of rankings, Sui is the 70th biggest crypto asset by market capitalization with a still impressive reach worldwide.

That being said, there has also been some contention with regards to the launch of Sui. A few early adopters notably commented on the situation when they were left out of the early adopter token allocation. Arthur0x from Defiance Capital stated that venture capitalists “keep funding new pre-mainnet Layer 1 protocols at billion dollar valuation” and that “all founders of hyped L1 in past cycles are billionaires now despite little real traction achieved in their blockchain.”

Despite low points, the Sui network still appears to be a valued asset, with a solid representation in the world of crypto. The project’s adaptive approach to blockchain has no doubt laid the foundation for further interest, which could possibly result in the continuous growth of the SUI token.



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