Sui Network is a decentralized, permissionless smart contract platform that launched its mainnet on Wednesday at 12:00 PM UTC. The network also began distributing its native token, SUI, to users worldwide.
For instance, Suiswap—a decentralized exchange (DEX) on Sui blockchain—announced an airdrop for its community. Notably, Binance, the largest centralized exchange by daily trading volume, also declared support for Sui Network by listing the SUI token.
Binance opened trading for SUI/BTC, SUI/USDT, SUI/TUSD, SUI/BNB, SUI/EUR, and SUI/TRY pairs just 15 minutes after mainnet launch. The exchange waived maker fees for the SUI/TUSD trading pair until further notice.
Major Exchange Listings Push SUI to $2 High
Leading global exchanges started trading SUI tokens shortly after Sui Network’s mainnet launch on May 3. The Sui Foundation confirmed the mainnet went live at 12:00 PM UTC, backed by multiple crypto platforms enabling SUI trading.
Binance initiated SUI trading shortly after mainnet activation. Users could trade SUI against major cryptocurrencies like Bitcoin (BTC) and Tether (USDT) starting at 12:15 PM UTC. The exchange also supports SUI/EUR and SUI/TRY pairs.
Other exchanges, including Huobi, KuCoin, ByBit, OKX, and Poloniex, announced plans to list SUI. KuCoin aims to offer SUI/USDT margin futures and isolated margin trading, pending liquidity conditions.
Poloniex emphasized that SUI has a hard-capped total supply of 10 billion tokens, highlighting its scarcity and potential value.
Despite claims of fast transaction processing, Sui’s blockchain explorer showed an average of 4 transactions per second (4 TPS)—significantly lower than Aptos’ 9 TPS. Sui’s decentralization journey faces challenges, and community interest may wane.
Sui Network’s Market Outlook
Sui enters a competitive smart contract arena dominated by Ethereum, Polygon, Binance Smart Chain, Cardano, and Solana. However, the Sui team believes its unique design will attract investors and developers.
Key features include:
- Move programming language for smart contracts.
- Byzantine Fault Tolerance (BFT) for security and scalability.
- A detailed whitepaper akin to Bitcoin’s original.
Unlike meme coins with no roadmap, Sui has structured plans, including the Sui Academic Research Award Program, offering $250,000 in grants.
👉 Explore Sui’s potential in DeFi
FAQs
1. What is Sui Network?
Sui is a decentralized smart contract platform prioritizing speed and security using the Move language.
2. How does SUI token work?
SUI powers transactions, governance, and staking within the Sui ecosystem.
3. Where can I buy SUI?
Major exchanges like Binance, KuCoin, and OKX list SUI.
👉 Learn more about SUI staking
Sources: Golden Finance
Disclaimer: This article is republished for informational purposes only.
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