VC Darling Crypto Sui Makes Waves With Market Debut, Price Sinks 37% From All-Time High
A buzz has been generated around a new layer one (L1) proof-of-stake blockchain initiative named Sui, following the network’s mainnet debut on May 3, 2023. The native token SUI has been listed on various cryptocurrency exchanges, drawing attention to the project. On the same day the network launched, SUI peaked at $2.16 per unit, but has since dropped by 37% from its record high.
Mysten Labs Launches Sui Mainnet, Draws Attention with Delegated PoS Blockchain and Move Programming Language
As established cryptocurrencies continue to compete for dominance, a fresh wave of digital assets has emerged in the crypto sphere. Among them is SUI, a new digital currency whose network went live on Wednesday. The founders of SUI hail from Mysten Labs, and like Aptos, its founders stem from Facebook’s crypto project.
SUI operates on a delegated proof-of-stake (dPoS) blockchain, utilizing the Move programming language. At present, there are 528,273,718 SUI in circulation, with a maximum supply of 10,000,000,000 slated for the future. Presently, the network has 2,122 nodes and 100 total validators. Validation is provided via a Byzantine Consistent Broadcast.
“Sui is a distributed ledger that stores a collection of programmable objects, each with a globally unique ID,” explains the Sui network documentation. “Every object is owned by a single address, and each address can own an arbitrary number of objects. The ledger is updated via a transaction sent by a particular address. A transaction can create, destroy, and write objects, as well as transfer them to other addresses.”
Before and after the mainnet launch, the project encountered backlash when a few early adopters were left out of the early adopter token allocation. Arthur0x, the founder of Defiance Capital, commented on the situation, saying, “People ask why [venture capitalists] keep funding new pre-mainnet Layer 1 protocols at billion dollar valuation but as long as hyped L1 can keep getting away by launching at $10b+ FDV even amidst a challenging market this trend will continue.” Arthur0x went on by stating:
Almost all founders of hyped L1 in past cycles are billionaires now despite little real traction achieved in their blockchain.
Upon its market debut, SUI surged to an all-time high of $2.16 per coin, but has since dropped by 37%, currently trading between $1.27 and $1.36 per unit. However, at its current price of $1.36 per unit, the crypto asset is up 16% from its all-time low.
As of Friday, May 5, 2023, SUI’s market valuation stands at $709 million, with $511 million in 24-hour global trade volume. Over the past 24 hours, the network has processed 2,373,134 transactions, with 239,888 unique addresses holding SUI. Out of the vast array of listed crypto assets, SUI currently ranks as the 70th largest market capitalization.
What are your thoughts on the emergence of Sui in the crypto sphere? Do you think it has the potential to become a major player in the market, or will it struggle to gain traction against established cryptocurrencies? Let us know in the comments section below.
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