Today marks a significant milestone for the cryptocurrency industry as the Sui mainnet, developed by Mysten Labs, has officially launched, although the SUI token is trading down 70% since its launch.
Sui is a Layer 1 delegated Proof-of-Stake (dPoS) blockchain, leveraging a modified version of the Move programming language, which was initially developed by Meta (formerly Facebook) for its now-defunct Diem project.
Mysten Labs, creators of Sui, emerged from Meta’s Diem venture alongside Aptos Labs, known for its potential as a Solana competitor. In preparation for the mainnet launch, Mysten Labs raised an impressive $300 million in a Series B funding round in September 2021, boosting its valuation to $2 billion, according to CrunchBase.
Sui aims to establish itself as the leading NFT and gaming platform in the crypto world, capitalizing on the innovative Move programming language.
The developers behind Sui believe that Move offers a more user-friendly approach to crafting smart contracts, making it an ideal choice for their blockchain. Sui’s adaptation of the Move language introduces NFT-specific functions, distinguishing it from other languages like Rust, employed by Solana.
Focusing on “objects” rather than “accounts,” Sui enables assets to be individually owned or collectively managed, with modifications only allowed under specific smart contract conditions.
This unique approach positions Sui as a pioneering, decentralized Layer 1 blockchain, redefining the concept of asset ownership.
Sui Move has already received praise for its speed and transaction capacity, catching the attention of industry leaders, including Solana Co-Founder Anatoly Yakovenko, who lauded it as “awesome” on Twitter.
The SUI token, the platform’s native currency, was part of an initial coin offering (ICO) that concluded with the mainnet’s launch today. Investors had been eagerly acquiring IOU versions of the token on lesser-known exchanges like BitForex, DigiFinex, HotBit, and SuperEx.
Yesterday, SUI token IOUs traded at $3.20 on CoinGecko, experiencing a 14% price increase within the last day due to the mounting anticipation surrounding the mainnet launch. However, following the mainnet going live, the SUI token has seen a significant 70% drop in value. The token is listed on leading crypto exchanges such as OKX, Kucoin, Bybit, and Binance.