Sui Network launches its mainnet

On 3 May at 15:00 (Kyiv/Moscow time), the developers of the first-layer blockchain Sui Network carried out a successful mainnet launch.

?After Devnet, multiple Testnet waves, Frenemies, #CapyHolidays, Builder Houses, and much more – what a monumental moment for the Sui community: Sui Mainnet has launched!?

Let’s dive into what that means for all of you and why you should #BuildOnSui!

?? pic.twitter.com/KsfCMBP9nl

— Sui (@SuiNetwork) May 3, 2023

The team also unveiled a new blockchain explorer for the mainnet — Sui Explorer.

The cryptocurrency exchange Binance listed the native token SUI and opened trading.

#Binance lists @SuiNetwork $SUI!

Trading for $SUI is now live ⬇️

— Binance (@binance) May 3, 2023

The asset opened at around $1.70, but after 15 minutes slid to $1.30. At the time of writing, SUI is trading at $1.25.

Also about the listing of the coin announced on OKX, Bybit and KuCoin.

On May 1, Binance added SUI support to the launchpad for BNB and TUSD holders. The initiative aims to provide liquidity for tokens of new crypto projects.

According to Decrypt, users have locked in more than $4 billion for SUI farming ahead of the mainnet launch. However, due to liquidity pool congestion, one invested dollar is equivalent to about 0.016 SUI.

In total, Binance will distribute 40 million SUI, of which 80% will go to BNB stakers, and the remainder to TUSD holders.

Back in November 2022, the Mysten Labs team launched the first testnet Wave 1. In March 2023 it implemented ‘permanent’ test network for Sui Network, which will continue to operate after the protocol launch.

According to Sui Foundation’s plans, more than 50% will be directed toward developing the project after the mainnet launch.