Layer-1 Blockchain Sui Network Rolls Out Its Mainnet

The much-anticipated Sui mainnet has gone live, with its token trading at $1.28 and a market capitalization of $687 million.

Upon the launch, Layer-1 blockchain has been competing against Aptos and other DeFi heavyweights.

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It is worth noting that the pre-sale price of the token was only $0.03, while the public sale price was $0.10.

Based on the blockchain data, Sui was founded by former Meta employees and holds a $2 billion valuation. With over 200 projects in its directory and 100 more looking to build on its network, Sui is becoming a major player in the DeFi space.

Despite promising rapid transaction speeds, Sui’s blockchain explorer data revealed an average of only four transactions per second (4tps) on launch day, compared to Aptos 9tps.

Decentralization has also presented a few challenges for the network. Over 2,100 nodes are operating in 43 countries, primarily concentrated in Germany and the US, with a few nodes in Asia and Eastern Europe. As the network matures, the distribution of validators is expected to become more widespread.

At the time of writing, the distribution of token holders remains unclear.

In April, the Sui network decided to not run an airdrop, disappointing some community members.

Instead, the platform’s native token, SUI, used for governance and gas, was offered to community members for $0.03 per token in an early sale on three exchanges: OKX, KuCoin, and ByBit. A subsequent token sale was limited to 10,000 tokens per person, priced at $0.10 per token.

by Gile K. – Expert Reviewer, BitDegree

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• Source: https://www.bitdegree.org/crypto/news/layer-1-blockchain-sui-network-rolls-out-its-mainnet