SUI Launches on Mainnet, Token Drops 30% As Trading Debuts On Binance.
SUI, a new cryptocurrency network, finally launched on the mainnet today, sparking the interest of investors and traders alike.
SUI was today listed on Binance, with the token surging as high as $2.07 before recoiling back to $1.52 at press time, reflecting a 32% drop per Coinmarketcap. The token also gained some traction, with trading volumes surging by 22.15% to tap $887,702. Besides Binance, SUI was initially listed on four exchanges: KuCoin, Poloinex, OKX, and Bybit.
According to Colin Wu, the SUI team requested the above five exchanges not to list perpetual futures contracts for its token.
Exclusive: the SUI official team requires the cooperative exchanges (Binance OKX Bybit KuCoin, etc.) not to launch the perpetual contract when the SUI token is launched. At present, the major exchanges temporarily meet this demand, and the launch of future may be delayed for a… https://t.co/2XGA75MmiV
— Wu Blockchain (@WuBlockchain) May 3, 2023
To attract users, Binance announced that SUI/USDT trading pair traders would enjoy zero maker feed “until further notice.”
What Is SUI?
As per its website, SUI is described as a first-of-its-kind “layer 1 blockchain that redefines asset ownership”. In a statement, the SUI Foundation, an independent organization responsible for the network’s development, noted that the network boasts extremely fast transaction speeds (just 480 milliseconds) and rich on-chain assets due to its unique architecture.
It also supports a wide range of applications and scalability capabilities factors that could endear it to more users, pitting it against competitors such as APTOs and Cardano.