While the mainnet of Sui Network went live at 2:00 p.m. Paris time on May 3, major cryptocurrency exchanges around the world quickly listed the SUI token. The launch, announced by the Sui Foundationwas enthusiastically received by exchanges, greatly appreciating the expected volatility.
The token $SUI is being listed on the main exchanges and the volatility is there
The price of the token soared up to $2 at the open
— Coin Academy (@coinacademy_fr) May 3, 2023
The token 
Binance launches SUI trading
The giant of cryptography Binance wasted no time in initiating trading of the SU immediately after the mainnet launch, with trading pairs like SUI/BTC, SUI/USDT, and SUI/BNB available from 2:15 p.m. others exchanges important, such as Huobi, KuCoin, ByBit, OKX And Poloniexfollowed suit by announcing the listing of derivative contracts as soon as liquidity permitted.
The value of SUI when it exits
SUI’s total supply is capped at 10 billion tokensbut less than 700 million tokens were expected to be available when the mainnet launched.
Despite the excitement and a violent pump at launch, the value of the SU fell shortly after trading began, quickly falling below the $2. The data of CoinGecko indicate a 40% decline from the opening price, while CoinMarketCap And Binance suggest a staggering 70% drop. Most of the value was lost in the first five minutes of trading. As of this writing, SUI is trading at $1.29with a capitalization close to a billion dollars (the fully diluted capitalization would therefore be approximately 13 billion dollars).
The SUI Token: A Brief Overview
Sui Network is a blockchain layer 1 and smart contract platform designed to drive web3 adoption with fast speeds and high scalability. The token SU uses an algorithm of consensus proof-of-stake delegate, which allows network users to elect and vote for delegates to confirm the next block.
Developed using movea Rust-based programming language designed by Meta, Sui is supported by Mysten Labsan infrastructure organization web3 founded by former senior executives of Meta’s Novi Research. After Meta abandoned his plan to crypto cash diem in 2022, Mysten Labs began to focus on Sui Network. In September 2022, the Sui Foundation announced a fundraising of 300 million dollars for the development of the Sui ecosystem.
Find all the important information such as the tokenomicsthe different unlocks and the calculation of the market capitalization compared to the price of the SUI on our dedicated page :
The article Launch of the mainnet SUI and reaction of the token on the main exchanges appeared first on Corner Academy
