Major cryptocurrency exchanges worldwide have launched trading of the Sui (SUI) token following the Sui Network’s mainnet launch on May 3. The Sui Foundation announced that the Sui mainnet went live at 12:00 pm UTC, and many global crypto trading platforms supported the launch, allowing investors to buy and sell the new SUI token. Binance will debut SUI trading immediately after mainnet launch, allowing users to trade between SUI and cryptocurrencies like Bitcoin (BTC), Tether (USDT), and BNB (BNB) at 12:15 pm UTC.
Other Exchanges and Listings
Other major exchanges, including Huobi, KuCoin, ByBit, OKX, and Poloniex, have also announced SUI listings. KuCoin plans to list SUI/USDT margined futures and isolated margin trading pair SUI/USDT when its “liquidity meets the requirement.” Poloniex emphasized that the total supply of SUI is capped at 10 billion tokens. Even some South Korean exchanges, facing investigations by local authorities for listing certain native coins, have joined the global SUI hype. Upbit is one of those exchanges preparing to start SUI trading on May 3.
Sharp Dive in SUI Value
Shortly after the trading launch, the value of the SUI took a sharp dive to below $2. According to data from CoingGecko, SUI tanked 40% from its opening price. In the meantime, data from CoinMarketCap and Binance suggest that SUI even dropped more than 70%. The SUI token lost the majority of value in the first five minutes after the launch of trading. As of writing, the token is trading at $1.29, with a fully diluted market capitalization of about $13 billion.
Sui Network and Mysten Labs
Sui, or the Sui Network, is a layer-1 blockchain and smart contract platform designed to increase Web3 adoption with fast speeds and high scalability. The Sui platform relies on delegated proof-of-stake, which means that SUI network users can elect and vote for delegates to confirm the next block. The Sui project is built on Move, a new Rust-based programming language designed at Meta, formerly known as Facebook. Sui is backed by Mysten Labs, a Web3 infrastructure organization founded by former senior executives at Meta’s Novi Research. In September 2022, the Sui Foundation announced a $300 million raise for the development of the Sui ecosystem.
The current price of SUI is significantly higher than its price during its spotlight token sale in April. During a token sale in mid-April, users of exchanges like KuCoin and OKX were able to buy SUI tokens at 0.1 USDT per coin. Binance users deposited massive amounts of cryptocurrency to farm SUI tokens before the mainnet launch. According to data from Binance Launchpad, users of Binance staked nearly $4 billion in Binance Coin (BNB) and TrueUSD (TUSD) to farm 40 million SUI tokens. At the time of writing, the combined value of all these tokens amounts to $51 million.