The Sui network, built using the Move programming language, went live on its mainnet today at 5:00 PM IST, beating its scheduled launch time by 30 minutes, as per the project’s Discord update. The crypto community gave a warm welcome to Sui mainnet with a 1000% price pump.
Crypto exchanges including Binance, Huobi, KuCoin, ByBit, OKX and Poloniex announced SUI listing right after the mainnet launch.
The current price of Sui token according to coingecko at the time of writing this is $1.3, which is a significant rise from the pre-sale price of $0.03 and the public sale price of $0.10.
Mysten Labs, the team behind the Sui blockchain, raised $300 million in a Series B funding round in September 2022 to support the construction of the network’s central infrastructure and fast-track the Sui ecosystem’s adoption.
The team behind Sui Network is none other than former Meta engineers who worked on the Novi project, making it an arch rival to the Aptos project. Aptos got backlashed by the crypto community at its launch, on the contrary, Sui Foundation has piqued interest among investors, resulting in a price surge above $2 at its peak
It also partnered with major centralized exchanges like Kucoin, OKX, Bybit, and Binance to sell tokens to the project’s Discord community and other exchange users, raising $49 million from over 100,000 users, with Binance users staking over $4 billion worth of crypto tokens to farm SUI tokens.
Also Read: Binance CEO CZ Takes Aim at Justin Sun Over SUI Airdrop Misuse
