• The highly anticipated SUI mainnet went live on May 3rd.
• The Sui blockchain is a smart contract platform designed to foster the growth of Web3 with enhanced speed and scalability.
• South Korea’s UpBit exchange has announced plans to start trading SUI starting May 3rd.
SUI Mainnet Launched
The highly anticipated SUI mainnet was launched on May 3rd, allowing builders and users to access its Layer 1 blockchain which enables developers to build freely without being restricted by complex infrastructure. Greg Siourounis, Managing Director of the Sui Foundation said that it is a monumental milestone for the entire Sui community and the digital asset ecosystem as a whole.
Features of Sui Blockchain
The Sui blockchain is a smart contract platform designed to foster the growth of Web3 with enhanced speed and scalability. It relies on delegated Proof-of-Stake (dPoS) that lets users elect and vote delegates in order to confirm the next block. This allows users across the world access to an open environment where they can build freely without being inhibited by complex infrastructure.
SUI Hype Captures South Korean Crypto Ecosystem
The hype surrounding SUI has managed to capture attention from even the South Korean crypto ecosystem, which usually takes caution when it comes to new projects. UpBit – one of South Korea’s largest exchanges – has announced plans to start trading SUI starting May 3rd, while several other prominent crypto trading platforms have also expressed interest in listing SUI tokens on their platforms soon.
Volatility After Launch
Despite all this excitement surrounding its launch, minutes after going live, SUI faced massive volatility as its value nosedived from $3.5 to $1.5, leaving investors concerned about what lies ahead for this promising project in terms of price stability and adoption rate in coming days.
The launch of the Sui mainnet marks a major milestone for both its team as well as its investors who have been waiting eagerly for this development since last year’s token sale event that raised over $34 million for its development efforts. Only time will tell how successful this project will be in achieving mainstream adoption through partnerships with some leading tech giants such as Microsoft and Amazon Web Services (AWS).