Sui Network Launches SUI Token and Mainnet
Sui Network has officially launched its SUI token and mainnet, which began trading on Binance at 1.8U. The token’s value initially fluctuated wildly, but later crashed dramatically. The total number of tokens in circulation is around 500 million, with the FDV exceeding $10 billion in US currency. Binance accounts for 63% of Sui’s spot trade volume, while Bybit, OKX, and KuCoin each contribute 10.6%, 7.3%, and 7.3%, respectively. Some exchanges have launched Futures perpetual contracts as well.
Bitfinex Offers Limited-Time Fee Discount for SUI Trading
However, the high volume of traffic caused OKX to momentarily halt trading. OKX engineers are working to resolve any issues with SUI orders that have become stalled due to the auction, and the OKX Help Desk has assured users in a tweet that they are aware of the cancellation issue and are working on a solution.
💧$SUI from @SuiNetwork is open for trading on Bitfinex!
Trade now to enjoy a limited time special on fees for Sui:
✅ ZERO fees for market makers & 4 bps for market takers!Get started:https://t.co/3nBcLmBlF5 pic.twitter.com/LwqN1VHFnw
— Bitfinex (@bitfinex) May 3, 2023
SUI is also available for trading on the Bitfinex platform, where market makers are not charged any fees, and market takers only pay 4 bps during this limited-time fee discount.
Despite the initial challenges, the launch of Sui Network’s SUI token and mainnet is a significant milestone in the world of blockchain technology. The platform aims to provide a decentralized infrastructure. It allows developers to create and deploy decentralized applications (dApps) without worrying about scalability, speed, or high gas fees.
SuiNetwork’s Architecture Combines PoW and PoS for Scalability and Securit
Sui Network’s architecture is based on a hybrid algorithm that combines Proof-of-Work (PoW) and Proof of Stake (PoS) mechanisms. This approach allows the platform to achieve high levels of scalability, speed, and security while keeping transaction costs low.
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Additionally, because SuiNetwork takes a novel approach to reach consensus, it enables the development of new varieties of decentralized applications (dApps), which were not possible in the past due to restrictions on scalability. Games, social networks, markets, and other types of online activities fall under this category.
The launch of Sui Network’s SUI token and mainnet marks a significant milestone in the world of blockchain technology. With its unique architecture, Sui Network has the potential to revolutionize the way users think about decentralized applications and the blockchain ecosystem as a whole.
