Sui, the Layer-1 blockchain developed by Mysten Labs, has launched its mainnet, joining the realm of decentralized finance (DeFi) platforms such as Aptos. Sui’s advanced blockchain technology was developed by ex-Meta employees utilizing the Rust-based Move programming language. With the launch of its high-performance blockchain, Sui promises to offer several advantages over existing blockchains, including object-centric models that enable parallel transactions, sub-second finality, and rich on-chain assets.
Soaring transaction speeds helped the Sui network achieve the impressive feat of processing 18 transactions per second. In comparison, Aptos registers a speed of approximately 9 transactions per second. However, the platform faced some obstacles, specifically concerning decentralization, with the majority of the network’s nodes situated in Germany and the United States. As the network matures, it is possible that validators will become more evenly distributed.
Sui’s blockchain is designed to accommodate numerous applications at low costs and previously unattainable speeds, thanks to its horizontally scalable processing and storage capabilities. Mysten Labs, responsible for the development of the Sui blockchain, managed to raise $300 million in a series B funding round back in September 2022, granting the project a valuation of $300 million.
Distinctly separate from established blockchains that rely on Proof-of-Work (PoW) and Proof-of-Stake (PoS) consensus mechanisms, Sui opts for a Delegated Proof-of-Stake (dPoS) consensus mechanism instead. This innovative approach allows network users to elect and vote on delegates to confirm the next block. More than 200 decentralized applications (dApps), spanning sectors from gaming to NFTs and DeFi, are standing by for deployment on the Sui network, with another 100 projects prepared to build upon it.
Furthermore, the protocol’s native token (SUI) has already been listed on numerous prominent cryptocurrency exchanges following the platform’s mainnet launch. These exchanges include ByBit, Binance, KuCoin, and OKX. Although the token experienced a staggering 40% drop from its initial launch price of $2.16, it now trades at $1.37 – an incredible upswing from its pre-sale price of $0.03 and public sale price of $0.10.
However, Sui’s decision not to conduct an airdrop in April dismayed its community members. Instead, the platform announced that the SUI token would be accessible to community members at a low cost of 3 cents per token during an early sale. While the launch of the Sui mainnet represents an exciting development in DeFi, it’s important to remember that the rapid growth and fluctuating token prices come with inherent risks and challenges.