After The Launch Of Mainnet, SUI Saw Extreme Volatility

Shortly after the mainnet went live, the price of SUI dropped from $3.5 to $1.5.

On May 3, 2018, the much-anticipated SUI mainnet went live. In a statement, the Sui Foundation, which is in charge of building the network, said that builders and users will be able to use the Layer 1 blockchain, which lets developers build without being limited by complicated infrastructure.

SUI Launch

For those who don’t know, the Sui blockchain is basically a tool for smart contracts that will help Web3 grow by making it faster and more scalable. The network is based on delegated Proof-of-Stake (dPoS), which lets users choose agents and vote on them so that the next block can be confirmed.

Greg Siourounis, who is the Managing Director of the Sui Foundation, said this about what happened:

“Today is a monumental milestone for the entire Sui community and the digital asset ecosystem as a whole. For the first time, builders and users have access to a Layer 1 blockchain that allows developers to build freely, without being inhibited by complex infrastructure, and unlocks endless possibilities for users across the world.”

The Flurry

Even the South Korean crypto ecosystem, which is usually careful when it comes to new projects, has been caught up in the SUI hype. UpBit, which is one of the biggest exchanges in the country, has said it will start trading SUI on May 3.

So far, the Sui mainnet launch has been supported by Binance, OKX, Kucoin, Huobi, Poloniex, and Bybit, among others. This means that buyers can buy and sell SUI on these platforms. As often happens in the first few hours after a new token is released, it was more volatile. SUI went up to about $3.5 and then dropped in a matter of minutes to less than $1.5.

When Justin Sun, the founder of Tron, sent over 56 million TUSD (worth more than $56.4 million) to the cryptocurrency exchange Binance in the early hours of May 1, it sparked reports that he planned to farm the newly released Sui tokens on the Binance LaunchPool.

After that, Binance CEO CZ sent Sun a warning message telling him not to use any of the TUSD payment to get SUI rewards on the platform.