After the launch of the network’s mainnet on May 3, 2023, a buzz has been created around the layer one (L1) proof-of-stake blockchain project known as Sui. SUI, the project’s native token, has been listed on several cryptocurrency exchanges. SUI reached its record high on the day the network went live, peaking at $2.16 per unit. However, it has fallen 37% from that price.

Mysten Labs Launches Sui Mainnet, Draws Attention with Delegated PoS Blockchain and Move Programming Language

New digital assets have entered the crypto market while established cryptocurrencies continue to compete for dominance. A recent digital currency among them is SUI, whose network went live on Wednesday. The creators of SUI came from Mysten Labs, and like the creators of Aptos, they were involved in Facebook’s cryptocurrency initiative.

SUI uses the Move programming language and runs on a blockchain using delegated proof-of-stake (dPoS). There are currently 528,273,718 SUI in use, with a potential future supply of 10,000,000,000. The network currently consists of 100 total validators and 2,122 nodes. A Byzantine Consistent Broadcast serves as the method of validation.

Sui is a “distributed ledger that stores a collection of programmable objects, each with a globally unique ID,” according to the Sui network website. “Each address can possess an unlimited number of items, and each object has a single owner. A transaction submitted from a specific address causes the ledger to be updated, and a transaction can create, delete, write to, and move objects to different addresses.

Before and after the mainnet launch, the project encountered backlash when a few early adopters were left out of the early adopter token allocation. Arthur0x, the founder of Defiance Capital, commented on the situation, saying, “People ask why [venture capitalists] keep funding new pre-mainnet Layer 1 protocols at billion dollar valuation, but as long as hyped L1 can keep getting away by launching at $10b+ FDV even amidst a challenging market this trend will continue.” Arthur0x went on by stating:

Almost all founders of hyped L1 in past cycles are billionaires now despite little real traction achieved in their blockchain.

SUI reached an all-time high of $2.16 per coin when it first entered the market, but it has since lost 37% and is now trading between $1.27 and $1.36 per coin. The cryptocurrency asset is up 16% from its record low price at $1.36 per unit right now.

SUI’s market value is $709 million as of Friday, May 5, 2023, and its 24-hour global trade volume is $511 million. Over the past 24 hours, the network has processed 2,373,134 transactions, with 239,888 unique addresses holding SUI. SUI currently ranks as the 70th largest market capitalization out of the vast array of listed crypto assets.