The highly anticipated Layer-1 blockchain Sui has launched its mainnet. The mainnet launch is accompanied by the launch of the native token SUI on a range of crypto exchanges including Bybit, Kucoin, and OKX.
The designated Proof-of-Stake (dPoS) blockchain runs on a modified version of Move, a Rust-based programming language that was created by developers working on Meta’s Diem blockchain initiative.
Some of those very developers are the faces behind Sui’s architecture – former Meta engineers Evan Cheng, Sam Blackshear, Adeniyi Abiodun, and George Danezis founded Mysten Labs in September 2021.
The firm has raised a total of $336 million over two funding rounds, which saw participation from several high-profile investors like Coinbase Ventures, a16z, Binance Labs, and even FTX Ventures, although Mysten Labs has agreed to buy back the stake for $95 million last month.
The Sui blockchain boasts a peak throughput of 297,000 transactions per second (TPS) and a network of 100 globally distributed validators. The scope for this high-speed blockchain to run a new range of decentralized applications (dApps) is perhaps one of the reasons why it has garnered immense support from the crypto community.
Of course, those early supporters are often rewarded for their participation in the form of a token airdrop. Unlike its peers, however, Sui is distributing its native token for the first time through a token sale on a range of crypto exchanges.
Each of these exchanges has been offered 225 million SUI tokens with a maximum allocation capped at 10,000 per user. The exchanges have their own methods in place to make SUI available to users.
Bybit offered select community members the option to purchase SUI through a recognition sale last month, while OKX enabled users to buy SUI through a lottery ticket system, with winners receiving the first batch of SUI tokens upon mainnet launch. Meanwhile, Kucoin made tokens available to investors for spot trading immediately following the mainnet launch.
Last week, Binance announced that users would be able to farm SUI tokens by staking BNB and TUSD on its DeFi platform Binance Launchpool. The exchange said it will officially list SUI once the token meets liquidity requirements.