Sui enters the market: A new crypto giant?

After months of development, the Sui blockchain’s mainnet was officially launched on Wednesday, May 3rd. The network’s native asset, also called Sui, has also entered the crypto market. Several crypto exchange platforms are already clamoring to list it.

Sui, listed on Binance, OKX, Bybit, and Kucoin

It’s a big day for Sui, the token developed by crypto firm Mysten Labs. The asset officially entered the crypto market on Wednesday, May 3rd, 2023, in conjunction with the launch of the company’s eponymous blockchain.

According to leaked information, the native crypto of this Layer-1 blockchain should be immediately available. Many centralized exchanges have already indicated that their platforms are accessible for trading it.

Multiple exchanges to support trading of sui as blockchain goes live today https://t.co/mgMgoUJjNU

— The Block (@TheBlock__) May 3, 2023

Among these, we can note crypto firms such as OKX, Bybit, and Kucoin. On their respective Twitter accounts, these companies have announced that Sui transactions will be operational as soon as the asset is launched. In April, all of these exchanges had already participated in a public sale of the token at a unit price of $0.1 per Sui.

Furthermore, another major crypto company, Binance, has opened up to the project. Indeed, the company presented it on its Launchpool platform. It is a way for users to earn free Sui by staking BNB or TUSD assets.

According to Binance’s projections, more than half a billion Sui tokens would be unlocked once the asset is launched. This total represents 5% of a maximum supply of 10 billion Sui tokens.

However, this information has not been confirmed by Mysten Labs officials. Note that the company has invested at least $300 million in this project. Its valuation is currently estimated at over $2 billion.