As Sui [SUI] mainnet goes live, here is all you need to know about the network
- The blockchain processed 518,628 transactions in the last 24 hours.
- The community reserve will receive 50% of SUI tokens and early contributors will receive 20%.
The Sui [SUI] network, after multiple rounds of testnet launches, finally announced that its mainnet has gone live. For starters, Sui is a Layer 1 blockchain and smart contract platform designed from the bottom up to make digital asset ownership fast, private, secure, and accessible to everyone.
How much are 1,10,100 SUIs worth today
Former Meta engineers are the ones who developed the blockchain, which is why it has remained a topic of discussion for quite some time.
?After Devnet, multiple Testnet waves, Frenemies, #CapyHolidays, Builder Houses, and much more – what a monumental moment for the Sui community: Sui Mainnet has launched!?
Let’s dive into what that means for all of you and why you should #BuildOnSui!
— Sui (@SuiNetwork) May 3, 2023
Deep dive into the Sui ecosystem
The official announcement mentioned that Sui can power a variety of top-tier apps in gaming, banking, commerce, social media, and other areas as a general smart contract platform.
Sui also mentioned resource websites that can be used to track the blockchain’s statistics. As per Suiscan, the network processed more than 524,000 transactions, and in the last 24 hours alone, it completed 518,628 transactions.
Suiscan’s data also revealed that the blockchain has over 2,000 nodes and nearly 100,000 total addresses, which were growing at a quick pace at press time.
The average gas fee of the blockchain was 0.003530234 SUI, and it already had more than 300,000 objects deployed on-chain. To clear the air, objects on Sui are either owned objects like fungible tokens and NFTs or shared objects such as DEXes and auction contracts.
A look at SUI tokenomics
Messari, in a 2 May report, mentioned quite extensively about the blockchain’s tokenomics. As per the report, the blockchain’s native token, SUI, will be used to pay for gas fees, and as a claim on future governance.
The Sui Foundation announced that there will only be a maximum supply of 10 billion tokens. The community reserve will receive 50% of the tokens. At the same time early contributors and investors will receive 20% and 14% tokens, respectively.
SUI’s price may take some time to stabilize
Soon after the launch, SUI began to trend on Twitter and CoinMarketCap. Twitteratis did not hesitate to shower their excitement on the launch, which showed the popularity of the newly launched blockchain.
Realistic or not, here’s SUI’s market cap in BTC terms
However, the token’s price plummeted substantially upon launch. As per CoinMarketCap, SUI’s price declined by more than 69% in the last 24 hours. At press time, it was trading at $1.38 with a market capitalization of over $727 million.
It was interesting to note that a similar price plummet also happened with Arbitrum [ARB] when its token was launched a few months ago. However, the price later registered upticks. Therefore, investors have to wait a bit longer for the token’s price to level.