Connect with us
Active Currencies 14791
Market Cap $2,469,545,528,576.10
Bitcoin Share 51.84%
24h Market Cap Change $-2.13

Sui Network: Mainnet nears launch, project declares Wave 2 triumph, and more

2min Read
Sui Network: Mainnet nears launch, project declares Wave 2 triumph, and more

Share this article

  • The Sui Network moved closer to the process of setting its Mainnet in motion
  • While the Wave 2 Testnet was successful, it was still uncertain when the public would access the SUI tokens

Sui Network, on 28 February, announced that it had taken a further step towards its Mainnet launch. This announcement came after the Layer one (L1) project passed its Wave 2 Testnet stage. 

Sui has been one of the most hyped projects despite being in active development. The Proof-of-Stake (PoS) permissionless blockchain was perceived in the same bracket as Aptos [APT], before the latter officially launched in 2022. But what has been happening with the Sui Network ever since?

It’s a wave of records

According to its thread which it tagged” Part 1”, Sui disclosed that it has processed 36.5 million transactions. And, this has been done with the help of 41 validators and over 7000 nodes. Another area in the network that seemed to have excelled was with Non-Fungible Tokens (NFTs).

In 2022, when Ethereum [ETH] NFT sales were down to outrageous floor prices, some traders looked in the Sui direction for gains with digital collectibles. So, it might not be surprising that Sui claims to have registered involvement with about 3.24 million NFTs.

As a boundless on-chain digital asset platform, Sui allows the trading of NFTs via smart contracts infrastructure. 

With respect to the Wave 2 Testnet, the network revealed that it was developed to improve exposed friction points. Also, to stress the Sui Network infrastructure. Its released recap pointed out,

“In particular, four smart contracts received well over 1 million transactions during Wave 2, and in total accounted for ~40% of all Wave 2 transactions.”

Giving more details of the Wave 2 success, Sui noted that about 1.34 million SUI was staked. This happened with 7.35 million transactions. 

However, Sui did not go without pointing to the way its object-centric model has been more effective than Aptos’ address-centric model with the rate of processing transactions. At the time of writing, transactions processed on the network peaked at 67 transactions per second.

Sui Network faces bugs

However, Sui admitted that the Wave 2 Testnet triumph was not without its own challenges. Based on its disclosure, there were several buys that need long-term fixes. It mentioned,

“We addressed a bug in the SDK where the Sui client selects a gas object that is larger than gas budget rather than gas budget by gas price.”

Moving on to its Mainnets, Sui noted that it planned to support programmable transactions while launching a non-transient permanent Testnet for its builder community. Nonetheless, Sui has not given a particular date for its Mainnet launch and it was not yet confirmed when the SUI tokens would be available to the public.

Share

Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.