SUI token gets three core utilities but how has the network fared
- The Sui Network launched its mainnet and introduced the SUI token, showcasing promising activity and seamless operations.
- The SUI token’s performance revealed fluctuations in value while serving crucial roles in the ecosystem.
After weeks of eager anticipation, the Sui Network unleashed its mainnet into the digital realm earlier this month. Also, it was accompanied by the grand introduction of its token.
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Now that the mainnet is in full swing, it’s time to unveil the curtain and explore its performance and the journey of the mighty SUI token.
The Sui Network shows decent activities
The Ok Link Sui network explorer has revealed commendable activity on the network since its momentous launch. As of this writing, the 24-hour transaction volume on the network stood at 63 million SUI tokens.
Furthermore, the network boasted a notable count of 88,570 active addresses, indicating a growing community of participants.
Moreover, a thorough inspection of the network’s status confirmed its reliability and seamless operation. Since its inception, the network has not experienced any instances of downtime.
Detailed data analysis indicated that all systems within the network had been consistently operational over the past 90 days. There was, however, a temporary downtime observed in the validator system on the testnet.
Delving further into the network active addresses
As a formidable contender in the realm of Layer 1 blockchains, aiming to rival renowned platforms like Ethereum and Aptos, it became imperative to assess the active address count of the Sui Network in comparison to Ethereum. By drawing insights from Artemis data, we could gauge the proximity of the two networks.
Since its momentous launch in early May, the Sui Network has witnessed a gradual increase in its daily active addresses, signifying a growing user base.
However, it is worth noting that it still trailed behind Ethereum by a considerable margin in terms of active addresses.
As of this writing, the Sui Network boasted approximately 1,700 active addresses, while Ethereum displayed a higher count of around 2,000.
It is important to recognize that this particular instance may be an exception, but it nonetheless highlights the network’s consistent growth and development.
The SUI token trend
Examining the SUI token’s performance using data from CoinMarketCap revealed a decline in its value since its initial launch. As of this writing, the token experienced a decrease of more than 29% in value overall. However, on a daily timeframe chart, there has been a recent gain of approximately 5%, with the token trading at around $1.2.
The token’s value decline has also impacted its market capitalization, which has similarly decreased by over 29%, at the time of writing.
A recent analysis conducted by Messari sheds light on the various utility aspects of the SUI token within the network ecosystem.
According to the findings, it serves multiple functions, including network security, gas fee payments, and holding the potential to participate in future governance mechanisms.