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SUI mainnet launches as token experiences prompt trading activity on Binance, OKX, and additional platforms.
Prominent cryptocurrency exchanges globally are initiating trading for the Sui (SUI) token following the launch of the Sui Network’s mainnet on May 3.
As per an official statement from the Sui Foundation, the Sui mainnet became operational at 12:00 pm UTC. Numerous international crypto trading platforms have chosen to support the launch of the Sui mainnet, allowing investors to trade the new SUI token.
In this context, the Binance exchange intends to commence SUI trading immediately after the mainnet launch. The platform will facilitate trading between SUI and cryptocurrencies such as Bitcoin (BTC), Tether (USDT), and Binance Coin (BNB) starting at 12:15 pm UTC. Additionally, the exchange will permit users to trade SUI against euros and Turkish lira.
Other major exchanges, including Huobi, KuCoin, ByBit, OKX, and Poloniex, have also confirmed SUI listings. KuCoin mentioned that it plans to introduce SUI USDT-margined futures and an isolated margin trading pair SUI/USDT once its “liquidity meets the requirement.”
Poloniex further highlighted that the total supply of SUI is limited to 10 billion tokens.
Several South Korean exchanges, which are often under scrutiny by local regulators for listing specific native coins, have also joined the global interest in SUI. Upbit is among these exchanges, preparing to launch SUI trading on May 3 as well.
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What is SUI token?
Sui, or the Sui Network, is a Layer 1 blockchain and smart contract platform aimed at enhancing Web3 adoption through rapid speed and significant scalability.
In contrast to Bitcoin or Ethereum blockchains — which utilize proof-of-work (PoW) and proof-of-stake (PoS) consensus mechanisms, respectively — the Sui platform operates on delegated Proof-of-Stake, or dPoS. This allows users of the SUI network to elect and vote for delegates to validate the next block.
Related: Justin Sun issues apology after Sui LaunchPool clashes with Binance CEO
The Sui project is recognized for being developed on Move, a new Rust-based programming language created at Meta, previously known as Facebook. Sui is supported by Mysten Labs, a Web3 infrastructure organization established by former senior leaders at Meta’s Novi Research.
Following Meta’s discontinuation of its crypto initiative Diem in 2022, Mysten Labs began actively developing the Sui network. In September 2022, the Sui Foundation announced a $300 million fundraising effort for the advancement of the Sui ecosystem.
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