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- Mysten Labs consists of former Facebook developers who were part of Meta Labs.
- The network is capable of achieving a throughput exceeding 300,000 transactions per second.
The highly anticipated mainnet of Sui Network, developed by Mysten Labs, has officially launched. The long-awaited activation of the mainnet took place earlier today, signifying a successful introduction for the protocol.
Following Devnet, several Testnet phases, Frenemies, #CapyHolidays, Builder Houses, and more – this is a significant milestone for the Sui community: Sui Mainnet is now live!
Let’s explore what this means for everyone and why you should #BuildOnSui!pic.twitter.com/KsfCMBP9nl
— Sui (@SuiNetwork) May 3, 2023
Following Devnet, several Testnet phases, Frenemies, #CapyHolidays, Builder Houses, and more – this is a significant milestone for the Sui community: Sui Mainnet is now live!
The protocol’s launch is confirmed to be associated with a genesis blob, aimed at competing with peers regarding transaction speed. This announcement also coincides with the introduction of the Sui Blockchain’s native token across various cryptocurrency exchanges, including Binance, OKX, Bybit, and Kucoin.
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Additionally, the team has assured that over two hundred decentralized applications (dApps), encompassing non-fungible tokens (NFTs), decentralized finance (DeFi), and gaming, will be launched on the protocol shortly.
Competing With Industry Leaders
Furthermore, Mysten Labs has developed the highly scalable layer 1 blockchain Sui to support dApps with block finality achieved in 0.5 seconds. Mysten Labs consists of former Facebook developers who were part of Meta Labs.
Sui has around 200 projects cataloged in its database and claims a valuation exceeding $2 billion. The network also boasts a swift transaction speed that may effectively compete with its rivals, as indicated by the team. A post on Twitter from the Sui team revealed that the network can achieve a throughput rate of over 300,000 transactions per second (TPS) with 100 validators on the testnet.
Sui has demonstrated its aim to support an economy focused on e-commerce or micro-transactions, garnering substantial backing from a diverse range of investors and protocols. If its competitive throughput can be sustained, the protocol and the broader industry may have reached a pivotal moment.
