Sui Foundation launched Layer 1 blockchain and smart contract platform with successful token sale on KuCoin, OKX, and Bybit. Meanwhile, the price of the SUI token saw a 70% decline after hitting a 24-hour high of $2.
the Sui Foundation Announcing the launch of the Sui mainnet. The team describes the protocol as a revolutionary layer-one blockchain and smart contract platform designed to provide fast, secure, and accessible digital asset ownership to everyone.
Sui is designed to bring the power of ownership of digital assets to the masses, enabling fast, secure and private transactions for everyone. By leveraging innovative technologies and protocols, Sui is paving the way for a new era of decentralized finance (DeFi) that is accessible, easy to use, and built on principles of transparency and trust.
The Sui community, which has more than 750,000 members, is already excited about the endless possibilities offered by the new blockchain. To support the progress of the ecosystem, the Sui Foundation has launched a token sale on leading exchanges, including KuCoin, OKX, and Bybit.
The total allocation to token sales is around 5.4% of the total issuance of 10 billion SUI, with the amount raised estimated to be around $47.82 million.
SUI tokens began selling sequentially in April, and token holders can unlock tokens every month for a year. A Twitter user thought, “The Sui Enterprise airdrop didn’t go as planned, but many users still made the first $1,000 to $2,000 because of their persistence and consistency.”
The launch of Sui marks a milestone in the development of blockchain technology, providing users with ownership of physical digital assets and enabling decentralized applications and transactions (dApps). With the support of the foundation, builders and developers can build freely without being held back by complex infrastructure.
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SUI is $2
According to CoinGecko data, the current price of SUI is $1.37, well below the 24-hour high of $2. SUI has a market capitalization of $718,707,253, a maximum supply of 10,000,000,000 and a circulating supply of 528,273,718.
As expected, SUI’s price has been volatile since its launch, with large fluctuations on lower timeframes. However, it has seen significant growth in value since its launch, and it remains to be seen how it will perform in the long term.