SUI Price Soars 10% As Sui Network Hits Key Milestone

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SUI Jumps 23% As Mysticeti Upgrade Launches On Testnet – Crypto News

Published

11 months ago

May 21, 2024

Dripp

The Sui Network is extending its overall bullish price trend after it announced a major upgrade that just went live on its testnet. Taking to the X platform, Sui Network revealed that it has launched the Mysticeti upgrade on the mainnet.

Sui Network Plots Upgrade To Become Fastest Blockchain

Sui Network is known as a high-performing blockchain protocol. Despite its recognized speed as measured by transactions per Second (TPS), the network has continued to push for more.

With Mysticeti launched on testnet, Sui Network said it is now the fastest among all blockchains. The protocol has effectively reduced the consensus latency on Sui down to 390ms. The Layer-1 network said this reduction accounts for a massive 80% reduction from Narwhal-Bullshark.

🚨BREAKING: Sui’s consensus is now the fastest among all blockchains 🚨

Mysticeti is officially on Testnet, bringing consensus latency on Sui down to 390ms – a massive 80% reduction from Narwhal-Bullshark. 🤯 pic.twitter.com/n0tuH7W5SR

— Sui (@SuiNetwork) May 21, 2024

The blockhain world is in a frantic race to solve the trilemma of decentralization, transaction speed and low cost. Ethereum, the dominant Decentralized Finance (DeFi) hub is generally congested, necessitating enormous network upgrades as seen in recent times.

Sui solves most of Ethereum’s woes and with the new Mysticeti upgrade, it has taken this a step further. Highlighting what the update means for its ecosystem, the blockchain said the average user can now transact with enhanced experiences across the board. It said its users will now gain access to lightning fast transactions across all apps.

Of particular interest are its gaming and DeFi ecosystem which can now enjoy throughput and low fees. The development and launch of Sui Mysticeti upgrade took the academic approach with the research paper published. While the average user will benefit from the upgrade, validators and developers are also named as the ultimate beneficiaries of the lower latency upgrade.

SUI Price Outlook

The Sui Price is on a major rampage following the testnet launch of Mysticeti. At the time of writing, Sui was trading at a price of $1.14, up by 1.43% in 24 hours. This relatively mild uptick has sent the price for the past week to 26.69%, with an active volatility that can help bridge further gaps in the expected price action of SUI.

Sui has been in the spotlight over the past weeks as it recently revealed hitting the 1 million daily active wallet milestone. With the Sui Mysticeti upgrade, chances are the network may attract more users across the board, paving positive uptick in price in the long term.