<\/p>\n
Sui, a Layer-1 blockchain developed by former Meta employees, has launched its mainnet<\/a>, The project uses a proof-of-stake consensus model and was programmed in the Move language, which was originally planned to be used for Meta’s now-scrapped Diem project.<\/p>\n Sui’s eponymous governance token is trading at $1.30 as of 2am ET, giving the blockchain a fully diluted valuation of $13B. This puts it ahead of established networks like Avalanche, Solana and Polygon.<\/p>\n The SUI token is used for governance and to pay transaction fees and incentivize validators for staking their tokens. Half of the total supply of 10B tokens is assigned<\/a> to a community reserve managed by the Sui Foundation.<\/p>\n Early investors are sitting on tidy gains, as the tokens were sold at between $0.03 and $0.10 across multiple exchanges in an Initial Exchange Offering (IEO). Binance users also had the opportunity to stake BNB or TUSD. earn<\/a> SUI tokens, and the popularity of the campaign briefly caused TUSD to surge<\/a> above its dollar peg.<\/p>\n Mysten Labs, the core development team behind Sui, raised $300M<\/a> from VC heavyweights in a Series B round at a valuation of $2 billion in September 2022. In March, Alibaba Cloud signed<\/a> a memorandum of understanding with Mysten Labs to help grow the Sui ecosystem.<\/p>\n Despite being built for high speed, Sui’s current network throughput is quite low.<\/p>\n Sui is currently processing<\/a> 3 transactions per second (tps) and reached a peak of 137 tps in the past 30 days. In comparison, SUI’s primary competitors, Aptos and Solana, are processing 7 tps and 3,893 tps, respectively.<\/p>\n Nearly 4.72 billion SUI tokens have been staked by 2,165 validators across the globe.<\/p>\n Many community members were disappointed by Sui’s mainnet launch, with some venting their frustration for not being eligible to purchase pre-sale tokens or getting airdrops.<\/p>\n “Tested devnet, multiple testnet waves, wallet, transactions,nfts everything since more than 8mo. Still, I didn’t get a single recognition\/public sale ticket,” a Twitter user wrote<\/a>,<\/p>\n Arthur0x, DeFiance Capital founder, was critical<\/a> of Sui’s lofty valuation.<\/p>\n “Almost all founders of hyped L1 in past cycles are billionaires now despite little real traction achieved in their blockchain,” he added.<\/p>\n<\/div>\nLow Throughput<\/h4>\n
Community Criticism<\/h4>\n