The Sui blockchain is a Move-based, layer-1 blockchain platform developed by former Meta (formerly Facebook) engineers who worked on the now-defunct Novi project.
Mysten Labs, the development team behind the blockchain, raised a $300 million investment in a Series B round in September 2022.
According to the testnet’s performance, the blockchain can reportedly achieve high throughputs between 10,871 transactions per second (TPS) to 297,000 TPS on various workloads.
For comparison, Solana, one of the fastest layer-1 blockchains, boasts a TPS of roughly 4,000.
Why is Sui blockchain in the News?
High-performance blockchains have made headlines for their aims to alleviate scalability issues facing heavyweights like Ethereum.
Other competitors, include Near and Aptos.
SUI is the native token of the project for paying transaction fees and governance purposes.
The total supply of SUI tokens is 10 billion, per Binance’s Launchpad announcement.
The initial circulating supply of the token will be 528,273,717, representing 5.28% of the total token supply.
The token is trading at $1.33, per CoinGecko, after falling from $2.16 within minutes of its launch.
This puts the project’s market capitalization at $704 million.
It’s fully diluted valuation (FDV), or total supply of tokens including those not currently in circulation, is more than $13 billion.
The Sui Foundation partnered with centralized exchanges to sell the tokens:
The exchanges raised $49 million from over 100,000 users, and Binance users staked over $4 billion worth of crypto tokens to farm SUI tokens.
The spot trading of the token on exchanges like Binance will begin at 8 pm EST.
Binance with Sui blockchain:
Shortly before Sui’s launch in May 2023, the Binance exchange announced it would make SUI available through Launchpool, a system for users to contribute crypto assets to a liquidity pool to earn rewards.
This announcement brought increased attention to Sui, including by Tron founder Justin Sun.
Sun deposited a substantial volume of $56 million in TrueUSD stablecoins into Binance, likely for the purpose of farming SUI tokens.
This transaction was picked up by the platform Whale Alert, designed to track significant crypto asset transfers.
Changpeng Zhao, CEO of Binance, responded to Sun’s move by tweeting that the Launchpool was designed for retail users, not just whales.
He warned that Binance would take action against Sun if he attempted a SUI token grab.
Sun replied that the deposit aimed to facilitate market-making between exchanges, not to participate in any promotion.
Later, Sun said that he had arranged a full refund of the Binance transfer.
Binance said it would reallocate the corresponding 279,000 or so farmed SUI tokens to its TUSD liquidity pool.