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Major cryptocurrency exchanges around the world are launching trading in the Sui token (SUI) amid the launch of the main Sui Network on May 3rd.
According to an official statement from the Sui Foundation, the main Sui network went live at 12:00 UTC. A large number of global cryptocurrency trading platforms have decided to support the launch of the Sui mainnet, allowing investors to buy and sell the new SUI token.
Thus, the Binance cryptocurrency exchange plans to start trading SUI immediately after the launch of the main network. The platform will allow users to trade between SUI and cryptocurrencies such as Bitcoin (BTC), Tether (USDT) and Binance Coin (BNB) at 12:15 GMT. The firm will also allow investors to exchange SUI for euros and Turkish liras.
Other major exchanges including Huobi, KuCoin, ByBit, OKX, and Poloniex have also announced the listing of SUI. KuCoin noted that it also plans to list USDT-margined SUI futures and isolated-margin SUI/USDT trading pair when its “liquidity is adequate.”
Poloniex also emphasized that the total supply of SUI tokens is capped at 10 billion.
Some South Korean exchanges, which are known to be under investigation by local authorities for listing certain local coins, have also joined the global SUI hype. Upbit is one such exchange that is also gearing up to start SUI trading on May 3rd.
What is a SUI token?
Sui, or Sui Network, is a layer 1 blockchain and smart contract platform designed to expand Web3 adoption with high speed and high scalability.
Unlike the Bitcoin or Ethereum blockchain, which run on Proof-of-Work (PoW) and Proof-of-Stake (PoS) consensus algorithms, respectively, the Sui platform uses delegated Proof-of-Stake or dPoS. This means that SUI network users can choose and vote for delegates to validate the next block.
Related: Justin Sun apologizes after Sui LaunchPool clashes with Binance CEO
The Sui project is known for being built on Move, a new Rust-based programming language developed by Meta, formerly known as Facebook. Sui is maintained by Mysten Labs, a Web3 infrastructure organization founded by former Meta’s Novi Research executives.
After Meta closed its cryptocurrency project Diem in 2022, Mysten Labs began to actively work on the Sui network. In September 2022, the Sui Foundation announced it had raised $300 million to grow the Sui ecosystem.
