Blockchain
📣We’re excited to share that Mainnet will officially launch on May 3, 2023! pic.twitter.com/0jExi7gOka
— Sui (@SuiNetwork) April 19, 2023
The Sui network, a layer 1 (L1) protocol, is one of the projects that have recently received the most attention from the community despite being in the development stage. For the crypto community, its innovative approach to Decentralized Finance (DeFi) is one reason they’ve been waiting to own a piece of SUI tokens.
Sui is backed by Mysten Labs, the Web3 infrastructure organization founded by former senior executives at Meta’s Novi Research. It includes experts in cryptography, programming languages, and distributed systems.
According to Evan Cheng (Mysten Co-Founder and CEO), Web3 is currently in a dial-up phase where processes are slow, expensive, insecure, and challenging to build. That’s why Sui launched to eliminate intermediaries and allow users to integrate and interact with their favorite products seamlessly across apps. Users will also be transacting with Faster speed at a lower cost.
Sui chose the community access plan instead of opening a public airdrop for SUI tokens as predicted by the community, which upset many people. This has left early adopters with no hope of the intended token incentive approach.
At the time of writing, exchanges including Bybit, Kucoin, and OKX have all confirmed that they will participate in the token sale on April 23.
Sui and Aptos are blockchain initiatives created by Diem’s former team, a blockchain-driven by Meta. Sui Network has a lot of potentials, and many Blockchain proponents endorse its technological features, development methods, and goals. Sui will have to compete fiercely with other blockchains and continuously grow its ecosystem to gain wider popularity.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
