Sui Network to Launch Mainnet on May 3

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A New Era of DeFi Innovation?

Sui Network will publicly launch its Mainnet on May 3, according to an announcement on April 20.

Although the Sui Network is still in its developmental stages, it has garnered significant attention from the larger cryptocurrency industry. This is due to the protocol's innovative approach to decentralized finance (DeFi), which has the community excited about the $SUI token. The Sui Network is backed by Mysten Labs, founded by former executives of Meta's Novi Research. 

Mysten Labs co-founder Evan Cheng says Web3 is in the “dial-up” phase with slow, expensive, insecure, and difficult-to-build processes. Sui was created to eliminate intermediaries and to allow users to interact with their favorite products seamlessly across apps. Additionally, users can transact faster and at a lower cost.

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Details About $SUI Token

Unlike the community's expectation, Sui chose the community access for the 594 million $SUI tokens plan instead of releasing a public airdrop for SUI tokens. As a result, early adopters have no hope of receiving token incentives as planned. Currently, exchanges including Bybit, Kucoin, and OKX have all confirmed that they will participate in the token sale on April 23.

Additionally, the sales pricing differs between the general audience and whitelisted participants. There will be 10 billion SUI tokens in circulation. Over 50% of $SUI tokens will be put in reserve by the Sui Foundation, and the other 50% will be assigned to early contributors and supporters.

The token has four primary functions: staking, payment of gas fees, medium of exchange, and on-chain voting.“Supporters and champions” can purchase tokens for $0.03; others can buy them for $0.1.

The Sui Network has impressive potential, with several blockchain enthusiasts and supporters endorsing its goals, innovative technologies, and development features. However, as the network grows and gains wider popularity, it may face stiff competition from other layer-1 networks.

You can find the Community access program here.

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What is Sui Network:

Sui is a layer-1 chain with low latency and high throughput. Sui's instant transaction finality makes it an excellent choice for on-chain use cases such as DeFi and GameFi. Rust, a programming language focused on fast and secure transaction execution, is used to create the blockchain. Solana, another high-speed blockchain, also uses Rust as its programming language.