The much-anticipated Sui blockchain network built out by former developers of Facebook’s crypto project finally launches on mainnet.
After considerable anticipation, Mysten Labs’ blockchain protocol Sui Network has officially launched its mainnet. The protocol, which has been under development for years, made a successful debut earlier today with the launch of the mainnet.
The protocol’s entry into the Web 3.0 ecosystem, where it intends to compete with its peers for transaction throughput, was acknowledged to be tied to a genesis blob.
The native token of the Sui Blockchain has also just gone live on a number of cryptocurrency exchanges, including Binance, OKX, Bybit, and Kucoin. The team has also promised that more than 200 decentralized applications (dApps), including gaming, non-fungible tokens (NFTs), decentralized finance (DeFi), and will launch on the platform in the upcoming days.
Sui has finally joined the group of other successful L1 blockchains that have been dubbed Ethereum killers, like Cardano (ADA), Solana (SOL), and Aptos among others.
Mysten Labs created the highly scalable layer 1 blockchain Sui to handle dApps with a block finality of under 0.5 seconds. Former engineers from Meta Labs, formerly known as Facebook, now work for Mysten Labs.
The team’s expertise is a result of the project’s Libra/Diem design. The team claims that the network’s rapid transaction speed can significantly challenge that of its competitors as an added bonus.
The Sui team claimed on Twitter that the network can handle more than 300,000 Transactions Per Second (TPS) with 100 validators on testnet, despite Aptos, its main competition, pushing for a transaction speed of 9 TPS.
Sui has made clear how it intends to promote an economy that is centered on small transactions or e-commerce, and it has gained the support of numerous investors and ecosystem protocols.
If maintained, its competitive throughput might also position it at the top of the food chain, which would be a significant turning point for the protocol and the industry as a whole.
