The highly anticipated launch of Sui, the native crypto token of Layer 1 blockchain developed by Mysten Labs, is set to go live today at 8 am EST.
Multiple exchanges including Binance, OKX, Bybit, and Kucoin have announced plans to support trading of the token shortly after its mainnet release. Kucoin even released a blog post detailing that user deposits and withdrawals on the Sui mainnet will be available at the same time. OKX, on the other hand, confirmed the listing and added that it will allow users to trade Sui against the USDT stablecoin upon mainnet launch. However, the exchange cautioned users about potential volatility.
The Sui blockchain has been in development for over a year and is designed to be a high-throughput proof-of-stake blockchain. In September 2022, Mysten Labs raised USD 300 million in funding, valuing the project at over USD 2 billion. At the end of April, these exchanges conducted a public sale of Sui tokens at a sale price of USD 0.1 each, and Binance featured the token on its launchpool platform, allowing users to stake BNB tokens or TUSD stablecoins to earn Sui for free.
Upon launch, over half a billion Sui tokens are expected to be unlocked, which represents 5% of the total supply of 10 billion Sui tokens. While the Sui core team has not confirmed this number, the launch of the token is still a significant milestone for the project and for the cryptocurrency community.
