Sui was confronted with massive volatility minutes after the start of the Mainset

Sui was confronted with massive volatility minutes after the start of the Mainset

The excitedly expected Sui-Minnet went live on May 3. In an announcement, the SUI Foundation-the organization behind the development of the network-announced that the developers and users can access the Layer 1 blockchain that enables developers to build freely without being restricted by a complex infrastructure.

Sui start

For uninitiated, the SUI blockchain is essentially an intelligent contract platform that is intended to promote the growth of web3 at increased speed and scalability. The network is based on delegated proof-of-stake (DPOS), with which users can choose and coordinate delegates to confirm the next block.

Greg Siourounis, Managing Director of the Sui Foundation, commented on the development as follows:

"Today is a monumental milestone for the entire SUI community and the digital asset ecosystem as a whole. For the first time, builders and users have access to a layer 1 blockchain that enables developers to build freely without being hindered by complex infrastructures, and the endless opportunities for users all over the world."

the hype

The SUI hype even managed to conquer the South Korean crypto ecosystem, which is otherwise known to be reluctant to deal with new projects. One of the largest exchanges in the country - upbit - has announced plans to start trading with SUI from May 3

So far, several prominent crypto trading platforms have expanded support for the start of the SUI in-line, including Binance, Okx, Kucoin, Huobi, Polonieex and Bybit, which means that investors can buy and sell SUI. As is usually the case in the early morning after the introduction of a new token, it was exposed to increased volatility. Sui rose to around $ 3.5 before it crashed to less than $ 1.5.

Before that, the actions by Tron founder Justin Sun triggered over 56 million TUSD (worth more than $ 56.4 million) to the KryptoBörse Binance in the early morning hours of May 1st.

Then the step triggered a warning from Binance CEO CZ, in which he asked SUN not to use a part of the TUSD deposit to collect the SUI rewards on the platform.