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Sui Network’s Highly Anticipated Mainnet Goes Live Today

03.05.2023
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Sui Network’s Highly Anticipated Mainnet Goes Live Today

  • Mysten Labs is made up of ex-Facebook developers that worked at Meta Labs.
  • The network can reach a throughput rate of more over 300,000 transactions per second.

The long-awaited mainnet of Sui Network, Mysten Labs’ blockchain technology, has gone live. The long-awaited launch of the mainnet occurred earlier today, marking a triumphant debut for the protocol.

🌊After Devnet, multiple Testnet waves, Frenemies, #CapyHolidays, Builder Houses, and much more – what a monumental moment for the Sui community: Sui Mainnet has launched!💥
Let’s dive into what that means for all of you and why you should #BuildOnSui!
👇🧵 pic.twitter.com/KsfCMBP9nl

— Sui (@SuiNetwork) May 3, 2023

In order to compete with its contemporaries in terms of transaction speed. The protocol’s launch was confirmed to be linked to a genesis blob. Coinciding with this announcement is the debut of the Sui Blockchain’s native token on a number of cryptocurrency trading platforms, including Binance, OKX, Bybit, and Kucoin.

Furthermore, the team has guaranteed over two hundred decentralized applications (dApps). Including non-fungible tokens (NFTs), decentralized Finance (DeFi), and gaming, will launch on the protocol in the near future.

Competing With Industry Leaders

Moreover, Mysten Labs built the very scalable layer 1 blockchain Sui to run dApps with a block finality within 0.5 seconds. Mysten Labs is made up of ex-Facebook developers that worked at Meta Labs.

Sui has approximately 200 projects listed in its database and claims a valuation of over $2 billion. The network also has a rapid transaction speed that may compete well with its competitors, according to the team. A Twitter post from the Sui team showed that the network can reach a throughput rate of more than 300,000 Transactions per Second (TPS) with 100 validators on testnet.

Sui has shown its intentions to facilitate an economy centered on e-commerce or micro-transactions. And it is attracting significant support from a variety of investors and protocols. The protocol and the industry as a whole may have reached a watershed moment if its competitive throughput can be maintained.

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Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

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