The new layer 1 is being called a designated Proof-of-Stake (dPoS) blockchain, said Mysten Labs, the team behind Sui.

The highly touted Sui mainnet is set to officially launch on Wednesday, May 3 at 8 a.m. ET.

A layer 1 designated Proof-of-Stake (dPoS) blockchain, the protocol uses a modified version of the Move programming language initially created at Meta–formerly Facebook–before it decided to wind down its Diem project.

Sui is built by Mysten Labs, one of the two spinoffs that came from Meta’s Diem project–the second being none other than so-called Solana Killer, Aptos Labs which launched its mainnet in October. Leading up to its launch, Sui has raised enormous amounts of money. By September last year, Mysten Labs had closed a $300 million Series B round and reached a $2 billion valuation, according to CrunchBase.

The team behind Sui has said it wants the network to become the premier NFT and gaming platform for the cryptocurrency industry, by virtue of its Move programming language, which developers have said is a more intuitive way to write smart contracts.

Although Move was not initially designed with NFTs in mind, Sui Move is looking to change that by implementing certain NFT-specific functions. Unlike another popular language, like Rust—which is used by Solana and focuses on “accounts”—Sui is centered around “objects.” That has made it possible for objects on Sui to be owned by a single user or “shared,” which can then be modified by users as long as they follow certain smart contract functionalities.

By doing so, the team behind Sui said the network is poised to become an “innovative, decentralized Layer 1 blockchain that redefines asset ownership.”

Sui Move has been highly touted for its speed and transaction throughput, with Solana’s Co-Founder Anatoly Yakovenko, one of its main competitors, calling it “awesome" on Twitter.



The platform’s native asset, the SUI token, has been in the midst of an initial coin offering, or ICO, since April 20. It will end on May 3, when the mainnet goes live..

Investors have been purchasing IOU versions of the token, albeit from four smaller exchanges: BitForex, DigiFinex, HotBit and SuperEx. As of Tuesday afternoon, the token IOUs were trading at $3.20 according to CoinGecko, and had seen their price spike 14% in the past day from excitement surrounding the mainnet launch.

source: decrypt

image source: twitter

#sui #suinetwork #suiairdrop #crypto #crypto2023

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Crypto networks Optimism and Sui are set for token unlocks this week that will see each of their circulating supply of tokens increase significantly.

Ethereum Layer 2 network Optimism is seeing the largest unlock, according to Token Unlocks, with 387 million tokens set to be released on May 31 — worth $590 million. This represents 9% of the total supply of tokens and a 114% increase to the current circulating supply. The tokens will primarily be split between core contributors and investors.

This comes a week ahead of Optimism's Bedrock upgrade, which is set to lower fees and improve performance. That said, the price of Optimism's native token OP has still dropped from $1.64 to $1.52 in the last 24 hours — ahead of the unlock — down 6%.

The Sui unlock

Layer 1 blockchain Sui will see a much smaller token unlock of 61 million tokens ($62 million) on June 3, which will increase its circulating supply by 13%. There will be regular unlocks like this until November, when the circulating supply will double — similar to Optimism's unlock this week.

The difference with the Sui unlock is that the tokens will be going to retail users as an airdrop, as noticed by Alex, an analyst at crypto trading firm Scimitar Capital, as part of its community access program. Some tokens will also be going to the Sui Foundation.

"So even though the OP unlock is for 114% of supply and SUI is for 13%, there are other complex factors you should consider when evaluating the relative impact on price for these events," he noted on Twitter.

There have already been some big token unlocks this month. On May 28 Avalanche unlocked 9.5 milion tokens ($139 million), representing 1.3% of its token supply. However, there was no significant impact to the token's price.

#suiairdrop #optimism