The Sui IOU price continued to climb ahead of the project’s mainnet launch. According to CoinMarketCap, the token has surged more than 20% to $2.20 over the past 24 hours. Overall, the token has risen more than 23% over the past few days, despite the setbacks of mainstream cryptocurrencies such as Bitcoin and Ethereum.
Sui mainnet launch first
Sui describes itself as a layer 1 platform that enables developers to build decentralized applications (dApps). Blockchain has advanced features that are fast in transaction costs, elegant, easy to use, and flawless in design.
The biggest news of the week is the launch of the platform’s mainnet scheduled for this Wednesday. The launch comes months after the network has gone through weeks of testing and validation.
Sui faces an uphill battle in the industry due to competition in this area. The biggest competitor is Ethereum, which has a stronger market share in the industry. dominate other layer 1 networks such as avalancheSolana, Aptos and others.
Sui also competes with other Layer 2 networks such as Optimism, Polygon and Arbitrum. It aims to ameliorate the main challenges of these Layer 2 networks. ethereum By increasing speed and lowering transaction costs.
Justin Sun’s apology
Another big piece of news for Sui is an apology from Justin Sun, founder of Tron and de-factor CEO of major exchange Huobi. In a statement, Sun said he agreed to return his $56 million to Binance after acquiring the tokens.
In a statement on Monday, Changpeng Zhao said binance It said it had warned Sun that the company would take action if it used a large amount of SUI tokens from the Binance Launchpool. He argued that Launchpool is intended to airdrop for retail investors, not just a few whales.
Therefore, traders will be watching how SUI trades when the network mainnet launches and when the airdrop from Binance Launchpool occurs. Like most new tokens, we expect the SUI token price to rise on Wednesday and pull back once insiders start taking a portion of the profits.