Sui Network, the blockchain protocol developed by Mysten Labs has finally launched its mainnet after so much anticipation. The mainnet went live earlier today in what signifies a successful outing for the protocol which has been under development for years.
The launch was acknowledged to be connected to a genesis blob and it signifies the entrance of the protocol into the Web3.0 ecosystem as it aims to compete with its peers for transaction throughput.
This launch is complemented by the launch of the native token of the Sui Blockchain on several cryptocurrency exchanges including Binance, OKX, Bybit, and Kucoin. Also, the team has assured that in the coming days, more than 200 decentralized applications (dApps) including Non-fungible tokens (NFTs), Decentralized Finance (DeFi), and gaming would go live on the protocol.
Ultimately, Sui has now joined the list of other high-performing L1 blockchains that are collectively tagged Ethereum killers including Cardano (ADA), Solana (SOL) and Aptos amongst others.
Sui Network and its Promised Advantage
The highly scalable layer 1 blockchain Sui was designed by Mysten Labs to support dApps with a block finality of less than half second. Mysten Labs is comprised of former engineers from Meta Labs which was formerly known as Facebook. The experience of the team stems from the design of Libra/Diem project.
Sui boasts of about a $2 billion valuation with over 200 projects in its directory.
As an added benefit the network is brandishing, the team promises fast transaction speed that can notably rival its peers. While Sui’s closest rival Aptos is pushing for a transaction speed of 9tps, a Twitter post made by the Sui team revealed that the network is able to achieve a throughput rate of more than 300,000 Transactions Per Second (TPS) with 100 validators on testnet.
Sui has showcased its plans to support an ecommerce or micro-transaction focused economy and it is notably garnering support from different investors and protocols in the ecosystem. Its competitive throughput, if sustained can also place it at the top of the food chain in what can spell a major milestone for the protocol and the industry at large.
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