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HomeCrypto NewsMarketSUI Token Launches Mainnet As Trading Goes Live On Binance

SUI Token Launches Mainnet As Trading Goes Live On Binance

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SUI Launches on Mainnet, Token  Drops 30% As Trading Debuts On Binance.

SUI, a new cryptocurrency network, finally launched on the mainnet today, sparking the interest of investors and traders alike.

SUI was today listed on Binance, with the token surging as high as $2.07 before recoiling back to $1.52 at press time, reflecting a 32% drop per Coinmarketcap. The token also gained some traction, with trading volumes surging by 22.15% to tap $887,702. Besides Binance, SUI was initially listed on four exchanges: KuCoin, Poloinex, OKX, and Bybit.

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According to Colin Wu, the SUI team requested the above five exchanges not to list perpetual futures contracts for its token.

 

To attract users, Binance announced that SUI/USDT trading pair traders would enjoy zero maker feed “until further notice.”

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What Is SUI?

As per its website, SUI is described as a first-of-its-kind “layer 1 blockchain that redefines asset ownership”. In a statement, the SUI Foundation, an independent organization responsible for the network’s development, noted that the network boasts extremely fast transaction speeds (just 480 milliseconds) and rich on-chain assets due to its unique architecture. 

It also supports a wide range of applications and scalability capabilities factors that could endear it to more users, pitting it against competitors such as  APTOs and Cardano.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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