Mysten Labs' Sui activates mainnet, entering competitive Layer 1 space
Sui launched its mainnet, ending a multi-year development process for the newest Layer 1 blockchain in the crypto arena. The network went live according to an update from the project's Discord server that was made at 11.30 UTC, referencing a genesis blob. With the mainnet release, Sui's native asset will shortly be available for trading on various exchanges, such as Binance, OKX, Bybit, and Kucoin.
Sui enters a competitive landscape of high-performance Layer 1 blockchains, including Solana, Aptos and Sei. The Sui team asserts that more than 200 decentralized applications, encompassing NFTs, DeFi, social media, and gaming, are set to go live on tthe network in the coming weeks. Mysten Labs, the developer of Sui, raised $300 million in a September 2022 funding round, valuing the project at over $2 billion last year. The Series B round was led by FTX Ventures, the venture arm of Sam Bankman-Fried's collapsed crypto exchange FTX. Just this month, the now-bankrupt FTX sold its stake in Mysten Labs for $96 million.
Source
https://t.me/Blockchain_Explained
