Sui Network Mainnet Launches with Global Exchange Support
The Sui Network officially launched its mainnet on May 3, marking one of the most anticipated blockchain debuts of 2023. According to the Sui Foundation, the launch went live at 12:00 pm UTC, with immediate support from top cryptocurrency exchanges worldwide.
Binance, the world’s largest crypto exchange, began trading SUI just minutes later, pairing it with Bitcoin (BTC), Tether (USDT), BNB, euros, and Turkish liras. Other major exchanges including Huobi, KuCoin, ByBit, OKX, and Poloniex also opened SUI trading, boosting liquidity and accessibility for early investors.
KuCoin announced plans to list SUI/USDT-margined futures and isolated margin trading pairs once sufficient liquidity is established. Poloniex emphasized that SUI’s total supply is capped at 10 billion tokens, signaling long-term scarcity.
Price Volatility Follows Strong Debut
Despite intense market interest, SUI’s price plummeted within minutes of its debut. According to data from CoinGecko and CoinMarketCap, SUI fell over 40% — and in some instances, nearly 70% — from its opening price, dropping below $2 before stabilizing around $1.29.
At this level, the token’s fully diluted market capitalization stands at approximately $13 billion, reflecting both investor enthusiasm and early volatility typical of new blockchain launches.
Understanding the Sui Network
Sui is a layer-1 blockchain designed to enhance Web3 scalability and adoption through its delegated proof-of-stake (dPoS) consensus model. This allows network participants to vote for delegates who confirm new blocks, improving both speed and decentralization.
Built using the Move programming language — originally developed at Meta for the now-defunct Diem project — Sui aims to deliver fast transaction speeds and developer-friendly smart contracts.
Sui’s development is led by Mysten Labs, a Web3 infrastructure company founded by former Meta executives from the Novi Research team. In 2022, the Sui Foundation raised $300 million to accelerate ecosystem growth, attracting major institutional backing.
A New Chapter for Web3 Scalability
With its strong technical foundation and major exchange support, Sui’s launch highlights continued innovation in blockchain scalability. However, the sharp post-launch volatility underscores how new token launches can still test investor confidence, even in well-backed projects.
