SUI launch is successful: Developers announce first dApp

The start of the cryptocurrency SUI was successful. As expected, the promising smart contract platform goes straight into the top 100. Meanwhile, the developers at Mysten Labs are already announcing the first dApp.

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Launch is successful

May 3, at 2:00 pm ET, the time has finally come: The long-awaited smart contract platform SUI from developer Mysten Labs is launched on the mainnet . The launch is successful.

The cryptocurrency enters as the 68th ranked cryptocurrency and quickly rally around $1.30. Thus, the market capitalization of the project is 731 million US dollars. At the time of writing, the market value of the coin is exactly 1.39 US dollars.

Venture capitalists valued the project at $2 billion in their funding rounds and provided the programmers with $336 million in seed capital.

The cryptocurrency is not quite as successful, at least not at first. Sister project Aptos (APT) ranks 32nd, well ahead of SUI with a market cap of $1.9 billion.

First dApp announced on SUI

Although Aptos can already achieve initial success with its rapid rise, it remains to be seen how sustainable the project is. So far, his evaluation has mainly been limited to the hope for future developments.

Sister project SUI, which was also created by former Facebook employees based on Diem, doesn’t want to make the same mistake. Shortly after the publication of their blockchain , Mysten Labs therefore announced the first dApp.

👀And lastly, sign up to get notified for when @SuiNSdapp, a naming service on Sui, launches in just a few days: https://t.co/yB7QjyFun2
— Mysten Labs (@Mysten_Labs) May 3, 2023

This is the SUI Name Service (SUINS) . This allows users to purchase addresses that can be connected to their own wallet. In this way, transactions can take place at blockchain addresses without having to know the alphanumeric character string itself.

Instead, domains are used that consist of self-chosen words and are therefore much easier for people to remember. The principle is already known from the Ethereum Name Service (ENS).

In addition, the open source Sui Wallet and the Sui Explorer were released shortly after SUI itself. In addition to transactions, the explorer also shows other data about the network. 2,216 nodes are already participating in the network. Most of them are located in the USA and Germany.

At the time of writing, the network handles 17 transactions per second. At the start, the blockchain reached its practical maximum of 137 transactions per second. According to Mysten Labs, peak values of over 300,000 transactions per second have already been achieved in test runs.

The cryptocurrency SUI can be traded on several well-known crypto exchanges – such as Binance , KuCoin or OKX.