coinspress.com
Binance, the world's largest cryptocurrency exchange by trading volume, has recently announced its support for Sui Network (SUI), a new layer-1 blockchain platform based on the Move programming language.
The announcement revealed that Binance Launchpool would host SUI, which enables users to stake coins in exchange for new ones.
Binance customers can stake either Binance Coin (BNB) or True USD (TUSD) to receive SUI tokens once it becomes available, which will happen once appropriate liquidity conditions are met.
SUI has a total supply of 10 billion tokens, but only 5.28% of the total token supply will be part of the initial circulating supply and available for retail trading.
The Sui Network mainnet is set to launch on Wednesday at 12 pm UTC. The new layer-1 blockchain aims to compete with Aptos (APT), using the same Move programming language that was originally developed for Facebook’s failed crypto asset project.
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SUI employs a delegated proof-of-stake (dPOS) consensus mechanism that targets low latency and high throughput.
Mysten Labs, the developers behind SUI, raised $300 million in late 2022 at a valuation of $2 billion, indicating significant market interest in the project.
SUI’s innovative features and strong development team have generated high expectations from the blockchain community. With Binance’s endorsement, SUI could gain even more visibility and support within the cryptocurrency market.