thenewscrypto.com
- With up to 50X leverage, Binance has announced the introduction of the perpetual contract.
- After SUI’s mainnet went live, the price fell dramatically.
The native token, SUI, of the Sui Network, a Layer 1 blockchain, is gaining adoption from other crypto exchanges as the network matures.
WOO X, a cryptocurrency trading platform, just announced the listing of SUI – PERP Futures with zero fees. In addition, Crypto.com, a cryptocurrency exchange, has said that the token would be listed as a perpetual contract on their derivatives market.
🌊 Ride the #SUInami on $SUI – PERP with ZERO fees. @SuiNetwork the latest L1 platform token built with Move, has arrived on WOO X.
— WOO X (@_WOO_X) May 4, 2023
▶️ Start trading at https://t.co/lM1upFinM5 pic.twitter.com/iD6VKdLIyC
However, these listings appear after the SUI official team reportedly asked a number of major cryptocurrency exchanges, including Binance, OKX, KuCoin, and others, to refrain from issuing perpetual contract listings.
According to Colin Wu’s reporting, several exchanges conceded to this request and postponed the release of future contracts.
Spot listing on Binance and Bybit lasted just a few hours before the exchanges announced the availability of SUI perpetual contracts. With up to 50X leverage, Binance has announced the introduction of the USDⓈ-M SUI perpetual contract.
Price Fumbles Post Mainnet Launch
On Wednesday, after considerable anticipation, the SUI Mainnet launched. After SUI’s mainnet went live, the price fell dramatically. The value of a token, however, eventually reached $2. As per data from CMC, a 70% reduction in SUI price was witnessed during the mainnet launch.
As of this writing, it can be purchased for a price of $1.34. The total trade volume over the last 24 hours has increased 160%. As of right now, the market value is somewhere about $703 million.
Mysten Labs, a company started by ex-Meta employees, created the Sui network and it utilizes the Rust-based Move programming language.