The much anticipated SUI token will finally be issued after the mainnet launches on 3 May, following sales on the OKX, KuCoin and Bybit crypto exchanges.
SUI is the native token of Layer-1 blockchain Sui. CoinList will be listing the token on 3 May, the first day of its launch, and will offer 48 hours of free trading on all SUI pairs on CoinList Pro and, excluding residents in the US and Canada.
According to the CoinList news: “Sui is a first-of-its-kind Layer-1 blockchain and smart contract platform designed from the bottom up to make digital asset ownership fast, private, secure, and accessible to everyone.
“Its object-centric model, based on the Move programming language, enables parallel execution, sub-second finality, and rich on-chain assets.
“The SUI token provides various core utilities across the SUI ecosystem:
- Gas Fees: All network operations are levied with transaction fees aka gas fees, and used to reward actors taking part in the PoS mechanism.
- Storage Fund: Used to compensate validators for storing on-chain object related data
- PoS Staking Rewards: Protocol distributes SUI staking rewards to participants of the proof-of-stake mechanism to incentivize and reward validators for honest behavior and securing the chain.
- Governance: Used to govern chain parameters and protocol upgrades.”
The Sui Blockchain is the product of Mysten Labs, a Web3 start-up comprised of Meta Alumni. Sui Move, an open source language for writing safe smart contracts, was originally developed at Facebook to power the Diem blockchain.
According to the latest performance update from Sui: “The Sui protocol has come a long way from its inception and has shown promising early performance results.
“Yet there are still many opportunities for optimization and scalability. In the near future, the following elements will be refined on Sui:
- Scalability and coverage of benchmark tooling
- Horizontal scalability to support intra-validator scaling across multiple machines
- Resilience to under-performance of individual validators
“As the protocol evolves and Sui’s performance elevates across more dimensions, more updates will be shared with the broader community for consideration and feedback.”