Coinbase customers can now buy and sell Sui Network (SUI), the token of a newly launched layer-1 blockchain.
The mainnet of Sui Network went live in early May, and the project has a total supply of 10 billion SUI tokens, but only 5.28% of those tokens are available for retail trading.
The Aptos (APT) competitor uses the same coding language, Move, which was originally developed for Meta’s attempt at developing a digital asset. Sui Network runs on a delegated proof-of-stake (dPOS) consensus mechanism and aims to provide low latency and high throughput.
Mysten Labs, the developers behind the project, raised $300 million late last year at a $2 billion valuation.
SUI is trading at $1.15 at time of writing. The 75th-ranked crypto asset by market cap is down by nearly 4% in the past 24 hours but up more than 7% in the past week.
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