- Mysten Labs is made up of ex-Facebook developers that worked at Meta Labs.
- The network can reach a throughput rate of more over 300,000 transactions per second.
The long-awaited mainnet of Sui Network, Mysten Labs’ blockchain technology, has gone live. The long-awaited launch of the mainnet occurred earlier today, marking a triumphant debut for the protocol.
🌊After Devnet, multiple Testnet waves, Frenemies, #CapyHolidays, Builder Houses, and much more – what a monumental moment for the Sui community: Sui Mainnet has launched!💥
Let’s dive into what that means for all of you and why you should #BuildOnSui!
— Sui (@SuiNetwork) May 3, 2023
In order to compete with its contemporaries in terms of transaction speed. The protocol’s launch was confirmed to be linked to a genesis blob. Coinciding with this announcement is the debut of the Sui Blockchain’s native token on a number of cryptocurrency trading platforms, including Binance, OKX, Bybit, and Kucoin.
Furthermore, the team has guaranteed over two hundred decentralized applications (dApps). Including non-fungible tokens (NFTs), decentralized Finance (DeFi), and gaming, will launch on the protocol in the near future.
Competing With Industry Leaders
Moreover, Mysten Labs built the very scalable layer 1 blockchain Sui to run dApps with a block finality within 0.5 seconds. Mysten Labs is made up of ex-Facebook developers that worked at Meta Labs.
Sui has approximately 200 projects listed in its database and claims a valuation of over $2 billion. The network also has a rapid transaction speed that may compete well with its competitors, according to the team. A Twitter post from the Sui team showed that the network can reach a throughput rate of more than 300,000 Transactions per Second (TPS) with 100 validators on testnet.
Sui has shown its intentions to facilitate an economy centered on e-commerce or micro-transactions. And it is attracting significant support from a variety of investors and protocols. The protocol and the industry as a whole may have reached a watershed moment if its competitive throughput can be maintained.