Sui is backed by Mysten Labs, a Web3 organization founded by former exects at Meta's crypto project Diem, also known as Novi.
Shortly after the trading launch, the value of the SUI took a sharp dive to below $2. According to data from CoingGecko, SUI
40% from its opening price. In the meantime, data from CoinMarketCap and Binance suggest that SUI dropped as much as 70%. The SUI token lost the majority of value in the first five minutes after the launch of trading.At the time of writing, the token is trading at $1.29. SUI’s fully diluted market capitalization amounts to about $13 billion.Sui, or the Sui Network, is a layer-1 blockchain and smart contract platform designed to increase Web3 adoption with fast speeds and high scalability.
Unlike Bitcoin or Ethereum blockchains — which run on proof-of-work and proof-of-stake consensus mechanisms, respectively — the Sui platform on delegated proof-of-stake. That means that SUI network users can elect and vote for delegates to confirm the next block.The Sui project is famous for being built on Move, a new Rust-based programming language designed at Meta, formerly known as Facebook. Sui is backed by Mysten Labs, a Web3 infrastructure organization founded by former senior executives at Meta’s Novi Research.
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