Top US crypto exchange Coinbase has added a new layer-1 blockchain Sui Network (SUI) to its listing roadmap.
Sui Network’s mainnet went live last week and the project has a total supply of 10 billion SUI tokens but only 5.28% of that amount was allocated for the initial circulating supply and made available for retail trading.
The new layer-1 is an Aptos (APT) competitor and 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.
Coinbase customers could soon follow if and when the exchange completes the SUI listing. The company created its listing roadmap last year to increase transparency and reduce the possibility of front-running its new trading support announcements.
SUI is trading at $1.14 at time of writing. The 76th-ranked crypto asset by market cap is down 0.92% in the past 24 hours and more than 12% since its launch on May 3rd.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney