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.
Binance rolled out support for SUI on its Launchpool platform last week, meaning the exchange’s users can either stake True USD (TUSD) or Binance Coin (BNB) to receive SUI tokens.
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 inboxGenerated Image: Midjourney