Founded by former employees of Meta (Facebook), Sui launched its mainnet today with over 200 projects on the blockchain.
Although SUI, which was listed on many exchanges at the same time, reached a compilation of $ 2 billion for a short time, it could not withstand the selling pressure and its market value fell to $ 680 million according to Coinecko data.
Sui emerged as a competitor to many decentralized finance projects, especially Aptos.
However, expectations were not fully met on the first trading day. Sui, which came out with the promise of high transaction speed, was able to perform an average of 4 transactions per second (4tps) today. Considering that Aptos is currently pushing 9 tps, Sui performed below expectations.
Decentralization discussions started with the launch of Sui. While the concentration of 2100 nodes in the network in certain regions of Germany and the USA fuels these discussions, it should not be ignored that the network is still new and the distribution of nodes will spread to other countries over time.
Despite these negativities, Sui has the support of a serious capital company behind it. While this interest of VCs in Sui draws attention with its similarity to Aptos, it is thought that it will continue to be talked about in the coming period.
Sui listings that came in the evening on a day when the FED's interest rate decision may have put pressure on the price.
We had warned against possible volatility at the time of the first listing. After sui listing, it rises up to $3 on some exchanges, while it is trading at $1.28 as of our news hour.
Experts remind that in such new projects, it is necessary to wait for the price to accumulate in a certain range and not to act for fear of losing the opportunity.
