Binance, the largest crypto exchange in the world by volume, has announced support for new layer-1 blockchain Sui Network (SUI).
In a new announcement, Binance says it will launch SUI on its Launchpool platform, which allows users to stake coins in exchange for new ones.
“Binance is excited to announce the 33rd project on Binance Launchpool – Sui (SUI), a DPoS layer 1 blockchain based on move programming language.”
Binance users can either stake True USD (TUSD) or Binance Coin (BNB) to receive SUI token when it launches. According to the exchange, SUI will go live on Wednesday when appropriate liquidity conditions are met.
Sui Network announced yesterday that mainnet was going live on Wednesday at 12pm UTC.
SUI will have a total supply of 10 billion tokens, but only 5.28% of that will be part of the initial circulating supply and available for retail trading.
The new layer-1 has been said to be a competitor to Aptos (APT) and uses the same coding language, Move, which was originally developed to run Facebook’s attempt at a crypto asset. It will run on a delegated proof-of-stake (dPOS) consensus mechanism and aims to be extremely low latency and high throughput.
Mysten Labs, the developers behind the project, raised $300 million late last year at a $2 billion valuation.
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.
Featured Image: Shutterstock/pixelparticle/WhiteBarbie