Coinbase clients can now purchase and promote Sui Community (SUI), the token of a newly launched layer-1 blockchain.
The mainnet of Sui Community went dwell in early Could, and the challenge has a complete provide of 10 billion SUI tokens, however solely 5.28% of these tokens can be found for retail buying and selling.
The Aptos (APT) competitor makes use of the identical coding language, Transfer, which was initially developed for Meta’s try at growing a digital asset. Sui Community runs on a delegated proof-of-stake (dPOS) consensus mechanism and goals to supply low latency and excessive throughput.
Mysten Labs, the builders behind the challenge, raised $300 million late final yr at a $2 billion valuation.
Coinbase, which placed SUI on its itemizing roadmap final week, added support for the asset beneath its “Experimental Label,” a designation the trade established for riskier, decrease liquidity tokens.
Rival trade Binance rolled out support for SUI on its Launchpool platform earlier this month, that means its customers can both stake True USD (TUSD) or Binance Coin (BNB) to obtain SUI tokens.
SUI is buying and selling at $1.15 at time of writing. The Seventy fifth-ranked crypto asset by market cap is down by practically 4% prior to now 24 hours however up greater than 7% prior to now week.
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