SUI price rally gathers momentum after major exchange listing

Sui (IOU) SUI token has been trending for its mainnet launch which went live today. The launch of Sui Network mainnet and its native token SUI caused quite a stir in the crypto space because of the reputation of Sui’s parent company Mysten Labs.

Mysten Labs is one of two spin-offs of Meta’s Diem project, the other being Aptos Labs, which is behind the famous Aptos (APT) cryptocurrency.

Mysten Labs valuation hit $2 billion

Mysten Labs had raised quite some funds prior to today’s launch.

In September 2022, the company raised $300 million in a Series B round pushing the company’s valuation to $2 billion.

SUI Network launch

The launch of the Sui network and token is projected to transform the way people interact with blockchain technology, by making it more accessible to a wider range of users.

SUI network is designed to offer several features that improve user experience including security, scalability, and interoperability. The network will operate using a proof-of-stake (PoS) consensus mechanism, making it more energy efficient and faster than the proof-of-work (PoW) mechanism used by blockchain networks like Bitcoin.

SUI token listed on UPbit

UPbit today announced listing SUI token, almost immediately after the token and the mainnet went live. The exchange will start by listing two SUI pairs: KRW/SUI and BTC/SUI.

According to the announcement, only mainnet SUI deposits are currently allowed. Deposits from other networks including BSC are not allowed at the moment.

In addition, the exchange has declared that regardless of whether the value of the deposited tokens exceeds 1 million KRW, the travel rule will apply to all SUI deposits made before SUI is listed on CoinMarketCap.

There will also be some limitations including the restrictions on buy orders during the first 5 minutes of trading. Users will also only be able to deposit and withdraw tokens from a personal wallet address that has undergone a self-verification process.