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- Binance will support the new layer-1 blockchain Sui Network (SUI) on its Launchpool platform.
- Users can stake True USD (TUSD) or Binance Coin (BNB) to receive SUI tokens when it launches.
Binance Launches Sui Network on Launchpool Platform for Fast Transaction Processing
Binance has announced the addition of the Sui Network to its Launchpool platform. The Sui Network is a layer-1 blockchain based on the Move programming language, designed for fast transaction processing. Binance users can stake either TUSD or BNB to receive SUI tokens when it goes live on Wednesday.
The Sui Network has a total supply of 10 billion tokens, but only 5.28% of that will be initially circulated and available for retail trading. The blockchain will run on a delegated proof-of-stake (dPOS) consensus mechanism and aims to be highly efficient, with low latency and high throughput. Sui Network’s developers, Mysten Labs, raised $300 million at a $2 billion valuation late last year.
Sui Network competes with Aptos (APT), another blockchain that uses the same coding language.