Coinbase customers can now buy and sell Sui Network (SUI), the token of a newly launched layer-1 blockchain.
The mainnet of Sui Network went live in early May, and the project has a total supply of 10 billion SUI tokens, but only 5.28% of those tokens are available for retail trading.
The Aptos (APT) competitor uses the same coding language, Move, which was originally developed for Meta’s attempt at developing a digital asset. Sui Network runs on a delegated proof-of-stake (dPOS) consensus mechanism and aims to provide low latency and high throughput.
Mysten Labs, the developers behind the project, raised $300 million late last year at a $2 billion valuation.
Coinbase, which placed SUI on its listing roadmap last week, added support for the asset under its “Experimental Label,” a designation the exchange established for riskier, lower liquidity tokens.
Rival exchange Binance rolled out support for SUI on its Launchpool platform earlier this month, meaning its users can either stake True USD (TUSD) or Binance Coin (BNB) to receive SUI tokens.
SUI is trading at $1.15 at time of writing. The 75th-ranked crypto asset by market cap is down by nearly 4% in the past 24 hours but up more than 7% in the past week.
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