The number of Sui Network users reached 1 million in 2 months after launch
Date: 2023-07-16 Author: Karina Ziganova Categories: BLOCKCHAIN, CRYPTO PAYMENTS
The number of users of the Sui Network's Layer One (L1) blockchain reached 1 million in less than 2 months after the launch of the mainnet.
Greg Siurunis, Managing Director of the Sui Foundation, believes that user interest is a direct indication of the growing demand for the platform:
"Sui's success is a direct result of having a community and ecosystem that is excited about the prospect of turning technology into solutions and is fully committed to helping the project go beyond."
The Sui blockchain was created to serve high-performance decentralized applications. The operation and security of the network is provided by the Proof-of-Stake consensus algorithm.
The project was developed by Mysten Labs. It was founded in 2021 by a group of former employees of Novi Research, a division of Meta*, which was responsible for the creation of the Diem blockchain and the Move programming language. Mysten Labs Co-Founder and CEO Evan Cheng previously served as Director of Research and Development.
Since December 2021, Mysten Labs has raised $336 million in two rounds of funding. Among the main investors of the project are Binance Labs, Franklin Templeton and a16z crypto.
Mass adoption of Sui is growing
Since its launch in May, the project has gained widespread adoption and has entered into several partnerships, including with Oracle's Formula 1 Red Bull Racing team. Sui will help Red Bull strengthen its connection with fans through Web3 tools.
According to Suivision, there are 1072 NFT collections on the network, tokens of which have been purchased by more than 625 thousand holders.
Decentralized finance (DeFi) activity in Sui appears to have stabilized after peaking at $36 million at launch. According to DeFillama, the total value of assets locked in the network (TVL) decreased to $13.07 million.
What happens to the price of the SUI token
Despite the wide spread of the network, the price of the native token of the network has dropped significantly: since the beginning of June, the asset has been trading below $1.
At the time of writing, SUI costs $0.67 — 2 times less than the all-time high of $1.45 reached in early May.
