During the much-anticipated launch of its mainnet, the much-anticipated Aptos competitor encountered difficulties with speed and decentralization, despite receiving hundreds of millions of dollars in venture capital funding.
Sui, the much-talked-about layer 1 blockchain valued at $2 billion, debuted its mainnet on Wednesday as it competed with Aptos, an offshoot of Facebook and other decentralized finance (DeFi) giants. Sui is now in the lead in terms of valuation.
A considerable increase from the pre-sale price of $0.03 and the price during the public sale of $0.10, the token is now trading at $1.33 at the time of this publication. According to CoinGecko, the current market capitalization is at an all-time high of 687 million dollars.
More than 200 projects are listed in the blockchain’s directory, and another 100 or more compete to build on its network. The blockchain was established by former Meta (META) company workers.
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According to the statistics provided by Sui’s blockchain explorer, transaction rates on Wednesday averaged approximately four transactions per second (4tps), even though the creators of Sui promised rapid transaction speeds. On the other hand, Aptos is achieving 9 tps in their speeds.
On the other hand, Sui encountered many obstacles in the decentralization process.
The network consists of about 2,100 nodes spread out over 43 different nations. On the other hand, most of these nodes are located in the United States of America and Germany, with a sprinkling of nodes spanning Asia and Eastern Europe. It is important to remember that the network is still in its infancy and that the distribution of validators will grow more dispersed over time. Both of these things are worth mentioning.
At the time of this publication, it is also unknown who has tokens and how they are distributed.
To expedite the process of the Sui ecosystem’s acceptance and to assist in creating the network’s central infrastructure, the primary contributor to the blockchain, Mysten Labs, increased its financial resources by raising $300 million throughout the course of the previous year.
Its achievement in garnering venture capital money before its debut has prompted parallels to Aptos, another blockchain still in its early stages but garnered significant VC support. Teams from Diem, Meta’s unsuccessful attempt at creating a stablecoin (formerly known as Libra), discontinued by the tech giant in 2022, were responsible for constructing both blockchains. The Move programming language, created at Meta and based on Rust, is the foundation for both networks.