The core SUI team asked Binance, ByBit, KuCoin, OKX, and other crypto exchanges not to list perpetual trading contracts for the token that was issued today.
At least four major exchanges committed to supporting SUI trading on spot pairs with other tokens like USDT, BTC, and ETH.
The project stacked with former Diem devs also launched its Layer 1 mainnet network on May 3 with over 200 million tokens in circulation and over $10 billion in FDV.
Binance and other crypto exchanges were asked to stall listing SUI perpetual trading contracts, per an official request from the core SUI team cited on Wednesday. Four major exchanges including Binance and Kucoin have temporarily honored the request, supporting only spot trading for now.
The token opened trading as high as $4 on some trading venues before crashing more than 70%. Trading volumes rose above $300 million in the first 24 hours of trading. OKX experienced downtimes as traders flocked to the new and high-anticipated L1 blockchain token.
Trading activity on Binance made up over 60% of the token’s spot volume shortly after launch, per CoinGecko data.
The request was publicly disclosed shortly before trading venues listed the token for spot trading. Other crypto exchanges like BitMex and MEXC ignored the request, supporting both spot and perpetual futures trading on their platforms.
Diem Devs Activate SUI Mainnet
Former Diem developers launched the SUI Layer 1 mainnet on May 3 after years of building the network. The chain’s genesis blob was activated per a Discord server update, thrusting the Mysten Labs’ brainchild into a competitive L1 market.
The designated proof-of-stake (dPoS) network plans to onboard over 200 entities from DeFi, decentralized applications, NFTs, blockchain gaming, and more into its ecosystem over the next few months.
SUI was developed using an off-shoot of the Rust programming language dubbed Move. Rust was initially created for Meta’s failed Diem blockchain project. The dPoS chain leverages two high-performance throughput mempool and consensus engines called Narwhal and Bullshark, both developed by Mysten Labs.