On Wednesday, Sui launched its mainnet, making it the latest layer 1 blockchain to enter the market. With a $2 billion valuation, Sui is competing against rival Facebook-offshoot Aptos and other decentralized finance (DeFi) giants. Currently valued at $1.33 per token, Sui’s market capitalization is $687 million, according to CoinGecko. The blockchain’s directory features more than 200 projects, with an additional 100 projects vying to build on its network.
However, Sui faced decentralization challenges as its network has over 2,100 nodes operating across 43 countries, but the majority of these nodes are concentrated in Germany and the U.S. Although Sui developers promised fast transaction speeds, data from Sui’s blockchain explorer shows these speeds averaged around 4 transactions per second (4tps) on Wednesday, while Aptos achieved 9tps. It’s important to note that Sui is still in its early stages and over time, the distribution of validators is expected to become more balanced.