- Binance has announced the launch of perpetual contracts with leverage of up to 50X.
- SUI’s price dropped significantly following the launch of its mainnet.
Other crypto exchanges are starting to adopt SUI, the native token of the Layer 1 blockchain Sui Network, as the network grows.
SUI – PERP Futures listed on WOO X cryptocurrency trading platform with zero fees, while Crypto.com announced the perpetual contract listing of the token on their derivatives market.
🌊 Ride the #SUInami on $SUI – PERP with ZERO fees. @SuiNetwork the latest L1 platform token built with Move, has arrived on WOO X.
▶️ Start trading at https://t.co/lM1upFinM5 pic.twitter.com/iD6VKdLIyC
— WOO X (@_WOO_X) May 4, 2023
The SUI team reportedly requested major cryptocurrency exchanges like Binance, OKX, KuCoin, and others not to list perpetual contracts for their token, but WOO X and Crypto.com went ahead with the listings.
Colin Wu reported that some exchanges agreed to the request from SUI’s official team to delay the release of future contracts.
Binance and Bybit briefly listed SUI for spot trading before quickly announcing the availability of SUI perpetual contracts. Binance also introduced the USDⓈ-M SUI perpetual contract with up to 50X leverage.
Price drops after SUI’s mainnet goes live
Last Wednesday, the SUI Mainnet was launched amidst great anticipation. However, the token’s value experienced a significant drop after the launch, with a 70% reduction in price, according to data from CMC. Eventually, the token’s value went up to $2.
Currently, SUI can be bought for $1.34. In the last 24 hours, the total trade volume has gone up by 160%. The market value of SUI is around $703 million.
The Sui network was created by Mysten Labs, a company founded by former Meta employees. It uses the Move programming language, which is based on Rust.
