Sui, the cutting-edge Layer 1 blockchain known for its unparalleled performance and limitless horizontal scaling, has teamed up with Circle
Cryptocurrency exchange Binance announced the addition of support for Sui (SUI) deposits and withdrawals on the Sui blockchain.
Binance users can now deposit and withdraw SUI tokens via the Sui Mainnet (STC-20) and Sui Testnet (TST-20) networks. The exchange noted that the SUI token will be credited to users’ Spot Wallet after successful completion of the deposit.
Binance also highlighted that the opening of SUI withdrawals will be announced separately and users are advised to pay attention to the exchange’s announcements.
The exchange’s announcement comes shortly after Sui, a Layer 1 blockchain designed for high throughput and horizontal scalability, announced the launch of its Mainnet. The blockchain aims to offer a user-friendly and developer-oriented experience.
According to Sui, its blockchain is capable of processing over 120,000 transactions per second (TPS) with sub-second finality and the ability to scale to millions of TPS.
The Sui blockchain is powered by the SUI token, which serves as a medium of exchange for paying transaction fees, securing the network through delegation and participation in governance.
As reported, Sui recently raised $300 million in a Series B funding round led by FTX Ventures and quickly followed by a Mainnet launch announcement. The funding round valued the Layer 1 blockchain at $2 billion.
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