Developments continue on the Sui Network side. Following the announcement of a major upgrade on the test network, the general upward price trend continues. In a statement on Platform X, Sui Network announced that the Mysticeti upgrade has also been launched on the mainnet.
Sui Network Comments
Since its inception, Sui Network has positioned itself as a high-performance blockchain protocol. Despite its renowned speed measured in transactions per second (TPS), the network has continued to push for more.
Following the launch of the Mysticeti upgrade on the testnet, Sui Network’s post on Platform X stated that it is now the fastest among all blockchains. The protocol effectively reduced the consensus latency on Sui to 390 ms. The Layer-1 network indicates that this reduction represents an 80% decrease compared to Narwhal-Bullshark.
The blockchain world is marked by races to solve decentralization, transaction speed, and low-cost issues. Ethereum generally experiences congestion and, as seen recently, requires significant network upgrades.
Sui is known to be positioned to solve Ethereum’s problems, and the Mysticeti upgrade is believed to take this a step further.
Highlighting what the update means for the ecosystem, the blockchain emphasized that the average user can now perform transactions with enhanced experiences across the board. Users can now achieve lightning-fast transactions in all applications they perform.
Especially the gaming and DeFi ecosystems can now benefit from useful conditions like transaction volume and low fees.
How Much is SUI Worth?
Following the testnet launch of Mysticeti, the Sui price is on a significant rise. As of the time of writing, Sui is trading at $1.12 after a 0.5% drop in the last 24 hours. This was seen as a relatively slight decrease. On the other hand, it should be noted that SUI experienced an 18% drop in the last month amidst declines in recent weeks.
Additionally, Sui recently announced that it reached 1 million daily active wallets, garnering significant attention. With the Mysticeti upgrade on the Sui side, many speculate that the network will attract more users overall and potentially see a positive price increase in the long term.
