​Ex-Meta employees launch testnet of Sui Network blockchain

What’s new? Former developers from the Meta team have announced the launch of a testnet of a layer-1 (L1) Sui Network blockchain. The testnet, called Wave 1, will more closely test the viability of the technology. Representatives of Sui Network announced this on November 17 via Twitter.

🎉🥳Hello Validators! A milestone for the #Sui history books: Sui Testnet Wave 1 is live!🌊This is a huge step towards a decentralized Sui Mainnet, as this is the first instance of a Sui Network with non-Mysten Labs operators. Builders: continue building on Devnet 🧵(1/8) — Sui (@SuiNetwork) November 17, 2022

What else is known about the testnet? The testnet Wave 1 will be used by validators and nodes to improve centralized coordination and incident response, and identify a core group of operators with experience in deploying, monitoring, and debugging processes. The developer network (devnet) will also remain operational and will be used by programmers to create and test decentralized applications (DApps).

What is known about Sui Network? Blockchain is seen as a competitor to Aptos, which is also being developed by a team of ex-Meta developers. Sui and Aptos share the same programming language called Move. The project’s website states that the blockchain is “designed from the ground up to enable creators and developers to build experiences that cater to the next billion users in web3.”

In September, Mysten Labs, the company behind the Sui blockchain, raised $300 million in a round led by Sam Bankman-Fried’s more defunct FTX Ventures fund. Sui’s valuation at the time was $2 billion. In October, the blockchain developers launched a separate unit, Mist, to improve the network’s payment system.

On November 17, the Aptos blockchain platform launched its own decentralized stablecoin ArgoUSD (USDA) pegged to the US dollar. The Aptos mainnet was launched on October 18. After the opening of trading on Binance, the rate of the native token APT soared by 10 000%. As of November 18, 12:00 UTC, the asset is trading at $4,76, having gained 0,9% in 24 hours.