​SUI logo appears on the Oracle Red Bull Racing Formula 1 team car

What’s new? Representatives of the blockchain platform Sui Network have announced a multi-year partnership with Formula 1 racing team Oracle Red Bull Racing. As an official blockchain partner, Sui plans to provide sports fans with more ways to interact with the Red Bull team.

🤩Huge news: We’re officially teaming up with @redbullracing!As the team’s Official Blockchain Partner, this multi-year partnership means that fans will have even more exciting ways to connect with Oracle Red Bull Racing. 🏎️ pic.twitter.com/7Gw8mbT3XH— Sui (@SuiNetwork) June 1, 2023

What else is known? Dr. Greg Siourounis, Managing Director of the Sui Foundation, noted that the partnership uses Sui’s industry-leading technology to enable human interaction in the Web 3.0 space.

“We’re working together over the coming months to build immersive digital experiences that fans all over the globe will enjoy. Stay tuned!” the project’s representatives wrote.

The CEO of Oracle Red Bull Racing noted that his team will be one of the first to use blockchain technology in Formula 1, and Sui will ensure that the experience is accessible, secure, and engaging for audiences. And last year, Red Bull inked a $150 million sponsorship deal with cryptocurrency derivatives exchange Bybit.

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Last May, OKX signed a multi-year deal with the Formula 1 team, McLaren Racing. The crypto exchange’s logo appeared on the team’s cars and suits.

What is known about Sui Network? The Layer 1 (L1) open blockchain platform was introduced in March 2022. It raised $36 million from venture capital fund Andreessen Horowitz (a16z), as well as $300 million in a Series B funding round. The project positions itself as a competitor to the Aptos network, which also uses the Move programming language and was also created by former Meta employees.

The blockchain uses the Delegated Proof-of-Stake (DPoS) consensus algorithm. Transactions on the network are handled by validators, which change every “epoch” (24 hours). According to Sui Explorer, as of June 2, there are 104 validators and 455 nodes on the network.

On May 3, the network and native token SUI were launched. Binance, OKX, KuCoin, Bybit, BitForex, DigiFinex, HotBit, and SuperEx exchanges listed the asset. From May 1, farming of SUI on Binance Launchpool is available.

As of June 2, 07:20 UTC, SUI is trading at $0,935561, down by 1,7% in 24 hours, according to aggregator CoinGecko.

The Sui Network team reported in April that SUI’s total supply would be limited to 10 billion tokens and distributed in a way that would support the spread of the network while strengthening and accelerating decentralization.