Sui Network, Ex-Meta Employees’ Blockchain, Launches Its Testnet

Sui Network, a layer-1 blockchain developed by ex-Meta (formerly Facebook) employees, has announced the opening of its testnet - a place where the viability of the technology can be thoroughly examined.

The testnet “Wave 1” will be used for validators and full nodes to “improve decentralized coordination + incident response, and identify a core group of operators who have experience in deploying, monitoring, and debugging,”  according to a tweet from the company.

Sui has acquired a lot of momentum in recent months and is considered as a competitor to the Aptos blockchain, which also developed by ex-Meta engineers. Aptos and Sui both use the Move programming language.

Mysten Labs, the firm behind the Sui Blockchain, raised $300 million in a funding round by the now-defunct FTX Ventures in September. Mysten Labs was likewise valued at $2 billion in the fundraising round. In October, Mist units were created by Sui blockchain developers to strengthen the network's payment system.

Sui's developer network (devnet) will remain operational and will be utilized by developers to test and build decentralized applications (dapps).