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U.S. equities fell yesterday by 0.16% as Pacific Western Bank is reportedly on the brink of collapse and inflation expectations unexpectedly rise. The broader cryptocurrency market went up after a few consecutive red days, with Bitcoin and Ether rising 1.15% and 1.46%, respectively, in the past 24 hours.
Today's outperformer is SUI, which surged 5% in the past 24 hours due to announcing its first major developer event and with numerous SUI DApps starting to launch.
SUI is a high-speed Proof-of-Stake layer 1 that boasts over 100,000 transactions per second. It was founded by Mysten Labs, formed by a team of ex-Meta engineers. Its mainnet went live recently, and to encourage more developer onboarding, SUI just announced its first huge event called Sui Builder House in Seoul, which is scheduled for June 3-4, offering developers a platform for networking and presentations. The event includes an updated format, a Mainnet celebration, an SUI showcase, which is a special announcement for APAC projects and developers, and downtime for connection. SUI looks promising as one of the fastest blockchains but may have lackluster traction and success as the crypto market is saturated with fast blockchains and is suffering from a low user and developer growth.
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BitDAO has proposed a "One Brand, One token" principle, which will replace its current BIT token with a new governance token, MANTLE. The proposal, BIP-21, aims to unify the BitDAO ecosystem, including governance and product, under the Mantle brand. Token conversions will have a fixed exchange rate, and the conversion process will be available on different channels. The change comes before the mainnet launch of Mantle, a layer-2 protocol built on Ethereum, backed by Bybit, Pantera Capital, Dragonfly, and Peter Thiel. BitDAO claims the rebranding will reduce the complexity around the BIT ecosystem. Voting on the proposal is open until May 19, and so far, it has received 100% support.
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