# What is sui and why SNS

By [Dhruvek Solanki](https://paragraph.com/@dhruvek-solanki) · 2022-12-05

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Sui is a new Proof-of-Stake Layer 1 blockchain, created by the team at Mysten Labs. The team is ex-Meta employees who worked on the Diem and Libra projects — AKA Facebook’s failed attempts at blockchains. However, unlike Libra or Diem, Mysten’s Sui is already valued at $2 Billion.

Sui is a new Proof-of-Stake Layer 1 blockchain, created by the team at Mysten Labs. The team is ex-Meta employees who worked on the Diem and Libra projects — AKA Facebook’s failed attempts at blockchains. However, unlike Libra or Diem, Mysten’s Sui is already valued at $2 Billion.

SNS.domain

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*Originally published on [Dhruvek Solanki](https://paragraph.com/@dhruvek-solanki/what-is-sui-and-why-sns)*