SUI token, the native token of the Sui blockchain, has been generating buzz from the crypto world. It is expected to launch on May 3, 2023, the same day as the main net launch of the Sui blockchain.
Sui had been making waves in the crypto community even before the main net launch. So let's find out all about that below.
SUI is the token of Sui, the layer-1 proof-of-stake blockchain with smart contract functionalities. The blockchain computes transactions instantly and lessens latency in smart contract deployment.
It enables transactions to be executed parallelly instead of sequentially by other blockchains. Its consensus mechanism also reduces the expected communication between validators to process transactions.
The SUI token serves four significant purposes;
It would also enable Sui users to participate in DeFi activities.
On May 3, it is anticipated that the Sui main net will be launched alongside an SUI token sale. Every partaking crypto exchange is offering 225 million tokens.
Users are eligible for up to 10,000 SUI tokens at $0.10 each. According to reports, U.S. residents must be qualified to participate in the sale.
Sui tokens will be distributed to two audiences — a community reserve for research and development, grants and subsidies, initial contributors to the project, app testers, and other stakeholders. However, a cap of 10 billion SUI tokens is in circulation globally, with 14% being released at the launch for investment use.
Before SUI became ready to be sold to the public, it was available via an SUI token community access program. Whitelisted community members, Sui Champions & Supporters could purchase the token at $0.03.
Before SUI launched, Binance disclosed that it would make SUI available through LaunchPool, a platform for users to contribute crypto assets to a liquidity pool to gain rewards.
This announcement led to more eyes being on SUI, including Justin Sun, the founder of TRON. He deposited $56 million True USD stablecoins into Binance to probably farm SUI tokens.
The CEO of Binance, Changpeng Zhao, reacted to Sun's actions by tweeting that LaunchPool was made for retail users, not just whales. Furthermore, Zhao warned that Binance would take legal action against Sun if he tried an SUI token grab.
After a while, Sun affirmed that he had fully refunded the Binance transfer. Furthermore, the crypto exchange clarified it would reallocate the corresponding 279,000 farmed SUI tokens to its TUSD liquidity pool.
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