​Major crypto exchanges have listed SUI

What’s new? On May 3, at 12:00 UTC, the developers of Sui Network launched the network and the native token SUI. A number of smaller crypto exchanges, including BitForex, DigiFinex, HotBit, and SuperEx, allowed customers to pre-purchase IOU (I Own You, debt tokens) versions of SUI. Of the major trading platforms, Binance, OKX, KuCoin, and Bybit announced the listing. In addition, on May 1, Binance launched farming SUI on Binance Launchpool. BTC, USDT, TUSD, and BNB pairs are available for trading on the platform. As of 12:20 UTC, SUI is trading on Binance at $1,34.

Information on the Binance website

What else is known about SUI’s listing? Each crypto exchange conducting the sale of SUI will offer 225 million tokens with a maximum allocation of 10 000 per user, with participants selected based on specific criteria and activity. Coins will be sold at $0,1 each. In this, citizens of Ukraine, Russia, and the United States will not be able to participate in the sale. Users who joined the Sui Network discord before February 1, 2023, were also eligible to participate in the program.

After the launch, the distribution of tokens will be as follows: 50% will go to the community reserve for grants, validator subsidies, and research purposes, while a fifth of SUI will be given to early contributors to the project. Investors will receive 14% of the coins, while 10% will go to the coffers of Mysten Labs, the developer of the Sui Network. In addition, 6% of SUI will go to the Community Access Program (CAP) and app testers.

Analyst Colin Wu reported that the SUI team has asked Binance, OKX, Bybit, and KuCoin not to launch the perpetual contract when listing the token. Currently, the major trading platforms temporarily comply with this request, and the product launch may be delayed for some time.

Exclusive: the SUI official team requires the cooperative exchanges (Binance OKX Bybit KuCoin, etc.) not to launch the perpetual contract when the SUI token is launched. At present, the major exchanges temporarily meet this demand, and the launch of future may be delayed for a… https://t.co/2XGA75MmiV — Wu Blockchain (@WuBlockchain) May 3, 2023

What is known about Sui Network? The open, Layer 1 (L1) blockchain platform was introduced in March 2022. It has raised $36 million from venture capital fund Andreessen Horowitz (a16z) and $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. Operations on the network are handled by validators, which change every “epoch” (24 hours). According to Sui Explorer, as of May 3, the network has 43 validators and 2131 nodes in operation.

On April 15, the Sui Network team reported that SUI’s total supply would be capped at 10 billion tokens and distributed in a way that would support the spread of the network while strengthening and accelerating decentralization.

On May 1, TRON blockchain founder and Huobi exchange CEO Justin Sun made a major transfer of TUSD stablecoins to Binance, which are needed for SUI farming. Binance CEO Changpeng Zhao warned Sun that the platform would take action against him if he tried to obtain SUI. He stated that “Binance LaunchPool are meant as airdrops for our retail users, not just for a few whales.” Sun reported his team’s mistake and canceled the transaction.