Binance users flooded the exchange with over $4 billion to farm the highly-anticipated SUI token launch.
The world’s largest exchange by trading volume added support for the SUI token through its Launchpad for BNB and TUSD holders on Monday with the event ending on Tuesday.
Users staked tokens worth over $4 billion to farm SUI tokens. Due to the crowding of the pools, however, an average of one dollar invested in the launchpad only reaped 0.016 SUI.
Binance Launchpad is a bootstrapping portal on the exchange, where the exchange sells or enables liquidity farming of tokens of new cryptocurrency projects.
Sui Token and Network Launch: What You Need to Know
The highly touted Sui mainnet is set to officially launch on Wednesday, May 3 at 8 a.m. ET. A layer 1 designated Proof-of-Stake (dPoS) blockchain, the protocol uses a modified version of the Move programming language initially created at Meta–formerly Facebook–before it decided to wind down its Diem project. Sui is built by Mysten Labs, one of the two spinoffs that came from Meta’s Diem project–the second being none other than so-called Solana Killer, Aptos Labs which launched its mainnet in Oc...
SUI is the native gas and governance token of the Move-based Layer-1 blockchain platform, Sui. The project was developed by several former senior executives and architects for Meta’s now-defunct digital wallet program, Novi. Its mainnet is expected to launch today at 8 am ET with the exchange indicating it will open trading shortly after.
Binance will distribute 40 million SUI tokens, with 80% going toward BNB stakers and the rest toward TUSD stakers. The rewards were calculated on an hourly basis, with snapshots of staked balances taken each hour.
Where to Get SUI and How Will Its Tokenomics Work?
Highly anticipated layer-1 blockchain Sui launches tomorrow, but how does it, and its native token SUI, actually work? The proof-of-stake blockchain, which uses a modified version of the Move programming language, has a cap of 10 billion tokens. The Sui Foundation says that a share of SUI’s total supply will be liquid at its mainnet launch tomorrow. The remaining tokens will be available over the coming years or distributed as future stake rewards. SUI will be used to pay gas fees for transact...
The total amount deposited in the pool officially surpassed $4.02 billion, with $770 million in the TUSD pool and BNB worth $3.2 billion.
Binance isn’t the only exchange that’s partnered to dole out SUI tokens.
Kucoin and OKX were also tapped to launch to sell tokens, too, both of which concluded last month. The two platforms raised a total of $45 million via a public sale.
