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SUI Token ICO Ends with Mainnet Launch: What's Next for Sui Network?
05/03/2023

SUI Token ICO Ends with Mainnet Launch: What's Next for Sui Network?

05/03/2023
4,7

The Sui Network, a highly anticipated Layer 1 blockchain, is set to launch its mainnet tomorrow, May 3. As the launch approaches, major exchanges such as OKX, Kucoin, and Bybit have announced that the network's native token, SUI, will be available for trading on their platforms.

The Sui Network is backed by Mysten Labs, a company founded by former executives of Meta's Novi Research. SUI is the native token of the Sui Layer 1 blockchain network, with a total cap of 10 billion tokens. An initial coin offering for SUI has been ongoing since April 20 and will end on May 3, coinciding with the mainnet launch.

Sui is a proof-of-stake layer 1 blockchain that uses a modified version of the Move programming language, initially created at Facebook. According to the Sui Foundation, a portion of the total SUI supply will be liquid at the mainnet launch, with the remaining tokens becoming available over the next few years or distributed as future stake rewards.

The SUI token is expected to have various use cases within the blockchain ecosystem, such as participating in PoS consensus, staking, and on-chain voting for protocol upgrades. Additionally, the token's primary utility will be to pay for gas fees, while it will also enable governance, pay for transaction processing, and facilitate DeFi activities.

Upon launch, the distribution of SUI tokens will be split as follows: half of the supply will be allocated to the community reserve for grants, validator subsidies, and research and development purposes, 20% will be granted to early project contributors, and 14 % will be assigned to investors. The remaining 10 % will be held in the Mysten Labs treasury, while 6 % will be directed towards the Community Access Program (CAP) and app testers.

Source and Copyright: © blog.sui.io

Several smaller exchanges, including BitForex, DigiFinex, HotBit, and SuperEx, have already allowed customers to buy IOU versions of the tokens in advance. Major exchanges like Binance, OKX, Kucoin, and Bybit have also made announcements about their plans to support SUI.

Binance, announced last week that users would first be able to farm SUI via its DeFi platform, Binance Launchpool. Once liquidity requirements are met, Binance will list SUI and open trading with SUI/BTC, SUI/USDT, SUI/TUSD, and SUI/BNB trading pairs.
 


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