SUI Token To Launch On Binance- Here’s What You Need To Know
SUI Token To Launch On Binance- Here’s What You Need To Know
Key Takeaways:
SUI token would launch for trading on Binance on May 3
The project was in the news recently due to a spat between Binance CEO Changpeng Zhao and Tron founder Justin Sun
NEW DELHI (CoinChapter.com) — The SUI token, the namesake token of the recently developed Sui Network, will list for trading on Binance on May 3.
Binance would list six trading pairs of the SUI token- SUI/BTC, SUI/USDT, SUI/TUSD, SUI/BNB, SUI/EUR, and SUI/TRY at 12:15 hours (UTC). Additionally, Binance stated that users would not have to pay maker fees for the SUI/TUSD trading pair.
Sui is Binance Launchpad’s 33rd project. The Binance Launchpad is a platform that helps blockchain startups raise funds. Users could stake BNB and TUSD tokens in separate pools to farm SUI tokens on Binance.
At writing, the BNB pool reward has a total of 32 million SUI tokens, with users staking nearly 8.9 million BNB. For the TUSD pool, the farming rewards add up to 8 million SUI for nearly 892.6 million TUSD staked by users.
What Is Sui Network?
Sui Network is Delegated Proof-of-Stake (DPoS) Layer-1 blockchain platform with smart contract capabilities. The platform’s native token, SUI, will launch on the project’s mainnet. Users would need to pay gas fees for network operations in SUI tokens.
Moreover, the platform would use the in-house token to pay for the Sui storage fund. The team would use the fund for shifting staking rewards across time and compensate future validators.
Developers used the ‘Move‘ programming language to write Sui’s smart contracts. Interestingly, Meta developed the language as part of its now-shelved Diem project. Mysten Labs, another by-product of Meta’s Diem, created the Sui network, aiming for the NFT and gaming sectors of the blockchain industry.
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Furthermore, the platform claims to have high speed, low latency, and high transaction throughput. Moreover, Sui incorporates a few NFT-centric features, such as asset-oriented data models and programmable objects.
The SUI token distribution has earmarked 45.77% tokens for the Sui Foundation and 20% tokens for the early contributors of the project. Hence, the project might face the threat of not being truly decentralized, which could hinder its adoption.
The Mysten Labs treasury has the third-highest share, accounting for 10% of the total token allocation. SUI has a total token supply of 10 billion SUI tokens, 5.28% of which would become its circulating supply following its Binance listing.
Additionally, Mysten Labs set apart 14% of the total token supply (1.4 billion SUI) for its Series A and Series B sales. SUI ICO will end on May 3.
Controversy Surrounding The Sui Network
Binance CEO Changpeng ‘CZ’ Zhao warned Tron founder Justin Sun when the latter deposited $56 million to the exchange to farm massive amounts of the SUI token.
In a tweet, CZ said that his team would take action if Sun used the funds for farming SUI tokens. The Binance CEO stated that Binance LaunchPool is not meant for just a few whales but the whole community.
Sun explained that the funds were to “facilitate market-making between leading TUSD exchanges.”
However, the Tron founder later apologized, stating that certain team members “inadvertently” used some funds to “participate in exchange campaigns.”
Sun stated that once his team realised their error, they contacted Binance to arrange for a full refund.
The post SUI Token To Launch On Binance- Here’s What You Need To Know appeared first on CoinChapter.
Filed under: Bitcoin - @ May 3, 2023 7:14 pm