By James Davis
On Thursday, the most awaited layer-1 proof-of-stake blockchain, Sui, will launch along with its native token, SUI. Here is how the network and its token will work.
The total supply of SUI has been capped at ten billion tokens. As per the Sui Foundation, a portion of these tokens will be liquid during the launch of its mainnet tomorrow. The remaining will be added to circulation over the next years. The Sui developer has also announced that SUI will be distributed as staking rewards and used by blockchain users to pay gas fees.
The Sui Foundation has allocated five billion tokens to a fund called Community Reserve. About 14% of the remaining tokens have been allocated to the contributors of the project.
Interested investors will be able to buy SUI immediately after the Sui blockchain launches. So which crypto exchanges are supporting the token? DigiFinex, BitForex, SuperEx, and Hotbit are some of the smaller trading platforms that have announced that they will allow their users to buy SUI. Major exchanges that have made a similar announcement include ByBit, Kucoin, OKX, and Binance. Note that American residents won’t be allowed to purchase the token.
Binance
The World’s largest crypto exchange by trading volume announced last Wednesday that it would allow users to farm SUI through the platform’s LaunchPool, a decentralized finance facility that lets users farm new crypto assets. Per the announcement, Binance plans to list SUI once its liquidity fulfills the platform’s listing requirement. In case the token gets listed, it will be paired with BNB, TUSD, USDT, and BTC.
OKX
The Seychelles-based company has taken a different approach in determining which users will be allowed to purchase SUI. As per the OKX blog post, anyone wishing to acquire SUI will have to buy a lottery ticket using the exchange’s native token. Only the lottery winners will then be allowed to purchase SUI.
KuCoin
Kucoin announced last week that users could buy SUI immediately after the Sui mainnet goes live. The exchange said it would only pair the token with USDT. However, USDT-margined futures won’t be available until its liquidity fulfills the firm’s requirement.
Bybit
Bybit introduced a SUI recognition sale in mid-April, only letting a specific group of users buy the token. The exchange has announced that the rest of the retail investors can purchase SUI from tomorrow. Bybit will pair the token with USDC and USDT.
Meanwhile, the Sui Foundation has reported that its blockchain will process more than 10,000 transactions per second. By contrast, one of the fastest networks, Solana, processes 4,000 transactions per second.
That said, Sui will likely attract Web3 developers in the coming days as demand for fast networks continues to grow.