Binance is going to launch SUI on Binance Launchpool as its 33rd project. Interested crypto buyers can participate in the launchpool by staking BNB and TUSD. The Launchpool will begin in 2 days, on 2023-05-01 00:00 (UTC), and users can stake their BNB and TUSD in separate pools to earn SUI tokens. The webpage will be available in approximately 4 hours before the Launchpool begins. Binance will list SUI for trading against BTC, USDT, TUSD, and BNB pairs once the liquidity requirement is met. There will be no maker fees on the SUI/TUSD trading pair until further notice. The exact date and time for listing will be announced at a later time.
A lot of crypto investors, including us, thought like Aptos, SUI might airdrop tokens to its early users. But just after the official release of its public testnet, SUI announced they are not going to airdrop any tokens but for those who joined their Discord before 1st February 2023 could buy SUI tokens for cheap on Kucoin, Bybit and OKX. And today, Binance announced that Binance users can also get SUI tokens for free by participating in the Binance launchpool sale.
So what exactly is SUI? Can you earn SUI tokens. Should you buy SUI tokens after its listing? Let’s find answer to all these questions.
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What is SUI?
SUI is a decentralized, permissionless smart contract platform (DPoS layer 1 blockchain) that uses the Move programming language to manage assets with low latency. It defines assets as objects that can be owned by an address and allows for custom rules for their creation and transfer, as well as operations that mutate assets.
It is maintained by a permissionless set of authorities who use a Byzantine consistent broadcast protocol for the safety of common operations and relies only on Byzantine agreement for the safety of shared objects. SUI supports both light and full clients and has a native asset, SUI, used for gas payments and stake delegation to authorities.
What are the usecases of SUI token?
SUI token serves as the native utility token for the Sui blockchain and has several use cases, which include:
- Network fees: SUI can be used to pay for transaction fees on the Sui network.
- Validator staking: SUI holders can delegate their holdings to validators who manage transaction processing and execution on the Sui platform.
- Native liquidity: SUI provides liquidity to on-chain applications deployed on the Sui blockchain.
- Governance: SUI token holders have a claim on future governance of the Sui platform.
SUI tokenomics Explained
| Token Name | SUI (SUI) |
|---|---|
| Total Token Supply | 10,000,000,000 SUI |
| Community Reserve | 50% |
| Early Contributors | 20% |
| Investors | 14% |
| Mystic Labs Treasury | 10% |
| Community Access Program & App Testers | 6% |
| Launchpool Token Rewards | 40,000,000 (0.4% of total token supply) |
| Initial Circulating Supply | 528,273,717 (5.28% of the total token supply) |
| Smart Contract Address | Sui (SUI) |
| Binance Launchpool Staking Terms |
No upper limit. KYC required. |
SUI is a utility token with a total supply of 10 billion tokens. Of the total supply, 50% is allocated to the community reserve, which is managed by the Sui Foundation for delegation programs, grant programs, research and development, and validator subsidies. Early contributors receive 20% of the tokens, while 14% are reserved for investors. The Mystic Labs treasury holds 10% of the tokens, while 6% are reserved for the Community Access Program and app testers.
The initial circulating supply at the time of first listing of SUI tokens is 528,273,717 SUI, which is 5.28% of the total token supply.
SUI Token Binance Launchpool Details
There are two supported pools for the SUI token Launchpool on Binance.
Users can stake their BNB or TUSD to earn SUI token rewards. The BNB pool offers 80% of the total reward, which amounts to 32,000,000 SUI tokens. The TUSD pool offers the remaining 20% of the total reward, which amounts to 8,000,000 SUI tokens.
The farming period for both pools is two days, starting from May 1st, 2023 at 00:00 UTC and ending on May 2nd, 2023 at 23:59 UTC. Users who participate in the Launchpool can earn SUI tokens as a reward for staking their BNB or TUSD during this period.
Should You Participate in the Binance Launchpool SUI token offering?
I do not think there is any reason for you not to participate in the Binance launchpool offering of SUI tokens and here is why. First of all, you are not required to buy these SUI tokens. You can get them for free. All you need to do is to stake BNB or TUSD on Binance to get SUI tokens for free.
0.4% of the total token supply, which is 40 million tokens, are allocated for token rewards through the Launchpool program. This is going to be a great chance for those who could not get into early SUI token sale on Bybit, OkX or Kucoin.
How to buy SUI token?
SUI token can be purchased from multiple crypto exchanges from Day 1. SUI token is going to be launched on the same day as its public mainnet (i.e. 3rd of May, 2023). You should be able to buy SUI tokens from Kucoin, OKX, Bybit and Binance. You should also be able to buy from Coinbase and other crypto exchanges (though listing news is not confirmed yet).
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