SUI Coin started trading on Binance, OKX and Bybit today. In this article, you can find all the details about Sui Network, from new exchange listings to the airdrop event.
What is SUI Coin?
Sui Network is a new Layer-1 Blockchain that went live on the mainnet on May 3. Recently, the network has gained a lot of attention among the crypto community. The project uses a proof-of-stake (dPoS) mechanism empowered by a modified version of the Move programming language. Additionally, the network’s native crypto, SUI Coin, has a limited supply of 10 billion.
🌊 Mainnet officially launches this Wednesday at 12:00 PM UTC. Get ready. pic.twitter.com/EBVF9kmCX2
— Sui (@SuiNetwork) April 30, 2023
According to the Sui Foundation, only a portion of the entire token supply will become liquid once the Mainnet starts. The remaining tokens will either be made available over the next few years or given out as stake rewards.
SUI Coin will be used to cover transaction costs, staking and network governance. The Community Reserve, managed by the Sui Foundation, will receive 50% of the supply. Also, the majority of tokens will go to project contributors and 14% to investors. Community members will be able to purchase SUI in the early stages of the mainnet.
On which exchanges is SUI Coin offered for sale?
Binance, OKX, KuCoin, and ByBit are among the major exchanges listing SUI Coin. Last week, Binance announced that users will be able to collect SUI through the Launchpool platform at launch. The project was the 33rd project of this kind on Binance’s Launchpool platform.
KuCoin also announced that its users will be able to purchase SUI Coins once the mainnet goes live. Last month, Bybit hosted a “first sale” where only a small number of community members could purchase SUI.
SUI Coin attracts great interest among South Korean investors
In an official announcement on May 3, Upbit reported that it has listed SUI Coin. The exchange lists SUI against the Korean won (KRW) and Bitcoin (BTC) pair.
Meanwhile, it should be noted that SUI Coin has recently caused a backlash between Binance and Tron CEOs. As Kriptokoin.com, we have included the details in this article.
Our team told Justin, if he uses any of these to grab the LaunchPool Sui token, we will "take action against it". SMH.
Binance LaunchPool are meant as air drops for our retail users, not just for a few whales.
On the bright side, blockchains are transparent… https://t.co/8Xs1oXjfVd
— CZ 🔶 BNB (@cz_binance) May 1, 2023
How about the SUI price?
Sui Network rose over 2,000% on May 3, when it crossed the mainnet and was listed on major centralized exchanges. This rally was true for traders who bought the pre-sale price at $0.03 to $0.1. SUI is currently seeing a double-digit correction after a 4-digit rally.
According to data provided by Coingecko, the SUI price is currently down over 70%. The altcoin briefly surpassed $2.0 in the beginning. At the time of writing, it is trading in the $1.29 region.
Will Sui Network airdrop?
After Aptos and Arbitrum, all eyes are on Sui Network for the next big airdrop. A detailed study has been published on this. However, there are rumors that the project will not make a big airdrop.
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