Highly anticipated layer-1 blockchain Sui launches tomorrow, but how does it, and its native token SUI, actually work?
The proof-of-stake blockchain, which uses a modified version of the Move programming language, has a cap of 10 billion tokens.
The Sui Foundation says that a share of SUI’s total supply will be liquid at its mainnet launch tomorrow. The remaining tokens will be available over the coming years or distributed as future stake rewards.
SUI will be used to pay gas fees for transactions, staking (to earn rewards), and as part of the network’s governance process. Half the supply of the tokens are allocated to the Community Reserve—a fund managed by the Sui Foundation.
Most of the remaining tokens will be for those who contributed to the project, and 14% will be allocated to investors, the Sui Foundation has said. Sui community members will be able to purchase the SUI token in the early stages of Sui Mainnet.
Which exchanges will be supporting SUI? A number of smaller exchanges—BitForex, DigiFinex, HotBit and SuperEx—have allowed customers to buy IOU versions of the tokens in advance. Of the major exchanges, Binance, OKX, KuCoin, and ByBit have all made announcements. American citizens and residents are ineligible to receive SUI.
The world’s biggest crypto exchange announced last week that users will first be able to farm SUI via Binance Launcpool, a DeFi platform that allows users to farm new assets. Binance will then list SUI when its liquidity meets the requirement and open trading with SUI/BTC, SUI/USDT, SUI/TUSD and SUI/BNB trading pairs, the company added.
SUI will also be available via Seychelles-based crypto exchange OKX’s Jumpstart platform, according to a blog post. The exchange last month said that users could get involved first via a token allocation lottery where holders of OKB (the exchange’s native token) could buy lottery tickets. Winners of the lottery would then be allowed to buy SUI.
🌊 Mainnet officially launches this Wednesday at 12:00 PM UTC. Get ready. pic.twitter.com/EBVF9kmCX2
— Sui (@SuiNetwork) April 30, 2023
The exchange also said it would allow users to view and trade assets on Sui via its OKX mobile app and OKX Wallet web extension.
KuCoin has said that tokens will be available to investors immediately when the mainnet goes live tomorrow. The trading pair will only be SUI/USDT, and USDT-margined futures will be available at a later date when its liquidity meets the requirement, according to the exchange.
📣 $SUI will be listed on #Bybit Spot on May 3, 12PM UTC. @SuiNetwork
Explore $SUI now: https://t.co/OOX2eavzdW #TheCryptoArk #BybitSpot pic.twitter.com/pAXHGlOm8K
— Bybit (@Bybit_Official) May 2, 2023
Bybit launched a SUI “recognition sale” last month—only allowing selected community members to snap up the token. Spot trading will be available for retail traders with SUI/USDT and SUI/USDC pairs from tomorrow, the exchange has said.