Binance users flooded the exchange with over $4 billion to farm the highly-anticipated SUI token launch.
The world’s largest exchange by trading volume added support for the SUI token through its Launchpad for BNB and TUSD holders on Monday with the event ending on Tuesday.
Users staked tokens worth over $4 billion to farm SUI tokens. Due to the crowding of the pools, however, an average of one dollar invested in the launchpad only reaped 0.016 SUI.
Binance Launchpad is a bootstrapping portal on the exchange, where the exchange sells or enables liquidity farming of tokens of new cryptocurrency projects.
SUI is the native gas and governance token of the Move-based Layer-1 blockchain platform, Sui. The project was developed by several former senior executives and architects for Meta’s now-defunct digital wallet program, Novi. Its mainnet is expected to launch today at 8 am ET with the exchange indicating it will open trading shortly after.
Binance will distribute 40 million SUI tokens, with 80% going toward BNB stakers and the rest toward TUSD stakers. The rewards were calculated on an hourly basis, with snapshots of staked balances taken each hour.
The total amount deposited in the pool officially surpassed $4.02 billion, with $770 million in the TUSD pool and BNB worth $3.2 billion.
Binance isn’t the only exchange that’s partnered to dole out SUI tokens.
Kucoin and OKX were also tapped to launch to sell tokens, too, both of which concluded last month. The two platforms raised a total of $45 million via a public sale.