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SUI Token: Here’s What You Need to Know

SUI Token: Here’s What You Need to Know

Sui is a new layer-1 blockchain set to go live on May 3. Recently, the network has gained significant attention in online crypto circles. The project uses a delegated proof-of-stake (dPoS) consensus mechanism with an altered version of the Move programming language. Additionally, the native token of the network is SUI, with a supply cap of 10 billion tokens.

According to the Sui Foundation, only a portion of the entire token supply will become liquid tomorrow when the Mainnet launches. The remaining tokens will either be made accessible over the next few years or given out as stake rewards.

The native token will be used to cover transaction gas costs, for staking (which yields incentives), and for network governance. The Sui Foundation-managed Community Reserve will receive 50% of the tokens. Moreover, a majority of the tokens will go to project contributors, and 14% will go to investors. Community members will be able to purchase tokens in the early stages of the mainnet.

Also read: Justin Sun Transfers $56.4M TUSD to Binance, CZ Warns Whales Over Misuse of SUI Airdrop

Will SUI token be available on exchanges?

Customers can purchase IOU copies of the tokens in advance on a few smaller exchanges. BitForex, DigiFinex, HotBit, and SuperEx are a few of these platforms. Binance, OKX, KuCoin, and ByBit are the prominent exchanges that have all made such announcements.

Last week, Binance revealed that users can farm SUI via its Launchpool platform upon launch. The project will be the 33rd such project on Binance’s Launchpool platform. As per a blog post, SUI will also be accessible through the Jumpstart platform of the Seychelles-based cryptocurrency exchange OKX.

Moreover, KuCoin has also announced that its users can purchase the token when the mainnet goes live. Last month, Bybit hosted an SUI “recognition sale” in which only a small number of community members could purchase the token. Users will have access to spot trading starting tomorrow. However, SUI is not available to residents or citizens of the United States.

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