Sui Blockchain to Conduct IEO for Cryptocurrency “SUI”

SUI’s First Token Sale

Multiple token sale plans for Sui (Sui Network) were revealed around the 14th. Three overseas crypto asset (virtual currency) exchanges, Kucoin, Bybit, and OKX, will each carry out an IEO (Initial Exchange Offering).

Kucoin and OKX will each sell 225 million SUI at $0.1 (about 13 yen). Bybit, on the other hand, sells 94 million SUI for $0.03. The total allocation in the three token sales is about 540 million SUI, which is equivalent to about 5.4% of the total issuance of 10 billion SUI. The amount raised will be $47.82 million.

The start time of the sale is slightly different, and will be held sequentially in April. Kucoin and OKX have announced plans to unlock a portion of the SUI tokens acquired during the Token Generation Event (TGE), and then periodically unlock the tokens every month for a year.

connection:Sui Blockchain Announces Allocation Plan for Cryptocurrency “SUI”

None of the three exchanges are licensed by the Financial Services Agency, so Japanese laws and regulations do not apply. Therefore, it is necessary to carefully consider the risks when using it.

What is Sui

Sui (Sui Network) is a Layer 1 blockchain developed by Mysten Labs, a project founded by engineers who were involved in Diem (formerly Libra) of the former Facebook (now Meta). Designed to deliver a Web3 experience to the next billion users, it features high processing power with an estimated 120,000 transactions per second (TPS).

The native token “SUI” will be used for gas payments, in-app assets, staking and governance. In addition, Sui is still in the testnet stage, and in a tweet on March 22, he said that he plans to launch the mainnet within Q2 of 2023.

When is Sui Mainnet launching?

Sui Mainnet will launch in Q2 of this year.

—Sui (@SuiNetwork) March 21, 2023

Mysten Labs closed a ¥43 billion ($300 million) Series B round in September 2022. At the time, Mysten Labs was valued at over ¥280 billion ($2 billion). It also announced on the 14th that it had bought back approximately $96 million in equity and token acquisition rights from the bankrupt FTX Ventures.

connection:Mysten Labs CEO to Form Web3 Fund of Approximately 13 Billion Yen

SUI IEO Overview

Regarding the SUI token sale, KuCoin has started the SUI token sale period on April 14, 2023. Purchases require KuCoin’s native token KCS, and the number of tickets each user can receive depends on the average daily KCS holdings during the participation period.

Bybit plans to start the SUI token sale period on April 18, 2023. Whitelisted participants will have the opportunity to purchase SUI tokens.

OKX will also start the SUI token public sale period on April 23rd. OKB holders can use OKB to obtain lottery tickets, and only users who have obtained winning tickets can purchase SUI.

In addition, Sui Network has not announced the SUI token sale, and the official Discord has announced that official information will be released in the future.

Regarding the SUI distribution period, KuCoin is “2023-4-24 08:00:00 ~ 2023-4-26 08:00:00 (UTC)”, Bybit is “04-24 01:00 ~ 04-24 05: 59 (UTC)”. OKX does not specify the date of distribution, but lists the SUI token mainnet release date as April 13, 2023.

connection:Financial Services Agency Warns Four Foreign Cryptocurrency Exchanges Including Bybit

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