Sui Foundation denies selling staking rewards

Denial of sale of staking rewards

The Sui Foundation, which supports the development of the L1 blockchain “Sui”, shared information on the token on the 28th.

The Sui Foundation has never sold staking rewards or other tokens from locked, non-circulating staked SUI tokens on Binance or elsewhere. It claims that all token allocations are subject to restrictions such as lockups.

connection:Thorough comparison of domestic exchange staking services | Explanation of Ethereum staking procedures

The specific name of Binance is mentioned, so it seems that the purpose of this information sharing was to deny the allegation on Twitter. On Twitter, it was pointed out that the Sui Foundation transferred the staking reward of 625,000 SUI to Binance on May 31, refusing to disclose the token release schedule. The Sui Foundation cite this point in its explanation.

The Sui Foundation explained only that this transfer was “a payment subject to a contractual lockup.” He also emphasized that the supply of SUI tokens is being implemented as originally communicated.

This time around, the Sui Foundation says it will publish details of the token release schedule soon.

connection: Sui to hold developer and entrepreneur event in Japan

Unlock SUI

Sui Blockchain launched its mainnet in May this year. It is a project founded by members who were involved in Diem (formerly Libra) of Meta (formerly Facebook) and has attracted a lot of attention, and immediately after its launch, SUI token was listed on prominent exchanges such as Binance.

connection: Aptos, Sui, Linera—Compare Diem (formerly Libra) L1 chains | Part 1

connection: Aptos, Sui, Linera—Compare Diem (formerly Libra) L1 chains | Part 2

At the time the Sui Foundation made the above remittance, there was a lot of interest in the SUI token. That is because 61 million SUI (equivalent to 8.6 billion yen at the rate at that time) was to be unlocked on the 4th of this month.

This unlock increases circulation by about 13%, and token releases of this magnitude occur almost every week. In November 2023, the distribution of tokens to initial contributors and developer MystenLabs will begin, and the circulation of SUI tokens is expected to quadruple to 2.18 billion SUI.

connection: Unlocking large tokens Optimism and Sui Network distribution volume is expected to increase rapidly

The post Sui Foundation denies selling staking rewards appeared first on Our Bitcoin News.