Token raised $300 million project SUI will place all the major cryptocurrency exchanges

Token raised $300 million project SUI will place all the major cryptocurrency exchanges

Author: James Soplin

Token raised $300 million project SUI will place all the major cryptocurrency exchanges
Trading of tokens raised $300 million project SUI will start on major crypto exchanges on May 3
Trading of SUI token after its presale to qualified investors will be available to all comers shortly after the launch of the project's main network

Today, May 3, at 15:00 time, Sui blockchain developers will launch the network and release the project's native token, shortly after which it will be available for trading on cryptocurrency exchanges.

The exchanges Binance, OKX, Bybit, and Kucoin have confirmed that they plan to start trading the token immediately after the launch of the main Sui network. In late April, these same exchanges held a public sale of SUI tokens to early investors qualified for the presale.

Sui is a Proof-of-Stake (PoS) blockchain for high-performance decentralized applications. The project is positioned as a network with high throughput, fast, low-cost transactions, and a user-friendly interface. The Sui development team consists of five former Meta engineers who founded Mysten Labs to create and develop Sui.

In December 2021, the project raised $36 million in a Series A funding round led by a16z (Andreessen Horowitz) fund. Then, in September 2022, a series B round managed to raise $300 million with Mysten Labs' valuation of $2 billion.

Sui was seen in the cryptocurrency community as one of the top candidates for giving away tokens via airdrop along the lines of the notorious Optimism or Arbitrum projects, but in early April, Mysten Labs co-founder Adenius Abiodun said that free token giveaways "will never happen."

Instead, late last month, the developers partnered with cryptocurrency exchanges to organize a public sale of the SUI token. Each participating exchange is offering 225 million tokens to participants, who were selected based on the number of their activity in the network's test projects and meeting the qualification criteria. Each is eligible to receive up to 10,000 SUI tokens at $0.1 apiece. U.S. citizens are not eligible to participate in token sales.

In addition, Binance has placed a token on its Launchpool platform, giving users the ability to stack BNB coins or TUSD stablecoins, generating revenue in the form of SUI tokens.

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