SUI has garnered a lot of attention in the crypto community as one of the most promising layer 1 blockchain projects. Furthermore, recent SUI token sale announcements may signal that the mainnet launch is approaching.
The Sui team built the first permissionless Layer-1 blockchain from the bottom up to allow creators and developers to create experiences for the next billion Web3 consumers.
What is SUI crypto?
Sui is a blockchain project that is developing a platform for smart contracts that is extremely scalable and efficient. The platform development is led by Mysten Labs, an organization led by co-founder and CEO Evan Cheng.
Notably, the Sui blockchain employs a language for smart contracts called Sui Move, which is derived from the Move smart contracts language. As it was initially developed for the Facebook-led Libra stablecoin initiative, the Move programming language has attracted considerable attention. Sui and Aptos are the most notable Move language implementations at present.
The Sui blockchain is capable of executing transactions concurrently, resulting in extremely low latency and more efficient CPU utilization by validators. The Sui blockchain has demonstrated the capacity to process 120,000 transactions per second during testing.
The Sui mainnet is expected to launch in the second quarter of 2023, but no exact date has been determined. Participating in the Sui devnet or testnet will allow users and developers to examine what Sui has to offer until the mainnet is released.
SUI tokenomics
The native token of the Sui blockchain is known as SUI. There are many uses for SUI tokens, including the following:
1. The token is used to pay gas fees for transaction
2. It is used for staking and compensating validators for securing the network
3. Users can use the token to fund Sui’s storage fund
4. The Token is used in Sui Network’s governance process
The maximum supply of SUI tokens is 10 billion. Sui Foundation will administer the Community Reserve, which will provide grants, fund research and development, subsidize validators, and more, with 50% of the SUI token supply. Here is a comprehensive breakdown of the SUI token distribution strategy:
1. Community Reserve: 50%
2. Early contributors: 20%
3. Investors: 14%
4. Mysten Labs treasury: 10%
5. Community Access Program and app testers: 6%
Sui enables the vast majority of transactions to be processed in parallel, thereby optimizing the use of processing resources and providing the option to increase throughput by allocating more processing resources. For common use cases, such as payment transactions and asset transfer, Sui eschews consensus in favor of simplified and lower-latency primitives.
This is unprecedented in the blockchain world and enables a variety of novel latency-sensitive distributed applications, including gaming and retail payment at physical points of sale.
Where and how to buy the SUI Token
The Sui project has partnered with three of the largest cryptocurrency exchanges for their token sale, making SUI tokens accessible to anyone who desires to invest in the token as soon as possible. Before you learn how to participate in the SUI token sale, you should know that there are two types of SUI token sales.
The first is known as the “Recognition Sale.” It is only available to Sui project users who have been whitelisted. Participation on Sui’s Discord server before February 1, 2023, was used to determine eligibility for this deal. You can check the official Sui website if you’re unsure whether you’re eligible for the Recognition Sale.
The second sale is known as the “General Sale” and does not necessitate whitelisting by the Sui project. The KuCoin and OKX, digital currency exchanges, will conduct public sales. The exchange hosting the token sale determines the requirements for participating in the General Sale.
SUI Token sale on KuCoin
The SUI token sale was facilitated by the KuCoin cryptocurrency exchange on its KuCoin Spotlight platform. KuCoin supports both the General Sale, which will be conducted via a Hold & Gain Lottery, and the Recognition Sale, which is only available to whitelisted participants, as previously explained.
KuCoin randomly captures users’ USDT, USDC, BTC, ETH, and KCS balances to determine their eligibility for the General Sale. This sampling period occurred from April 15 to April 22. Users will obtain between 1 and 15 lottery tickets based on their balances (bigger is better).
Users with more lottery entries have a greater chance of being selected. KuCoin will announce the lottery draw results on April 24 at 4:00 UTC. Users with winning lottery tickets can purchase up to 10,000 SUI (maximum investment of $1,000) following the lottery.
Meanwhile, to participate in the Recognition Sale, users must be whitelisted by the Sui project. Users can purchase 1,500 SUI at $0.03 per token ($45 investment) during this offer. Participation in both SUI token sales on KuCoin requires KYC2 identity verification.
SUI token sale on OKX
The OKX cryptocurrency exchange, like KuCoin, runs both the Recognition Sale and the General Sale for the SUI coin. The SUI token sale will take place on OKX’s Jumpstart platform.
The SUI pricing is $0.03 in the Recognition Sale and $0.10 in the General Sale, as it is on other platforms. The same investment restrictions apply: participants in the Recognition Sale can purchase up to 1,500 SUI, while the General Sale limit is 10,000 SUI.
OKX gathered snapshots of users’ OKB token holdings between April 20 and April 22 to establish eligibility for the General Sale. Users with more OKB tokens will earn more lottery tickets, increasing their chances of receiving an SUI token allocation in the sale. The subscription period ran from April 23 through April 24 at 02:00 UTC.
Furthermore, participation in the SUI token auction on OKX requires KYC2-level identification verification.
SUI token sale on Bybit
The Bybit cryptocurrency exchange hosts only a Recognition Sale, not a General Sale. The SUI token sale on Bybit is conducted via Bybit ByStarter, a novel platform for token sales with advanced features such as whitelisting and token vesting. Bybit will announce the outcome of the SUI token sale on April 24 at 6:00 UTC.
The limits for the SUI token sale on Bybit are identical to the limits for Recognition Sales on other crypto exchanges. Each whitelisted user is permitted to purchase up to 1,500 SUI at a price of $0.003 per token (maximum investment of $45). Verification of identity at Level 2 is required.
Step-by-step on how to buy SUI tokens
There are many aspects to consider while purchasing crypto, such as location and protocol. Some cryptocurrencies are more difficult to buy than others. Salmonation (SUI) is one of them. Here is how:
1. Check CoinMarketCap to see where you can buy SUI and with which currencies
CoinMarketCap provides a list of purchase choices (market pairs) for each crypto. Search for SUI on CoinMarketCap. Near the price chart, press the “Market” button. This view displays a comprehensive list of SUI purchasing locations and the currencies that can be used to buy it.
Under “Pairs,” you’ll find the abbreviation for SUI and a second currency. The second currency can be used to acquire SUI. If you want to buy SUI using US dollars, look for SUI/USD.
2. Pick a platform to make your purchase
Different platforms have different levels of security, reliability, and liquidity. Before creating an account, do your research. In this case, SUI is available at OKX, KuCoin, and Bybit.
3. Make the purchase on your chosen platform
Each platform has its own method for accomplishing tasks. Some platforms are extremely simple to use, whereas others are not. To buy Salmonation with another crypto, you must first establish an SUI-compatible wallet. You will then purchase the first currency and use it to purchase Salmonation on the chosen platform. SUI has its own wallet.
What is the Sui Wallet?
The Sui Wallet allows users to create addresses and view and manage their assets on the Sui network. The Sui Wallet can also interact with dApps. Similar to MetaMask, Sui Wallet will be a Google Chrome extension so users can simply access it on their Chrome browsers.
Meet the team behind SUI
Sui was founded by Evan Cheng, Adeniyi Abiodun, Sam Blackshear, George Danezis, and Kostas Chalkias. They are former senior executives from Facebook’s (Meta) advanced blockchain research and development group. They were in charge of producing some of the most complex open-source components, such as the Diem network’s programming language, execution engine, and cryptography.
