Sui To Launch Token and Mainnet: What You Need To Know
Sui has grown dramatically in both users and applications since launching its incentivized testnet in July 2022, with hundreds of dapps built on the Sui Network. Discover how Sui operates and how it intends to distribute its token to the community.
As Meta began to wind down its efforts on the Diem project in late 2021, two new teams emerged eager to launch their own blockchain ventures using their knowledge at Meta. Aptos Labs and Mysten Labs created Move, an innovative Rust-based programming language designed by Meta.
Aptos Labs established the Aptos blockchain, a Layer-1 chain aimed at bringing the benefits of decentralization to the masses. Aptos was the first cryptocurrency to hit mainnet in October 2022, stunning many early adopters with a hefty airdrop. While this airdrop sparked a surge of airdrop farmers, the sentiment was swiftly muted by the fall of FTX not long after.
After five months and multiple waves of Sui testnets, airdrop speculations about the Sui token resurfaced. This was heightened by the Arbitrum airdrop, which rewarded many early users of the chain. The Mysten Labs team, like Arbitrum, had enjoyed substantial fundraises, most notably $336 million in two investment rounds in 2022. However, these airdrop speculations were false.The Sui team has always shut down speculation, but this has done little to dampen it.
Nevertheless, the Mysten Labs team kept their word and just unveiled the “SUI Token Community Access Program” as a novel approach to reward early contributors and users while also officially conducting their public token sale.
What Exactly Is Sui?
Sui Move, a modified version of the Move programming language used at Meta, is a Layer-1 delegated Proof-of-Stake (dPoS) blockchain. Move was created in 2018, and as such, it was not created with NFTs in mind, making certain NFT-specific features difficult to integrate.
Sui Move tried to correct this by expanding on the original Move design. Sui Move is structured around “objects,” as opposed to most other blockchain programming languages, such as Solidity, which are built around “accounts.” This makes coding assets in Move lot easier, especially for gaming and NFTs.
Furthermore, objects on Sui are categorized as “owned” or “shared.” Within the constraints of smart contracts, shared items can be updated or interacted with by several users. And constraints, but owned objects can only be changed by one user.
Transactions involving owned objects are independent and can be done in parallel with other independent transactions since owned objects can only be updated by one user. This enables independent transactions to avoid consensus as well, resulting in low latency and quick finality. Sui is able to avoid the throughput bottleneck that occurs on Ethereum and other Ethereum Virtual Machine (EVM) chains due to their sequential processing.
Sui’s primary interest is in the gaming industry. Sui might potentially deliver game-changing changes to the Web3 gaming space with object-oriented programming using Sui Move and low latency, fast finality transactions.
Community Access Sui Token Program
Mysten Labs’ Sui Token Community Access Program aims to distribute the Sui token to as many community members as possible while also rewarding early contributors and network users. It is divided into three sections: Retrospective Awards, Recognition Sale, and General Sale.
Awards Given in the Past
The Retrospective Awards intend to honor early Sui contributors and users with Sui token grants that will be subject to a lockup. This category is further divided into two sub-categories: Capy Holidays Competition Winners and Champions.
Capy Holidays was a competition hosted by the Mysten Labs team during Wave 1 of Sui’s Devnet in which users could breed Capys represented by NFTs. These Capys may be personalized with accessories and backdrops that were available.dropped throughout the incident. Users shared their Capys on Twitter, along with a backstory. Capys that were “liked” the most or had interesting designs and backstories were chosen as winners. Users in this category will be awarded a Sui token grant, subject to a one-year lockout.
Champions are the network’s early contributors. This comprises testors, moderators, Sui Builder House or event organizers, and others. This group will also receive a retrospective prize of Sui tokens, which will be locked away as well.
Sale of Recognition
The Recognition Sale recognizes the final group of early supporters, who have just been active in the Sui Discord, providing recommendations, innovations, and connecting with projects and community members. All people chosen in this category must have joined the Sui Discord before February 1st, 2023. Users in this group will receive a special pricing of USD 0.03 per token for the Sui token sale, with a maximum purchase of 1,500 SUI. This deal will take place on either of OKX, Kucoin, or Bybit are examples of supported exchanges.
General Public Auction
The public token sale, dubbed as the “General Sale,” will begin on April 23 via two controlled exchanges (CEX): OKX and Kucoin. To qualify, all interested players must complete the Know-Your-Customer (KYC) process on their preferred exchange by April 23.
These are lottery-based sales, as are most public token sales, and allocation is not guaranteed. The number of tickets will be chosen by the respective CEX, with Kucoin utilizing average account balances of selected tokens and OKX using a snapshot of users’ OKB holdings. While users can receive more than one ticket for the draw, each user can only have one winning ticket, which allows them to purchase 10,000.SUI coins are available for purchase at a cost of USD 0.1 per token.
These tokens will then be unlocked over the course of a year, with 1/13 of the amount issued on the day Sui’s mainnet becomes live. The remaining funds will be released monthly until the allocation is completely unlocked.
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