OKX, Bybit, and Kucoin have announced that they will soon list Sui tokens and launch a registration mechanism instead of airdrops. These exchanges will allow whitelisted users who contribute to the Sui ecosystem to purchase SUI at a low price, while ordinary users will have the opportunity to purchase at a higher price through a lottery program.
#OKX, #Bybitand #kucoin announced listing #SuiToken via a subscription mechanism https://t.co/BoK7lbZn2P
— Kyptos (@azcoinnews) April 15, 2023
The news comes after the Sui development team successfully raised $300 million in a funding round led by FTX Ventures, Coinbase, Jump, a16z, Circle, and Binance. Binance has not yet announced the listing of SUI.
Sui is a Layer-1 blockchain focused on reducing latency in the time it takes to execute smart contracts and revolutionizing blockchain technology as the industry moves to more web3 applications. Sui aims to solve the scalability problem that has been a major problem in the crypto industry for many years. The platform was created by Mysten Labs, whose team is led by five former senior executives and the chief architect of Novi, Meta’s now-defunct digital wallet project.
The first public SUI token sale will take place on OKX Jumpstart on April 23rd in the form of a raffle. Holders can use OKB to obtain lottery tickets, and winning tickets will have the opportunity to purchase SUI. Sui ecosystem contributors will receive additional recognition sales.
To participate in the identification sale, users must be officially whitelisted by the Sui Foundation. Users on this list can purchase up to 1,500 SUI from a total of 25,000,000 SUI for only $0.03, fully unlocked during mainnet launch. Then, whitelist users can use OKB to purchase SUI during the OKX Jumpstart event. Anyone who participated in this special event can still enter the drawing during the SUI distribution period.
The lottery registration period is from 9 am on April 23 to 9 am on April 24, 2023 (Vietnam time). The number of tickets available to users depends on the average OKB holdings in the three days preceding the registration date (April 20-22). For every OKB token you hold, you can receive up to four lottery tickets, and the winning lottery ticket contains 100 SUI.
After the registration period, an internal system will randomly determine which tickets are successful and which are not. Winning tickets and refunded OKB will be distributed on the same day. The number of winning tickets available to each user is limited to 10,000 SUI. The rewarded SUI will be distributed over 12 months, with users unlocking 1/13 of the tokens on the same day and 1/13 every month. The unlocked SUI tokens will be automatically released to the user’s Funding account.
Users must complete KYC2 verification to be eligible, and only their main OKX account can participate in the sweepstakes. Some countries and regions cannot participate in this activity. For more information on the rules and how to participate, users can visit the official Sui website.
To sum up, Sui tokens will be launched soon, and a registration mechanism will be launched instead of airdrops, which is highly anticipated by the crypto community. Sui’s focus on scalability and latency reduction for smart contract execution is in line with the needs of the industry as it moves towards greater web3 adoption. Using a token distribution lottery provides users with the opportunity to obtain SUI at a relatively low cost, while ecosystem contributors are rewarded for their contributions to the development of the platform.
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according to Kyptos