Three major cryptocurrency exchanges, OKX, Bybit, and Kucoin, made an exciting announcement earlier today. According to their official statements, they will soon be adding Sui Token to their list of supported cryptocurrencies.
Instead of opting for an airdrop, these exchanges will implement a token launch subscription mechanism. The exchanges have already revealed the token sale details per the available information.
However, after some hours, it was revealed that in the sale event, a sum of 594 million tokens was made available for purchase. It included 450 million public offerings and 225 million OKX and Kucoin tokens each, priced at $0.1.
Additionally, 144 million SUIs were whitelisted, with 25 million OKX and Kucoin tokens each, and 94 million Bybits were priced at $0.03. As a result of the sale, a total of $49.32 million was raised.
In September of last year, the Sui development team, Mysten Labs, completed $300 million in the financing, with FTX Ventures leading the investment, along with Coinbase, Jump, a16z, Binance, Circle, and others.
FTX Ventures purchased 890 million SUI tokens during Mysten Labs’ B round of financing for $102 million at an average price of $0.114. However, Mysten Labs has now bought back the tokens for $96.3 million in cash.
At present, Sui’s website states that purchasing is restricted to non-American citizens, and regular users may only buy through a lottery system at an elevated cost. However, there is currently no news of Binance listing the product.
Details & Rules For SUI Token Subscription Mechanism
According to OKX’s latest blog post, on April 23, there will be a lottery to allocate tokens for the SUI sale on OKX Jumpstart. The sale includes 225 million SUI tokens priced at $0.1 each, with a limit of 10,000 SUI tokens per person. Payment is in OKB.
The price of OKB is used to calculate the exchange rate based on daily snapshots taken between April 15 and April 19 at 16:00 UTC.
The Sui Foundation is offering an extra sale exclusively for contributors to the Sui ecosystem who have been approved for a whitelist. Those who are approved can buy up to 1,500 SUI tokens from a pool of 25 million at a fixed price of $0.03 per token.
These tokens will be fully unlocked during the mainnet launch. Allowlisted users can also use OKB to purchase SUI during the event on OKX Jumpstart.
The distribution of SUI tokens, which have been rewarded, will occur in monthly installments over a period of 12 months. The unlocked tokens will be automatically deposited into the users’ funding accounts.
To qualify for this, users need to pass the KYC2 verification process, and they cannot have multiple sub-accounts, as per the blog post.
Additionally, some countries and regions are not permitted to participate in this program. Furthermore, there is a maximum limit of 100 winning tickets (equivalent to 10,000 SUI) per user.
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