Binance Lists SUI: Users Deposit $4 Billion to Farm Beforehand

Sahana Kiran
Source – PixelPlex

SUI and PEPE have been in the limelight for various reasons. While PEPE is yet to garner the required attention from prominent exchanges, SUI has already landed a spot on quite a few. Earlier today, Binance joined this list. However, this is quite obvious as the CZ-led exchange added support for the token through its Launchpad, earlier this week.

The exchange offers or facilitates liquidity farming of tokens from nascent cryptocurrency projects on the Binance Launchpad. Following its listing on the Launchpad, in order to farm SUI coins, users staked approximately $4 billion worth of tokens. But an average dollar invested in the launchpad only generated 0.016 SUI due to the overcrowding of the pools.

Binance went on to pour a total of $4.02 billion into the pool. Along with this, $770 million for the TUSD pool and $3.2 billion of BNB were also included. Furthermore, 40 million SUI tokens are expected to be distributed by Binance. It should be noted that 80% will go to BNB stakeholders and the remaining 20% to TUSD stakeholders. With snapshots of staked balances collected every hour, the rewards were computed on an hourly basis. Additionally, Binance revealed that there was a slight change in the trading timings for SUI.

SUI has some haters

This particular token garnered some more steam following a Twitter spat between Tron’s Justin Sun and Binance’s chief Changpeng Zhao. While this was resolved, naysayers continued to caution the community. A recent tweet from an analyst caused an uproar as the token was labeled “vaporware.”

The analyst is basically suggesting that the token has no value. However, the fact that prominent exchanges were extending support squashed these doubts. Similar to Binance, exchanges like KuCoin and OKX also onboarded the token. One of South Korea’s biggest platforms, Upbit has also joined the list.

Nevertheless, it looks like users would have to carry out basic trading with SUI for the time being. Recent reports suggest that the SUI team urged the aforementioned exchanges to refrain from launching perpetual contracts when the token is out.