The market recently talked about the Sui Network team unlocking the staking rewards and dumping them on Binance. However, the altcoin team denied these claims. In the latest development, Sui has finally revealed its tokenomic dynamics, which it has not disclosed before. In this context, the circulating supply of SUI is expected to reach 1 billion by the end of 2023.
The Sui team has finally announced their tokenomic plans!
Sui Network has announced its SUI token issuance program just one day after the team behind the layer-1 Blockchain and smart contract platform denied claims that they had unlocked staking rewards and “dumped” them on Binance. The Altcoin team said that the decision to share details of the program is in the interest of transparency and open communication regarding tokenomics.
According to the Sui team’s statement, only 5% of the total supply went into circulation at the time of main-net launch. Besides that, the rest was allocated to various partners and locked for different periods. The Altcoin team stated the purpose of the distribution plan as follows: “To reward early contributors and ensure the long-term security and sustainability of the network.” According to Sui’s statement, the circulating supply of his token is currently 582 million. However, it will increase linearly through April 2024. Thus, it will reach approximately 1.3 billion tokens on this date. After April, there will be a sudden jump in circulating supply. In the process, the amount of tokens will increase to approximately 2.4 billion. By the way, the team specifically stated that it does not have to comply with this data. In this regard, he underlined that the right to make any changes on tokenomics is reserved.
Accusations and explanation for the altcoin project
SUI was originally developed on Meta to run the now abandoned Diem project. The native token witnessed a massive 2,000% rally when it was listed in May following its pre-sale. However, subsequent dumping rumors lowered its value by 50% from its previous high.
cryptocoin.comAs you follow, the allegations were first made by a fake crypto commentator named ‘DeFiSquared’ who took to Twitter on June 27 and accused the Sui Foundation of draining the rewards from the staked SUI that was locked and uncirculated on Binance. The foundation quickly denied the allegations and said,
Sui Foundation has not sold staking rewards or any other tokens from staked SUI on Binance or otherwise locked and uncirculated. All insider token allocations remain subject to and compliant with lockdowns and other restrictions on transfer.
Cross-border payment network in Sui
Fintech firm Six Clovers, launched by PayPal veterans in 2021, announced the rollout of Versal Network on Sui Blockchain to enable faster, more cost-effective and secure cross-border payments. It was also designed to help companies transact in stablecoins and central bank digital currencies (CBDCs) in real time. According to SixClovers co-founder and CEO Jim Nguyen, the focus will be on closing an important gap. The gap he’s talking about is the gap between Web2 and Web3.
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