A Layer 1 blockchain and smart contract platform Sui Network, The Sui Foundation has released an official statement to address allegations that it is selling staking rewards on Binance.
The statement, posted on the token’s website and social media channels, aimed to provide transparency and clarity regarding the tokenomics of the network’s native currency, the SUI altcoin.
According to the statement, Sui Network implemented its planned token supply program and did not exceed the market cap reported by CoinMarketCap.
The statement also noted that the Sui Foundation’s cryptocurrency The exchange has also been denied that it sells any staking rewards or other tokens from the locked and uncirculated staked SUI on Binance or elsewhere.
The statement asserts that all insider token allocations are subject to and compliant with lockdowns and other restrictions on transfer.
The purpose of this communication is to share information regarding the tokenomics of the Sui Network including the SUI token supply and certain distributions of SUI tokens. Here’s what you need to know:🧵
— Sui Foundation (@SuiFoundation) June 27, 2023
The statement further states that the controversial transaction is not a token sale, but a contractual lock-in payment. The statement promises that a detailed table of the token release schedule will be published soon and shared with the community.
One of the most important points of criticism about the SUI altcoin was that the token release schedule was not shared with the community.
*Not investment advice.
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