As the crypto market retreats, Binance’s native cryptocurrency BNB is gaining traction, propelled by the latest Binance Launchpool project, Sui farming.
On April 30, Binance announced that it was launching Sui as its 33rd project on Binance Launchpool. The incentive allows Binance customers to farm SUI tokens using staked BNB and TrueUSD (TUSD).
The farming incentives began on May 1 and will run for two days, according to the announcement. Binance will list SUI when its liquidity meets the requirements, and four trading pairs will be available: SUI/BTC, SUI/USDT, SUI/TUSD, and SUI/BNB.
SUI is a delegated proof of stake (DPoS) layer 1 blockchain based on the Move programming language. It utilizes the parallel data model and execution engine to improve execution efficiency, enabling horizontal scaling as the network grows in proportion to the increase in Sui validators’ processing power.
Furthermore, SUI operates object-centric models which means that transactions are grouped by objects and can be processed in parallel. The network has been hyped as the next ‘Ethereum killer,’ though many networks have tried and failed to live up to this accolade.
SUI has its roots in Facebook (Meta) and the defunct Diem project, which used the same smart contract programming language as Aptos. Just like Aptos, SUI is backed by venture capital and has ties to former Meta employees.
In September, Sui developer Mysten Labs raised $300 million in a Series B funding round that valued the firm at over $2 billion. Binance Labs is one of Sui’s investors, along with Coinbase Ventures and a16z.
40 million SUI tokens will be issued as rewards for farming the two pools. At the time of writing, 772.8 million TrueUSD had been staked into the TUSD pool, while 8.9 million BNB worth almost $3 billion had been staked.
The maximum supply of SUI is 10 billion, and early contributors, investors, and the treasury will receive 44% of that total. The Sui Foundation will manage the community reserve, which comprises around 50% of the tokens.
Mohammad Ali is a fintech and cryptocurrency writer who has been covering the intersection of finance and technology for several years. Ali has a deep understanding of the financial industry and the ways in which technology is changing it, with a special focus on the rise of digital currencies and blockchain technology.
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