Sui is the first permissionless Layer-1 blockchain designed from the ground up to enable creators and developers to build experiences that cater to the next billion users in Web3.
SUI will have a Token Sale on 3 trading platforms: ByBit, OKX and Kucoin.
SUI Token Sale whitelist on ByBit
In recognition of the early contributions from the Sui community to the Sui ecosystem and their unwavering support thereof, the SUI token will be made available to selected community members through a recognition sale, which will launch on Apr 18, 2023, 10AM UTC.
Whitelisted participants will have the opportunity to purchase SUI tokens in this recognition sale.
If you’re a whitelisted participant, head over to the ByStarter page to learn how you can purchase the SUI token!
Check Whitelist Eligibility here: https://verifysupporters.sui.io/
*Only white-listed users who complete Lv.2 Identity Verification will be eligible for the event.
SUI Token Sale whitelist on OKX Jumpstart
1. General Sale information
a. General sale Allocation: 225,000,000 SUI
b. SUI Token Sale price: 1 SUI = 0.1 USD
c. Maximum individual purchase quantity: 10,000 SUI
d. Payment Currency: OKB
e. Exchange rate: Determined by the price of OKB, which is calculated by taking daily snapshots of OKB’s price at 16:00 UTC from April 15 to April 19.
An additional Recognition Sale will be available for Sui ecosystem contributors only. To participate in the Recognition Sale, users must have been officially allowlisted by the Sui Foundation. Allowlisted users can purchase up to 1,500 SUI from a pool of 25,000,000 SUI for the price of just 0.03 USD, and the tokens will be fully unlocked during the mainnet launch. Allowlisted users can then use OKB to purchase SUI during the event on OKX Jumpstart. Anyone who participates in this special event will still be able to participate in the token allocation lottery.
To learn more, please visit Sui’s official website: https://verifysupporters.sui.io/
a. General sale Subscription period: 23 April 2023 02:00 UTC to 24 April 2023 02:00 UTC
b. Lottery tickets: The number of tickets you can receive depends on the average amount of OKB held for the 3 days before the subscription date (April 20-22). This is calculated by taking a daily snapshot of your holdings for these 3 days. For each OKB token held, you can get up to 4 tickets. Winning tickets contain 100 SUI and for each losing ticket you purchase, your OKB will be refunded.
c. Calculation of winning tickets: After the subscription period is over, internal systems will randomly determine which tickets are successful and unsuccessful. Winning tickets and refunded OKB will be distributed on the same day. For specific winning results, please refer to the details on the event page.
d. Winning ticket quota: The number of winning tickets each user can receive is hard capped at 100 (10,000 SUI)
e. SUI token distribution: The awarded SUI tokens will be distributed over a 12-month period. After confirming the number of winning tickets, users will unlock 1/13 of their tokens on the same day, and an additional 1/13 can be unlocked on the same day each month. Unlocked SUI tokens will be automatically released into users’ Funding accounts.
3. Rules for participation
a. Users must complete KYC2 verification to be eligible.
b. Participants must use their main OKX account — sub-accounts are forbidden.
c. Users can only participate in the lottery through the OKX app.
d. Certain countries and regions are unable to participate in this activity. See Notes for details
SUI Token Sale on OKX Kucoin Spotlight
KuCoin will be launching the 25th Spotlight Token Sale with Sui (SUI) at 23:00 on April 14, 2023 (UTC). There will be 2 ways to participate in the SUI token sale: Hold & Gain Lottery Tickets for General Public Sale Participation and Ecosystem Contributor Allowlist-Only Public Sale Participation.
JOIN THIS: https://www.kucoin.com/sui
Spotlight Token Sale Details (Pool A): KuCoin General Public Sale
- Spotlight Hard Cap: 22,500,000 USD
- Spotlight Allocation: 225,000,000 SUI
- Total Winning Tickets: 22,500 Tickets
- Maximum Winning Tickets per User: 1 Ticket
- Total SUI for Each Winning Ticket: 10,000 SUI (1,000 USD)
- Spotlight Token Sale Price: 1 SUI = 0.1 USD
- Token Sale Format: Hold & Gain Lottery Tickets
- Spotlight Token Distribution Plan: 1/13 will be unlocked on the Token Generation Event (TGE). After 30 days, an additional 1/13 shall be released monthly, such that all Spotlight allocations are released within twelve months from the TGE date.
How to Participate (Pool A): (Register Now)
From 00:00 on April 15, 2023 to 16:00 on April 22, 2023 (UTC), KuCoin will randomly take hourly snapshots of users’ USDT, USDC, BTC, ETH, and KCS total balances. The hourly average USDT-denominated Net Asset Value (NAV) of USDT, USDC, BTC, ETH, and KCS will determine the final number of lottery tickets each user can receive. Winners will be chosen in a lottery draw after the subscription period.
To be eligible for participation, users are required to have a daily average USDT-denominated Net Asset Value (NAV) of at least $50. The more holdings a user has, the more tickets they will receive.
?Welcome Tickets for KuCoin Newbies, Get 1 Extra Ticket for the Token Sale!
Users who invite newly registered KuCoin users to participate successfully in the SUI Spotlight Token Sale can get a maximum reward of 37 USDT. You can check more details here.
Invitees who successfully participate in the SUI Spotlight Token Sale can win an extra ticket in addition to the USDT-denominated Net Asset Value (NAV) tickets. (Invitees must be newly registered KuCoin users.)
Spotlight Token Sale Details (Pool B): Allowlisted Ecosystem Contributors Only
- Spotlight Hard Cap: 750,000 USD
- Spotlight Allocation: 25,000,000 SUI
- Total Winning Tickets: 16,666 Tickets
- Maximum Winning Tickets per User: 1 Ticket
- Total SUI for Each Winning Ticket: 1,500 SUI (45 USD)
- Spotlight Token Sale Price: 1 SUI = 0.03 USD
- Token Sale Format: Allowlist provided by the Sui Foundation
- Spotlight Token Distribution: 100% will be unlocked at mainnet launch
How to Participate (Pool B): subscription will start at 10:30 on April 19, 2023
This pool is open to the Sui ecosystem contributors only. To participate in Spotlight Pool B, users must have been officially allowlisted by the Sui Foundation. The Sui Foundation will provide the allowlist with the qualified users’ email addresses and names, which shall be used for verification during the Calculation Period. The allowlisted users must be registered or newly registered on KuCoin using the same email address and names; otherwise, the users may have no access to purchase the tokens.
From 10:30 on April 19, 2023 to 16:00 on April 22, 2023 (UTC), all the allowlist users must complete all subscription processes (pass KYC2, not from restricted areas, and agree with the Purchase Agreement) and click the ‘Register’ button on the Token Sale page. (allowlist users can finish KYC2 in advance)
- Pool B subscription page will be online at 10:00 on April 19, 2023 (UTC);
- Pool B allowlisted users cannot participate in Pool A;
- If the number of registered allowlist users is less than 16,666, the remaining token allocations will be reallocated to Pool A.
What Is Sui Blockchain (SUI)?
Sui is a Layer 1 blockchain designed to solve some of the problems around web3. Its primary focus areas are reducing latency in the time it takes to execute smart contracts, and revolutionizing blockchain technology by increasing speed and security as the blockchain landscape moves toward greater adoption of web3. Sui is also the future home of exciting new blockchain NFT games, including its prototype, Sui Monstars. The idea is that developers can fully unleash their creativity in making games fun and exciting without focusing too much on the coding aspect. The Sui platform has been created by Mysten Labs, whose 13-member team is led by five founders — Evan Cheng, Sam Blackshear, Adeniyi Abiodun, George Danezis and Kostas Chalkias — who are former senior executives and lead architects for Meta’s discontinued digital wallet program called Novi. They decided to launch a new blockchain protocol aimed at defeating the issues of scalability that have been the thorn in the crypto sector’s side for years.
How Does Sui Blockchain Work?
The Sui blockchain has three core elements that work together to allow it to process instant settlements at a low cost: Move language, parallel transaction execution and the Sui Consensus Engine.
The Sui network supports smart contract executions with the Sui Move language, which is an updated version of the Move language that Aptos uses. Move is a programming language based on the popular Rust language, originally designed by Facebook (now known as Meta) for its now-discontinued blockchain program, Diem. Sui’s Move is an executable bytecode language designed to prevent double-spending and help Sui become one of the safest and most secure smart contract platforms. Overall, it was designed to improve some of the flaws — or at least imperfections — of existing programming languages like Solidity, which weren’t coded to support blockchain asset representations securely.
While traditional blockchain networks have their smart contracts designed around accounts, Sui’s smart contracts are designed around programmable objects. These objects can be mutable or immutable, shared among multiple people or owned by one person. Objects owned strictly by a single user won’t have to undergo the verification process, allowing them to have near-instant finality.
Parallel Transaction Execution
One of the biggest innovations that Sui offers is parallel transaction execution. On other platforms that process smart contracts, transactions are executed one at a time, generally in the order in which they’re received. This causes individual transactions to take longer to process. However, the Sui blockchain processes transactions in parallel, and simple transactions aren’t required to undergo consensus, resulting in near-instant finality. For the sake of comparison, at its peak, the Ethereum blockchain can handle about 15 transactions per second (TPS). In trial runs, the Sui network was able to process 120,000 transactions in a single second.
Sui Consensus Engine
At launch, Tusk and Narwhal were the default consensus algorithms used by Sui, although Bullshark replaced Tusk as the primary option in August 2022. The move was made to reduce latency issues, and to ensure that validators with lower processing speeds would still be able to contribute to the project. Tusk can still be used via updating the source, however. In short, Narwhal is used as a mempool to ensure that the data submitted to the consensus is available, and Bullshark (or Tusk) then sets the standard for arranging that data so the consensus engine can read it. This is part of the directed acyclic graph (DAG) mempool, which is yet another innovation Sui offers.
Sui Economy Features
Sui runs on a delegated proof of stake (DPoS) system, which means that within each epoch (a period of 24 hours), SUI holders select a set of validators and stake their SUI tokens with them. These validators process the transactions in the network. The staked tokens are locked into the system during that specific epoch, but token holders can pull out their tokens or change their delegated validator when the epoch changes.
The Sui network’s gas price system was designed with three distinct goals, all of which are intended to enhance the user experience and ensure a fast, reliable network:
- Keep gas fees low and base them on an easily computed formula.
- Incentivize validators to perform their work as efficiently as possible.
- Provide a layer of protection to the network, preventing it from being vulnerable to denial of service attacks.
At the beginning of each epoch, the validators are surveyed to see the minimum gas price they’ll accept. The system then orders these amounts, and chooses a price roughly around the 66th percentile. During the epoch, each validator receives signals regarding other validators’ operations, which allows them to assess their performance against the rest, and aim to commit to the reference gas price. At the end of each epoch, validators who have performed efficiently against the reference gas price will receive regular rewards, while those who haven’t will have their rewards slashed. This system encourages validators to enter a lower minimum acceptable gas price and commit to it, which helps keep users’ costs down.
An essential part of the sustainability aspect of Sui blockchain is the storage fund, which is designed to hold the network’s gas fees and redistribute them to validators in the future. This ensures that the network can continue to operate, as validators will have a vested interest in continuing their work.
The storage fund size is maintained by ensuring that storage outflows will always be less than storage inflows. There are two types of inflows: the storage fees for transactions conducted in the current epoch, and the reinvestments of the staked rewards not paid out to validators into new principal. The outflow is created when users delete unnecessary data for a storage fee rebate.
It’s important to note that these validator rewards are only paid out of the interest generated by the fund, and the principal is never touched. This ensures that the fund and, therefore, the ecosystem will be self-sustaining and able to last indefinitely.
The Sui Wallet is an open-source Chrome browser extension with a user-friendly interface for managing and storing assets on the Sui network. You can create, import and store your mnemonic phrase and private key, used to access your funds.
You can not only transfer coins and NFTs easily, but also view owned fungible tokens, track recent transactions, and directly access both successful or failed transactions on the Sui Explorer. The wallet also supports integration with decentralized applications (DApps) built on the Sui network. Overall, the Sui Wallet provides a secure and simple way for Sui network participants to manage their assets and interact with the broader Sui ecosystem.
What Is the SUI Token?
SUI is the native coin of the Sui blockchain. To differentiate between the blockchain layer and the coin, the name of the token, SUI, is always capitalized. SUI has several uses and benefits. First, you can use it for staking and paying gas fees for transactions on Sui’s PoS network. It can also be traded as a liquid asset. Finally, all SUI token owners can participate in the voting process of governance. The easiest way to store your SUI tokens is in the SUI Wallet, which is a Google Chrome browser extension that allows you to create a new wallet or import an existing one for the self-custody of assets. NFTs can also be uploaded to the SUI Wallet, enabling them to be stored securely on the SUI blockchain.
Although the SUI token isn’t yet live, the SUI distribution has been announced ahead of its impending release. The token has a hard cap of 10 billion coins, with a portion to be released at launch and the rest to be distributed incrementally over time, as decided by the Sui Foundation. At launch, 50% will be put in the Community Reserve for grants, validator subsidies, and research and development, 20% will be given to early contributors to the project, 14% will go to investors, 10% will be distributed to the Mysten Labs treasury, and 6% will go toward the Community Access Program (CAP) and app testers.
Full name: Sui Network
Token name: SUI
Total supply: 10,000,000,000
Token type: Mainnet
Official website: https://sui.io
REGISTER ACCOUNT TO GET BIG BONUS 💰!
Follow us to get the best Whitelist Alerts:
Join Telegram: https://t.me/whitelist_alert
Follow Twiter: https://twitter.com/whitelistalert
Join Facebook Group: www.facebook.com/groups/whitelistalert
Bookmark the website: https://whitelistalert.com/