SUI Crypto Explodes +1,840% After Binance Listing

Key takeaways:

• SUI started trading on Binance earlier today
• The price of the SUI crypto exploded by over 1,800% to $1.84 (the token’s Launchpool price was $0.10)
• SUI entered the list of the 100 largest cryptocurrency projects immediately after it started trading on Binance

Sui crypto goes live on Binance, gaining +1,840% compared to Launchpool price

Roughly an hour ago, Binance launched trading for the SUI crypto coin. SUI opened trading with a massive spike, with the token reaching a high of $1.84 moments after the trading started. That’s a +1,840% increase over the coin’s initial Launchpool price of $0.10.

Trade SUI on Binance

The SUI crypto trading follows a two-day Launchpool farming period that started on May 1, in which a total of 40 million SUI tokens were distributed via the BNB and TUSD pools. In addition to Binance, additional separate SUI token sales took place on KuCoin, OKX, and Bybit.

Binance is giving users access to six Sui trading pairs, including SUI/USDT, SUI/TUSD, SUI/BNB, SUI/BTC, SUI/EUR, and SUI/TRY.

What is SUI crypto?

Mysten Labs, led by co-founder and CEO Evan Cheng, is developing the Sui blockchain project. The platform aims to create an efficient and highly scalable platform for smart contracts. To achieve this, Sui Move, a smart contracts language derived from Move, is used. The Move language was initially developed for Facebook's Libra stablecoin project and has attracted considerable attention. Sui and Aptos are the most notable projects to have implemented this language.

The Sui blockchain can perform transactions in parallel, which leads to low latency and more efficient CPU usage for validators. Testing has shown that the Sui blockchain can process 120,000 transactions per second.

The Sui mainnet is scheduled to launch in Q2 2023, but the specific date has yet to be announced. In the meantime, users and developers can explore Sui's capabilities by participating in the Sui devnet or testnet.

SUI tokenomics

The Sui blockchain’s native token is called SUI. Here are all the different use cases of SUI in the Sui ecosystem:

• SUI is used to pay gas fees for transactions
• SUI is used for staking and compensating validators for securing the network
• SUI is used to fund Sui’s storage fund
• SUI is used in Sui Network’s governance process

The maximum supply of SUI cryptocurrency is 10 billion tokens, and half of this supply will be allocated to a Community Reserve. The Sui Foundation will manage this reserve, which will fund various initiatives such as research and development, subsidies for validators, grants, and more. The SUI tokenomics are detailed below:

• Community Reserve: 50%
• Early contributors: 20%
• Investors: 14%
• Mysten Labs treasury: 10%
• Community Access Program and app testers: 6%

Image source: blog.sui.io

Sui is the latest Launchpool project to show impressive trading results

At the time of writing, the SUI crypto token has a market capitalization of $664 million, which means that the project entered the list of the 100 largest cryptocurrency projects immediately after it started trading on Binance.

Historically speaking, Binance Launcpool projects have been known to generate a lot of market interest. Case in point, here is a table of the five most Launchpool projects on Binance and their ROIs since entering the market following the end of their respective token farming events.

*Price data collected on May 3, 2023

Trade SUI on Binance