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Binance users flooded the exchange with over $4 billion to farm the highly-anticipated $SUI token launch.
The world’s largest exchange by trading volume added support for the $SUI token through its Launchpad for $BNB and $TUSD holders on Monday with the event ending on Tuesday.
Users staked tokens worth over $4 billion to farm $SUI tokens. Due to the crowding of the pools, however, an average of one dollar invested in the launchpad only reaped 0.016 $SUI.
Binance Launchpad is a bootstrapping portal on the exchange, where the exchange sells or enables liquidity farming of tokens of new cryptocurrency projects.
$SUI is the native gas and governance token of the Move-based Layer-1 blockchain platform, Sui. The project was developed by several former senior executives and architects for Meta’s now-defunct digital wallet program, Novi. Its mainnet is expected to launch today at 8 am ET with the exchange indicating it will open trading shortly after.
Binance will distribute 40 million $SUI tokens, with 80% going toward $BNB stakers and the rest toward $TUSD stakers. The rewards were calculated on an hourly basis, with snapshots of staked balances taken each hour.
The total amount deposited in the pool officially surpassed $4.02 billion, with $770 million in the $TUSD pool and $BNB worth $3.2 billion.
Binance isn’t the only exchange that’s partnered to dole out $SUI tokens.
Kucoin and OKX were also tapped to launch to sell tokens, too, both of which concluded last month. The two platforms raised a total of $45 million via a public sale.