Binance User Deposits Over $4 Billion Ahead of SUI Token Mainnet Release

Recently, Binance users invested nearly $4 billion ahead of the eagerly awaited launch of SUI tokens. The Launchpad event, which permitted BNB and TUSD holders to buy SUI tokens, started on Monday and continued until Tuesday on the biggest trading volume exchange in the world.

Investors who hold SUI tokens have put nearly $4 billion at risk. Unfortunately, due to congestion, the average return for a dollar invested in the launchpad is only 0.016 SUI. Binance Launchpad, the exchange’s specialized bootstrapping page, allows for the sale of new cryptocurrency project tokens and enables liquidity farming.

Binance would distribute 40 million SUI tokens, with 80% going to BNB stakers and 10% to TUSD stakers. Awards were determined using hourly snapshots of staked balances. The pool received a deposit of $4.02 billion, with $770 million in TUSD and $3.2 billion in BNB.

Notably, the official Twitter page of Binance notified its community about the inclusion of SUI into the exchange:

It is noteworthy that the SUI coin’s distribution is not limited to Binance, as other exchanges like Kucoin and OKEx also support it. Last month, the token sales on these two platforms ended, and they raised around $45 million in total through their combined public offering.

It was also indicated that SUI would  be available for trade on the Jumpstart platform operated by OKX, a cryptocurrency exchange in Seychelles. Last month, the exchange company announced that users who possess OKB tokens could participate in a token allocation lottery. The winners of the lottery would  have the opportunity to purchase SUI legally. 

SUI tweeted about the launch of the mainnet on this Wednesday:

Interestingly, KuCoin has committed to making tokens available to investors immediately upon the launch of the mainnet tomorrow. The only trading pair available would be SUI/USDT. The exchange has also stated that USDT-margined futures would be available once there is enough liquidity. 

Bybit has now made the SUI/USDT and SUI/USDC spot trading pairs available to retail traders starting Wednesday. This highly-anticipated move comes after the launch of a “recognition sale” for SUI tokens last month, which was previously limited to select community members. Bybit has shared this exciting news through a tweet thread, ensuring everyone knows about this new opportunity.