Cryptocurrency exchange Binance has announced the Sui (SUI) altcoin, a DPoS layer 1 blockchain based on the Move programming language, as the 33rd project on its Launchpool platform.
Farming Period for Sui Altcoin Starts May 1 at 03:00 CEST
According to the announcement, users will be able to stake BNB and TUSD tokens in separate pools to farm SUI tokens for 2 days starting May 1 at 03:00 CEST.
When Binance meets its liquidity requirement, it will list SUI on its exchange and open it for trading with SUI/BTC, SUI/USDT, SUI/TUSD and SUI/BNB trading pairs. The exact date and timing will be announced later.
Users will also enjoy zero maker fees on the SUI/TUSD trading pair until further notice.
To join Sui Launchpool, users must have a Binance account and complete KYC verification. Users can then deposit their BNB or TUSD tokens into respective pools on the Launchpool page, which will be available 4 hours before farming begins.
The total reward for Sui Launchpool is set at 40,000,000 SUI tokens, 0.4% of the total token supply. SUI's initial circulating supply will be 528,273,717 tokens, accounting for 5.28% of the total token supply.
Prize distribution will be as follows:
BNB Staking: 32,000,000 SUI (80%) as reward
TUSD Staking: 8,000,000 SUI (20%) as reward
The farming process will take place between May 1, 2023 at 03:00 and May 6, 2023 at 02:59.
Users will be able to stake and use their tokens at any time during the farming period. They will also be able to claim their earned rewards at any time and view their staking and claim history on the Launchpool page.
*Not investment advice.