Sui (SUI) Closes IDO Registration and Sets Mainnet Launch Date

After much anticipation, Sui—a prominent blockchain solution in recent times—has officially set the date for its mainnet launch.

According to an official announcement made early this morning (April 20), Sui's mainnet will go live on May 3, 2023.

Project Discord Summary:

• A total of 340,000 accounts were deemed eligible, meaning they joined the Sui Discord before February 1, 2023.
• However, only 180,000 accounts actually met the criteria for whitelist participation in the IDO. This figure excludes bots and duplicate IDs.
• Important details for users to note:
  • Sui will share this whitelist with exchanges based on token allocation, randomly selecting participants.
  • If each user on the whitelist purchases the maximum allocated tokens, approximately 96,000 people are expected to participate.
  • If tokens remain unsold due to issues like KYC failures, the project will update the list until 100% of the tokens are sold.
  • The Sui Foundation will email exchange information to whitelisted users starting from April 20 (depending on the time zone).
  • Note: The email will not include links or requests for additional information beyond what was submitted in the form. Users should be cautious of phishing emails or scams.

Previously, Sui generated buzz with its mainnet plans and token release. True to its commitment, the project has confirmed it will not conduct an airdrop. Instead, it will hold a presale for 594 million SUI tokens, aiming to raise an estimated $49.32 million.

As of now, SUI will be available for purchase on launchpads across OKX, Bybit, and KuCoin, using a “lottery ticket” system for token allocation.

Details: Sui (SUI) Launchpad Sale on OKX, Bybit, and KuCoin

There will be two ways to acquire SUI:

• General Sale: Available to all users at $0.10/SUI on OKX and KuCoin.
• Whitelist Sale: Reserved for users with Champion and Supporter roles, priced at $0.03/SUI, offering better rates than the general public.

Sui is the inaugural product from Mysten Labs, a Web3 infrastructure startup. Announced in March 2022, the project was founded by four former engineers from Meta’s Novi wallet (formerly Facebook)—Evan Cheng, Sam Blackshear, Adeniyi Abiodun, and George Danezis. They previously worked on the Diem blockchain and the Move programming language, though Diem was eventually abandoned.

The Meta “legacy” blockchain began testnet operations in November 2022 and announced its token allocation plans, emphasizing there would be no airdrop. The organization has raised $300 million, with a valuation of $2 billion, and plans to offer additional rewards in SUI tokens.