Sui (SUI) Set to Unlock $63 Million in Tokens on Suiswap IDO Day

The newly launched blockchain Sui is set to unlock $63 million worth of SUI tokens for the Sui Foundation and its community on June 3rd, coinciding with the IDO of Suiswap (SSWP).

Sui (SUI) Set to Unlock $63 Million in Tokens on Suiswap IDO Day

According to Token Unlocks, on June 3rd, Sui (SUI) will execute its first token unlock, distributing 61 million SUI tokens to the project and its community. Sui, a blockchain that launched its token in early May, has chosen to sell tokens on major exchanges rather than airdropping them to users.

Specifically, 32.4 million SUI will be airdropped to users who supported the project during its initial development, while 28.7 million SUI will be allocated to the Sui Foundation.

Details of the SUI Unlock Event on June 3rd. Source: Token Unlocks

With the circulating supply of SUI at 528 million tokens, this upcoming unlock will account for 11.5% of the total tokens available in the market.

Some analysts believe that distributing a large volume of tokens among users will mitigate the risk of a SUI market dump, especially since the airdrop day, June 3rd, also coincides with the highly anticipated IDO of Suiswap (SSWP).

The Suiswap IDO is scheduled for 1:00 PM on June 3rd, 2023 (Vietnam time), offering 500 million SSWP tokens, which represents 5% of the total SSWP supply.

Investors wishing to participate in the IDO must hold SUI, with a minimum purchase of 10 SUI per wallet. The maximum purchase amount varies by user account. While regular users can purchase up to 200 SUI, Level 1 users can buy up to 3,000 SUI and receive a 5% airdrop of their purchase amount. Level 2 users can buy up to 20,000 SUI and get a 10% refund. To achieve Level 1 or 2 status, users need to join the project's Discord and complete specific tasks to earn Sui Points.

Interestingly, some have noted that the Suiswap IDO information page still features the Aptoswap thumbnail, suggesting that the two DEX platforms might be developed by the same team.

The IDO is for 10M SUI and values Suiswap at $200M FDV

The metadata for the SuiSwap site shows an image of AptosSwap

The developers apparently did not bother to update the metadata for this low-effort copy and paste

13/ pic.twitter.com/ICV4jjMjZo— Alex (@thiccythot_) May 30, 2023

As of the time of writing, the price of SUI has shown minimal significant fluctuations.

1-hour Chart of the SUI/USDT Pair on Binance as of 8:00 PM on May 30, 2023

In addition to SUI, two notable projects preparing to unlock a large volume of tokens in the coming days are Avalanche (AVAX) and Optimism (OP).