Binance Introduces SUI Farming While BNB Bucks Market Declines
Two days of SUI cultivation will be available. More than $3.8 billion has been wagered on BNB and TUSD.
As crypto markets decline today, Binance’s native token BNB is increasing in value. The decision was prompted by the most recent Binance Launchpool initiative, Sui cultivation.
Sui was announced as the 33rd initiative on Binance Launchpool on April 30. Customers will be able to harvest SUI tokens using staked BNB and TrueUSD (TUSD).
According to the notification, farming incentives will commence on May 1 and last for two days. Binance will then list SUI once its liquidity satisfies the requirements, the exchange added. There will be four available trading pairs: SUI/BTC, SUI/USDT, SUI/TUSD, and SUI/BNB.
As a reward for mining the two pools, 40,000,000 SUI tokens will be issued. At the time of writing, a total of 772,8 million True USD had been bet into the TUSD pool. In addition, 8.9 million BNB valued at nearly $3 billion were bet.
Sui is a Move-based layer 1 delegated proof of stake (DPoS) blockchain. It has been advertised as the next ‘Ethereum assassin.’ However, numerous networks have attempted and failed to live up to this distinction.
Sui makes use of the parallel data architecture and execution engine to enhance execution efficiency. This enables horizontal scaling as the network expands in proportion to the processing capacity of Sui validators. In addition, it employs object-centric models, which allow transactions to be aggregated by objects and conducted in parallel.
Sui derives from Facebook (Meta) and the defunct Diem project, which utilized the same smart contract programming language as Aptos.
Similarly to Aptos, Sui is funded by venture capital and has connections to former Meta employees. In September, the developer of Sui, Mysten Labs, raised $300 million in Series B funding, valuing the company at over $2 billion. Among Sui’s investors are Binance Labs, Coinbase Ventures, and a16z.
The utmost amount of SUI available is 10 billion. Early contributors, investors, and the government each receive 44% of the total amount. The Sui Foundation will administer the community reserve, which constitutes roughly fifty percent of the tokens.