OKX, Bybit, and Kucoin announce the listing of Sui Token through a subscription mechanism

By 0xK2 On Apr 15, 2023

OKX, Bybit, and Kucoin have announced the upcoming listing of Sui Token and the launch of a subscription mechanism instead of an airdrop. These exchanges will allow allowlisted users, who have contributed to the Sui ecosystem, to purchase SUI at a low price, while ordinary users will have the opportunity to buy at a higher price through a lottery. The news comes after the successful $300 million financing round completed by the Sui development team, led by FTX Ventures, Coinbase, Jump, a16z, Circle, and Binance. Binance yet to announce listing news for Sui Token.

Sui is a Layer 1 blockchain that focuses on reducing latency in the time it takes to execute smart contracts and revolutionizing blockchain technology as the industry moves towards greater adoption of web3. Sui aims to solve the scalability issues that have been a thorn in the crypto sector’s side for years. The platform has been created by Mysten Labs, whose team is led by five former senior executives and lead architects for Meta’s discontinued digital wallet program called Novi.

The first public sale of SUI tokens will take place on April 23 on OKX Jumpstart in the form of a token allocation lottery. OKB holders can use their OKB to obtain lottery tickets, and winning tickets will have the opportunity to purchase SUI. An additional Recognition Sale will be available for Sui ecosystem contributors.

To participate in the Recognition Sale, users must have been officially allowlisted by the Sui Foundation. Allowlisted users can purchase up to 1,500 SUI from a pool of 25,000,000 SUI for the price of just 0.03 USD, and the tokens will be fully unlocked during the mainnet launch. Allowlisted users can then use OKB to purchase SUI during the event on OKX Jumpstart. Anyone who participates in this special event will still be able to participate in the token allocation lottery.

The subscription period for the lottery will run from April 23, 2023, at 02:00 UTC to April 24, 2023, at 02:00 UTC. The number of tickets a user can receive depends on the average amount of OKB held for the three days before the subscription date (April 20-22). For each OKB token held, up to four tickets can be obtained, and winning tickets contain 100 SUI. Refunds for losing tickets will be issued in OKB.

After the subscription period, internal systems will randomly determine which tickets are successful and unsuccessful. Winning tickets and refunded OKB will be distributed on the same day. The number of winning tickets each user can receive is capped at 100 (10,000 SUI). The awarded SUI tokens will be distributed over a 12-month period, with users unlocking 1/13 of their tokens on the same day and an additional 1/13 each month. Unlocked SUI tokens will be automatically released into users’ Funding accounts.

Users must complete KYC2 verification to be eligible, and only their main OKX account is allowed to participate in the lottery. Certain countries and regions are unable to participate in this activity. For more information on the rules and how to participate, users can visit the Sui official website. Binance has not yet announced the listing news.

In conclusion, the upcoming listing of Sui Token and the launch of a subscription mechanism instead of an airdrop have been met with great anticipation in the crypto community. Sui’s focus on scalability and reducing latency in executing smart contracts aligns with the needs of the industry as it moves towards greater adoption of web3. The token allocation lottery provides an opportunity for users to acquire SUI at a relatively low cost, while ecosystem contributors are rewarded for their contributions to the development of the platform.

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