Suiswap Project Shocks Investors by Cancelling IDO at the Last Minute
In a surprising turn of events, on June 1st, the Suiswap project, part of the Sui ecosystem, announced the cancellation of its Initial DEX Offering (IDO), just two days before its scheduled launch on June 3rd, which had been heavily promoted by the platform.
Despite detailed planning, including token allocation, whitelist selection, and airdrop schedules, Suiswap has made the decision to forego the IDO and proceed directly with listing on centralized exchanges (CEX).
We decide to CANCEL our upcoming IDO by taking into account the present state of the market.
Suiswap will now be introduced directly to list on CEXs.
Compensation Measures & More Info in Discord: https://t.co/JrKkahuPGX
— Suiswap (@suiswap_app) June 1, 2023
Suiswap explained that the reason behind this decision was that the project recognized that the current timing was not ideal for organizing the IDO. Recent controversial IDO launches by some other projects within the Sui ecosystem had raised concerns, which could have led the community to view Suiswap with doubt and similar skepticism.
Specific information about the CEX platforms where Suiswap will be listed has not been disclosed yet. However, according to the project’s announcement on Discord, the token SSWP is planned to be listed in mid-June, with an airdrop distribution based on Suiswap Points scheduled for mid-July.
The DEX platform stated that it is a long-term development project. Canceling the IDO will allow Suiswap to have more time to focus on building the protocol and implementing transparent auditing of the platform.
As reported by Coin68, the scheduled IDO date for Suiswap on June 3rd also coincided with the unlocking of 63 million SUI tokens. Investors were required to hold SUI in order to participate in the Suiswap IDO, leading to expectations that the token sale would provide some support for the SUI price during the unlocking of this significant amount of tokens.
Earlier, the community had discovered that the IDO information page for Suiswap displayed the thumbnail of Aptoswap, indicating a potential shared development team between the two DEX platforms. The price of SUI is currently at 0.925, experiencing a decline from its $1 valuation since the beginning of June.
The cancellation of the IDO by Suiswap comes as a surprise, but it appears to be a strategic decision to navigate the current market conditions and enhance the platform’s long-term prospects. As the project shifts its focus towards listing on centralized exchanges, the crypto community awaits further updates from Suiswap regarding the specifics of the CEX platforms and the future development of the Sui ecosystem.
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