Users Deposit $4 Billion to Farm Ahead of Binance Listing SUI
For a variety of reasons, SUI and PEPE have received attention. SUI has already secured a seat on many significant exchanges, whilst PEPE has yet to receive the necessary attention from these exchanges. Binance recently joined this list. This is fairly clear, though, as the CZ-led exchange this week enabled support for the token through its Launchpad platform.
On the Binance Launchpad, the exchange provides or facilitates the liquidity farming of tokens from emerging cryptocurrency projects. After it was listed on the Launchpad, users staked about $4 billion worth of tokens in order to farm SUI coins. But because the pools were overcrowded, an average dollar invested in the launchpad only produced 0.016 SUI.
Binance continued to add to the pool, adding a total of $4.02 billion. Additionally, $3.2 billion of BNB and $770 million for the TUSD pool were included. Furthermore, Binance anticipates distributing 40 million SUI tokens. 80% will be distributed to BNB stakeholders, and the remaining 20% will be distributed to TUSD stakeholders. The awards were calculated on an hourly basis using snapshots of staked balances that were collected every hour. Additionally, Binance disclosed that the trading hours for SUI had been slightly altered.
Some people dislike SUI
Following a Twitter argument between Changpeng Zhao, the CEO of Binance, and Justin Sun, the founder of Tron, this particular token gained some additional traction. Even after this was settled, critics kept warning the neighborhood. Recent outrage stemmed from an analyst's tweet that referred to the token as "vaporware."
In essence, the analyst is saying that the token is worthless. These misgivings were dispelled, nevertheless, by the fact that well-known exchanges were providing support. Exchanges like KuCoin and OKX onboarded the token as well, similar to Binance. Upbit, one of the largest platforms in South Korea, has also been added to the list.
However, it appears that users would have to conduct fundamental trading with SUI for the time being. According to recent rumors, the SUI team requested that the aforementioned exchanges hold off on offering perpetual contracts until the token is available.