- SUI farming will open for two days on BNB and TUSD pools beginning May 1.
- The token is expected to list afterward on Binance against BTC, USDT, TUSD, and BNB.
Cryptocurrency exchange Binance has unveiled its 33rd project on Binance Luanchpoool, Sui, that allows users to farm SUI tokens using staked BNB and TrueUSD (TUSD).
According to the announcement on April 30, the farming of SUI tokens would run for 2 days beginning May 1. After that, the asset would be listed on Binance under trading pairs SUI/BTC, SUI/USDT, SUITUSD, and SUI/BNB, subject to the relevant liquidity requirements.
40 million SUI tokens are set for launchpool token rewards, 0.4% of the total token supply of 10 billion. So far, more than 9 million BNB tokens have been staked on the BNB pool, while the TUSD pool has more than 450 million staked TUSD.
DPoS Layer-1 Blockchain
Sui operates as a delegated proof of stake (DPoS) layer-1 blockchain written on the Move programming language. The project has since raised $300 million in a series B funding round backed by Binance Labs and Coinbase – bringing its valuation to $2 billion.
The project, hyped by its community of supporters as the ‘Ethereum Killer’, uses a unique technology involving a parallel data model and execution engine to enhance transaction scaling. Besides, the blockchain employs an object-centric model for processing parallel transactions.
The unveiling has pumped the price of Binance’s native BNB token upwards despite a bearish market momentum. At press time, the token was changing hands for $333, representing a jump of 3% in the past day.