Users of Binance will be able to stake their BNB and TUSD tokens beginning on May 1, 2023, to farm SUI over two days with hourly balance snapshots gathered for reward calculation and updates.
Binance makes Sui Network available on Launchpool
Sui Network is the 33rd project that Binance has added to its Launchpool. Binance users will be able to stake their BNB and TUSD tokens starting on May 1, 2023, to farm SUI during a two-day period that ends at 23:59 UTC on May 2, with hourly balance snapshots collected.
The SUI Launchpool is giving away 40,000,000 SUI tokens as rewards (0.4% of the total supply) out of the 10,000,000,000 SUI tokens that are available. Rewards of 32,000,000 SUI and 8,000,000 SUI, respectively, are offered through staking pools for BNB and TUSD.
Users must complete their KYC and stake BNB into the Launchpool. Standard BNB advantages, such as airdrops, Launchpad eligibility, and VIP perks, are granted by Launchpool. Additionally, users who have staked BNB will get daily SUI rewards.
Binance will list SUI and begin trading with the SUI/BTC, SUI/USDT, SUI/TUSD, and SUI/BNB trading pairs once the liquidity criteria have been met. The precise time and date will be made public as soon as they are decided, according to Binance.
What is Sui?
Sui is a layer-1 chain with fast throughput and minimal latency. Sui is a great option for on-chain use cases like DeFi and GameFi due to its rapid transaction finality. The blockchain was developed using Rust, a computer language that focuses on executing transactions quickly and securely. Rust is the language of choice for Solana, another fast blockchain.
Justin Sun is banned from farming SUI by Binance
Changpeng Zhao, the CEO of Binance, cautioned cryptocurrency tycoon Justin Sun that the exchange would retaliate if Sun attempted to farm SUI tokens using newly deposited TUSD. Sun immediately expressed regret and apologized, blaming the acts on a miscommunication.
Sun has sent over 115 million TrueUSD (TUSD) stablecoins to Binance, which may be used to farm SUI, the native token of the Sui Network from Mysten Labs, using Binance Launchpool. Zhao alerted Sun of Sun’s effort to utilize Launchpool to claim the Sui tokens after noticing the significant TUSD transactions, reiterating that the platform is designed for regular users, not just a few whales.
Sun’s Justification and guilt
Sun soon clarified that although the TUSD transfer was meant to provide liquidity, some stablecoins were accidentally utilized to take part in exchange campaigns that would have awarded SUI tokens.
He expressed assurance that the mistake would be corrected, apologized for the blunder, and said that Tron DAO Ventures had deposited the tokens for market-making reasons. Sun claims that team members unintentionally utilized some of the funds for exchange advertising since they were not aware of the funds’ intended usage. Sun discovered the mistake and got in touch with the exchange service to request a complete refund.
Users can acquire freshly issued tokens by staking BNB and other tokens through Binance Launchpool, which was founded in September 2020. It is distinct from Binance Launchpad, a website where new tokens may be bought. Sun insists that he and Zhao still have a strong friendship and that the matter has been settled despite this apparent misunderstanding.