Recently, Binance, on its Launchpool platform, has introduced a new farming program named SUI, for cryptocurrency exchange. Users can farm SUI tokens over two days by staking their BNB and TUSD into separate pools through the SUI farming program. When the liquidity of SUI meets the requirements, Binance will list it, according to the official statement.
There will be four available trading pairs: SUI/BNB, SUI/BTC, SUI/TUSD and SUI/USDT. The two pools to be farmed will also be receiving 40 million SUI tokens as rewards. The TUSD pool had received a stake of 517 million TUSD at the time of writing. Furthermore, around $3 billion worth of BNB, totaling 9.2 million, had also been staked in the farming pool.
All About SUI
Based on the Move programming language, Sui is a layer 1 blockchain that utilizes DPoS (Delegated Proof of Stake). Many networks have attempted to live up to the accolade of being the ‘Ethereum killer,’ but it has yet to be achieved. To enhance execution efficiency, Sui employs the parallel data model and execution engine.
As the network grows, the increase in Sui validators’ processing power enables horizontal scaling. In addition, its operation is based on object-centric models, allowing transactions to be grouped by objects and processed in parallel. Sui, similar to Aptos, originates from Facebook (Meta) and the discontinued Diem project, which utilized the identical programming language for smart contracts.
Moreover, Sui, like Aptos, is also supported by venture capital and has connections to former Meta staff. Mysten Labs, the Sui developer, raised $300 million in a Series B funding round in September, valuing the firm at over $2 billion.
Along with Coinbase Ventures and a16z, Binance Labs is also one of Sui’s investors. SUI has a maximum supply of 10 billion. That total is distributed as 44% to early contributors, investors, and the treasury. Managing the community reserve, which consists of approximately 50% of the tokens, will be the responsibility of the Sui Foundation.
Impact on BNB Token
As a result of the high demand for BNB in farming SUI, BNB prices have surged by 5% in the past 18 hours. At the time of writing, BNB had reached a peak of $339 before dropping to $333. However, despite a 2.1% decline in the overall crypto market today, BNB continues to gain momentum.
