Upbit Announces SUI Token Listing Ahead of Mainnet Launch

• The Sui mainnet for the DPoS Layer 1 blockchain is set to go live on May 3 at 12 pm UTC.
• The SUI/KRW and SUI/BTC pairs will be offered by the exchange.

Upbit, the biggest cryptocurrency exchange in South Korea, has joined other major exchanges like Binance, Coinbase, OKX, Huobi, and others because of the widespread interest in the Sui network and its native token, SUI. Developed by Mysten Labs, the Sui mainnet for the DPoS Layer 1 blockchain is set to go live on May 3 at 12 pm UTC.

On May 3rd, Upbit made an official statement. Stating that they will be offering the native token of the Sui network, SUI. The SUI/KRW and SUI/BTC pairs will be offered by the exchange. 

After gauging the state of the network, information on how to deposit and withdraw SUI tokens will be made public. Deposits from other networks, such as BSC, will not be accepted by the exchange.

Airdrop Expected to Make an Impact

In addition, market price buy and sell orders, as well as market price buy and sell order reservations, are restricted for the first hour after the market support. Sui is an asset-oriented, high-throughput, low-latency, Proof of Stake (DPoS) Layer 1 blockchain. At a valuation of over $2 billion, Mysten Labs was able to raise $336 million in Series A and B funding.

The Sui Foundation estimates that 5.28 percent of the entire 10 billion SUI will be distributed as tokens. This amounts to an initial token supply of 528,273,717 SUI. A few examples include app testing, community reserves, and public sales.

The selling price is $0.10. On the other hand, SUI (IOU) has gained 55 percent in value during the last day. It made a brief correction and is now trading at $2.54, up 17% as per CMC. The SUI airdrop is predicted to be as popular as the Aptos (APT) and Arbitrum (ARB) airdrops.

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