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- 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 largest cryptocurrency exchange in South Korea, has joined other major exchanges such as Binance, Coinbase, OKX, and Huobi in responding to widespread interest in the Sui network and its native token, SUI. Developed by Mysten Labs, the Sui mainnet for this DPoS Layer 1 blockchain is scheduled to launch on May 3 at 12:00 pm UTC.
On May 3, Upbit issued an official statement confirming the listing of the Sui network’s native token, SUI. The exchange will offer trading pairs for SUI/KRW and SUI/BTC.
신규 디지털 자산 수이(SUI) 거래지원 안내
지원 마켓: KRW, BTC
거래지원 개시 시점: 추후 안내 예정
공지 바로가기:https://t.co/pDaAsyBimv#Upbit #SUI pic.twitter.com/419enOpwcm
— Upbit Korea (@Official_Upbit) May 3, 2023
지원 마켓: KRW, BTC
공지 바로가기:https://t.co/pDaAsyBimv#Upbit #SUI pic.twitter.com/419enOpwcm
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After assessing the network’s status, Upbit will publish details regarding SUI token deposits and withdrawals. The exchange will not accept deposits from other networks, such as BSC.
Airdrop Expected to Make an Impact
Additionally, market buy and sell orders, as well as reservations for market orders, will be restricted for the first hour following the start of trading. Sui is an asset-oriented, high-throughput, low-latency, Delegated Proof of Stake (DPoS) Layer 1 blockchain. Mysten Labs, valued at over $2 billion, successfully raised $336 million in Series A and B funding.
The Sui Foundation estimates that 5.28 percent of the total 10 billion SUI tokens will be distributed via airdrop. This amounts to an initial token supply of 528,273,717 SUI, allocated for purposes such as app testing, community reserves, and public sales.
The initial token sale price was $0.10. Meanwhile, the SUI IOU token has gained 55 percent in value over the last day. After a brief correction, it is currently trading at $2.54, up 17 percent according to CoinMarketCap. The SUI airdrop is predicted to be as popular as the Aptos (APT) and Arbitrum (ARB) airdrops.
