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Just hours after the initial DEX offering (IDO) for Cetus began on May 8, its hard cap target of 800,000 Sui (SUI) tokens was surpassed, with over 6 million SUI committed, worth approximately $6.85 million at the time of publication. Developers stated that the IDO reached its initial goal in less than 30 seconds after the sale went live.
Cetus is a DEX and liquidity protocol built on Sui and Aptos. The IDO, scheduled from May 8-10, remains ongoing despite the initial target being reached. During the IDO, 20 million Cetus tokens (CETUS) are available out of a total supply of 1 billion CETUS. Users can commit SUI in exchange for CETUS at an exchange rate of 1 SUI to 25 CETUS. The rules and token metrics of the public sale, along with the price of SUI, place the Cetus DEX at an initial valuation of $45.8 million.
The IDO has a hard cap of 800,000 SUI. According to developers, when the total commitment exceeds this amount, “Each purchaser’s final purchase amount accepted by the Seller will be a portion of their committed amount, calculated proportional to all the respective committed amounts from all purchasers in the IDO.”
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Sui, a layer-1 blockchain created by former Meta executives, officially launched its mainnet on May 3, alongside listings for its SUI token. The SUI public sale occurred weeks prior, with an offering price of 0.1 Tether (USDT) per SUI.
Immediately after listing, SUI opened at $4.50 per token, with a fully diluted market capitalization of $45 billion, before plunging 75% to trade at $1.14 at the time of publication. Prior to the listing, Binance introduced Sui LaunchPools, allowing users to stake either Binance Coin (BNB) or TrueUSD (TUSD) for a limited supply of SUI rewards. The LaunchPools attracted nearly $4 billion in total value locked within just two days.
What happened? 100%+ commit in 20 seconds. 500%+ commit in 2 hours. Now we’ve really felt the power of #Sui! LFG #Cetus pic.twitter.com/Gwb6Z2CSLb
— Cetus (@CetusProtocol) May 8, 2023
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