The crew behind the Sui community and its native SUI token has denied allegations that they unlocked SUI staking rewards and “dumped” them on cryptocurrency trade Binance .
The Sui Foundation knocked again the declare in a five-part Twitter thread on June 27, stating that not one of the locked or non-circulating tokens, together with SUI staking rewards, had been sold:
“Sui Foundation has not sold staking rewards or any other tokens from locked and non-circulating staked SUI on Binance or otherwise.”
“All insider token allocations remain subject to and compliant with their lock ups and other restrictions on transfer,” the foundation added.
The objective of this communication is to share info relating to the tokenomics of the Sui Network together with the SUI token provide and sure distributions of SUI tokens. Here’s what you have to know:
— Sui Foundation (@SuiFoundation) June 27, 2023
Sui is a decentralized proof-of-stake blockchain. Users can stake their Sui tokens to take part in its proof-of-stake mechanism in trade for extra SUI. No minimal staking interval is required.
Sui’s latest denial was in response to claims by pseudonymous crypto commentator DeFiSquared in a June 27 Twitter thread, the place they accused the Sui Foundation of “dumping rewards from *locked* and *non-circulating* staked SUI” on Binance.
Exclusive new analysis on SUI:
Intentionally misrepresented emissions and proof the crew themselves are dumping rewards from *locked* and *non-circulating* staked SUI onto Binance. (1/12) pic.twitter.com/jYRyeTFY56
— DeFi^2 (@DefiSquared) June 27, 2023
While Sui stated the particular transactions have been topic to a “contractual lockup,” DeFi Squared stated the SUI tokens could possibly be unlocked “without restriction.”
The DeFi-focused pundit claimed that Sui Foundation’s pockets deal with, “0x341f” transferred 3.125 million of the overall 27 million SUI in staking rewards to 3 separate addresses, which have been then transferred to Binance.
The particular transaction referenced was a fee topic to a contractual lockup.https://t.co/ViYxQoJMos
— Sui Foundation (@SuiFoundation) June 27, 2023
DeFi Squared claimed this course of occurred many occasions earlier than “most of it” ended up on Binance:
“While the amounts are split many times, most of it ends up at Binance eventually. This could either be to obfuscate the selling, or perhaps because it is being split between different team members. But regardless, most of it is reaching Binance in the end.”
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The commentator stated their “curiosity was piqued” in May by SUI’s “seemingly endless sell pressure” whereas failing to publish an emissions chart separate from Binance’s launchpad, which supposedly wasn’t authentic. Notably, they claimed the inspiration is inflating the provision of the SUI token by roughly 20% month-on-month for non-foundation token holders:
“This is higher than the inflation rate of the hyperinflating Venezuelan Bolivar in 2022.”
Sui’s blockchain is designed to supply customers excessive transaction throughput at low charges, in line with Mysten Labs, the creators of the Sui Foundation.
The SUI token at the moment has a market cap of $427.7 million, from a circulating provide of about 604 million tokens, in line with CoinMarketCap. SUI is buying and selling for $0.70 on the time of publication, down 2.4% up to now 24 hours.
The Sui Foundation stated it will publish a “detailed projection” of the token launch schedule quickly.
The subsequent unlock of 61 million tokens ($43 million) is scheduled for June 3, in line with tokenomics dashboard Token Unlocks.
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