As per the recent development, Binance announced SUI to be the 33rd project on its launch pool. The project would make it possible for users to farm SUI tokens through the use of staked BNB tokens and TUSD. Similarly, Binance mentioned that farming incentives would start from May 1, and would run for a total of two days. Binance would later list the token if the liquidity requirements are satisfied.
The crypto exchange stated,
“Binance will then list SUI when its liquidity meets the requirement and open trading with SUI/BTC, SUI/USDT, SUI/TUSD, and SUI/BNB trading pairs. The exact date and timing will be announced once available. Users will enjoy zero maker fees on the SUI/TUSD trading pair until further notice.”
For farming two liquidity pools, up to a total of 40 million SUI tokens would be issued as rewards for the users. Currently, 772.8 million TUSD have been injected into the liquidity pool. At the same time, almost 8.9 million BNB, accounting for approximately $3 million, has been staked.
On the brighter side, the recent development has catapulted the trading price of the BNB token. At the time of writing, the token has surged by 4.26% in the previous 24 hours, pushing the trading price up to $335.45.
The total market cap of BNB currently rests at the $52 billion mark. BNB currently trading in the green serves as a sigh of relief for many investors as the token is performing relatively well in the market in comparison to other tokens that have experienced a slowdown.
CZ Warns Justin Sun and Whales Over the Potential Misuse of SUI Airdrop
In other news, the Binance CEO, Changpeng Zhao, has stated that action would be taken against Justin Sun if he tries to misuse Binance Launchpool’s SUI Airdrop. The statement followed after millions of TUSD were dumped into the liquidity pool. It was mentioned that the airdrop is strictly meant for retail customers.
Our team told Justin, if he uses any of these to grab the LaunchPool Sui token, we will "take action against it". SMH.
Binance LaunchPool are meant as air drops for our retail users, not just for a few whales.
On the bright side, blockchains are transparent… https://t.co/8Xs1oXjfVd
— CZ 🔶 Binance (@cz_binance) May 1, 2023
In response, Sun said that the main reason behind depositing TUSD was to stimulate market-making between a number of TUSD exchanges. He also clarified that he has no interest to participate in any exchange promotions.
As a partner market maker for TUSD, TRON DAO Venture's primary objective in depositing TUSD is to facilitate market-making between leading TUSD exchanges, thereby enhancing liquidity and trading volume, rather than participating in any exchange promotions.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) May 1, 2023
Justin Sun argued that the entirety of the transfers played a fundamental role in stabilizing the price of TUSD, and also provided optimum liquidity to the exchanges. However, he did acknowledge the fact that a number of members unknowingly participated in exchange campaigns, and expressed plans of initiating a refund.