As per the recent development, the SUI Foundation has announced its token allocation system, along with a 6% airdrop mechanism for its token. The SUI token is regarded as the heart of a complete ecosystem. It is responsible for many functions, including staking, offering liquidity, serving its purpose as a governance token, etc.
On the other hand, the airdrop allocation would be carried out under the following criteria. However, users of the platform would be prioritized first.
- 20% for the early contributors
- 10% for vault accounts
- Approximately 14% for investors and Mysten labs
- 6% solely for app testers
Besides that, SUI made it clear that a total of 50% of the token would be held solely by the Community Reserve fund. These tokens would automatically be transferred as soon as the ongoing task is effectively transferred to the main net. Approximately a week ago, the project launched its Community Access Program. The project empowers users to purchase SUI, which is still in its early stages. This suggests that users would be granted to opportunity to own SUI even if they didn’t participate in the blockchain experience.
SUI Continues to Make Moves
Back in May this year, SUI made its economic white paper public. It stated that the minimum number of tokens is nearly 10 billion. However, these can be fully used to participate in a Proof-of-Stake system. Currently, the foundation has initiated its testing of the main net. The Testnet Wave 1 can be defined as a sandbox where validators and nodes can practice improvements to decentralization. Similarly, this even includes trouble response as well.
This can be classified as the initial blockchain task provided by Mysten Labs. Currently, it is valued at nearly $2 billion. Furthermore, this follows after closing at the funding of approximately $300 million back in September this year. SUI was founded as a joint effort between staff that worked on the programming language, Move and Diem.
Currently, the SUI staff has also come forward with the launch of the Mist Program. It can simply be defined as a toned-down variant for the SUI token. Its main purpose is to make great improvements to the network’s payment procedure, after all. Summing it up, the foundation has also expressed a desire to sponsor the task with almost $100k dollars. It even expects to spend a greater amount on SUI later on.