Sui network has laid out the SUI token release schedule just a day after the team behind the layer 1 blockchain and smart contract platform dismissed allegations that they unlocked staking rewards and “dumped” them on Binance.
The decision to share the details of the schedule is in the interest of transparency and open communication about the tokenomics, Sui said in a statement.
SUI Token Distribution
according to the data shared by the protocol, SUI token distribution is set to occur over the next seven years. So far, only a portion of the allocations for Stake Subsidies, Community Access Programs, and Community Reserve has been unlocked.
Allocations for early contributors and investors, on the other hand, will be rolled out starting in April 2024. SUI tokens in the treasury for Sui network creator Mysten Labs will be unlocked in 2025.
However, certain adjustments in the current schedule could be made in the future to ensure a stable tokenomics model that supports the Sui network’s health.
SUI was originally developed at Meta to drive its now-abandoned Diem project. Its native token witnessed a massive rally of 2,000% when listing in May following its presale.
But the subsequent dumping rumors slashed 50% of its value from its previous high. The claims were first made by a pseudonymous crypto commentator, ‘DeFiSquared’, who took to Twitter on June 27, accusing the Sui Foundation of dumping rewards from locked and non-circulating staked SUI on Binance.
The foundation quickly refuted the claims and said
“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,”
Cross-Border Payments Network on Sui
Fintech firm Six Clovers, which was launched by PayPal veterans in 2021, announced the rollout of Versal Network on the Sui blockchain to allow faster, more cost-effective, and secure cross-border payments. It is also designed to help companies transact in stablecoins and central bank digital currencies (CBDCs) in real-time.
The focus will be to close the gap between Web2 and Web3, according to Six Clovers co-founder and CEO Jim Nguyen.