Tech

Sui Network ‘disappoints’ community, chooses this over token AirDrop

04/16/2023
Bitcoin Ethereum News

– Unlike the Aptos Mainnet launch, Sui Network is taking a different approach to rewarding its community

– Three of the world’s leading exchanges have agreed to participate in the SUI token public sale

Sui Network [SUI], a layer one (L1) protocol, has been one of the most hyped projects despite being in the development stage. To the cryptocurrency community, its innovative approach to Decentralized Finance (DeFi) was one reason they were waiting to own a share of the SUI tokens.

However, recent developments have left some community members disappointed. This was because the project has chosen a community access plan over an anticipated SUI token AirDrop. According to Lookonchain, Sui Network took action on its proposed plan on 15 April. 

Joy for supporting and championing the cause 

As initially clarified by one of its co-founders, it released 594 million SUI for the program. This has left early adopters with no hope of the expected token incentives approach. Aptos [APT], Sui’s major competitor, had adopted the latter method when it launched.

Based on the details, U.S. residents and citizens are ineligible. But users can buy SUI at a price of $0.1 in general public sales. However, “SUI supporters and champions” have the exclusive opportunity to gain WhiteList spots and acquire at $0.03.

Sui Network, like Aptos, was put together by ex-Meta employees. And since its Testnet Wave 1 in November 2022, a lot of enthusiasts have been engaging in testing the network. The network, however, cleared the air about who the champions and supporters were.

According to its community access program conditions, Sui noted that champions were moderators and testers who significantly contributed to the network. 

The supporters’ category was, however, dedicated to members of its Discord community who joined before 1 February 2023. But the project mentioned that the champions would be given high priority notifying that:

“This group will receive a grant of SUI after the network hits Mainnet. Recipients will be contacted directly and will be able to access their tokens at a future date.”

Struggling with the fate of dismay as exchanges ape in

Although the Sui permanent Testnet went live on 29 March, the community who did not like the idea of the distribution plan had a heated exchange with Adeniyi Abiodun, the Chief Product Officer (CPO)

Before the final plan revelation, some of those who interacted with Sui wrote threads educating their followers on how to position themselves for the potential SUI AirDrop. But the CPO at Mysten Labs, the firm behind the project, was quick to quench the rumors.

While this did not sit well with community expectations, Abiodun noted that its Mainnet was closed, and would not exceed the second quarter (Q2). Meanwhile, Sui remains a project to look forward to in the eyes of the crypto community.

The L1 blockchain is designed to support a wide range of decentralized applications (dApps), which would enable creators and developers to build. 

Users would also get to transact at a faster speed at a lower cost. At press time, exchanges including Bybit, Kucoin, and OKX have all confirmed that they would participate in the token sale on 23 April.

Source: https://ambcrypto.com/sui-network-disappoints-community-chooses-this-over-token-airdrop/