Binance has recently made headlines with its decision to list Sui (SUI) during the closing of the project’s initial coin offering (ICO) event. The ICO event is currently taking place on the Dubai-based crypto exchange ByBit, with the mainnet launch scheduled for today at 12:00 UTC. This announcement comes on the heels of Binance supporting SUI on its launchpad, resulting in increased attention for the emerging project.
Once listed, trading for SUI will open at 12:15 UTC, with initial trading pairs including SUI/USDT, SUI/BTC, SUI/TUSD, SUI/BNB, SUI/EUR, and SUI/TRY. Binance has also promised to maintain zero maker fees on the SUI/TUSD pair until further notice. This development is indicative of the growing influence of Binance on the trajectory of new crypto projects and the crucial role it plays in their adoption.
The decision to support SUI follows Binance’s announcement on April 30, where it included the cryptocurrency as the 33rd project on its launch pool. Users were given the opportunity to stake BNB or TUSD to farm SUI between May 1 and the time of writing. The staking event attracted 8.89 million BNB (approximately $2.87 billion) and around $892.5 million in TUSD. It is worth noting that Binance CEO Changpeng Zhao warned Justin Sun, founder of Tron, against exploiting the launch pool after Sun deposited 56.1 million TUSD to Binance on May 1.
Sui’s mainnet launch is anticipated, as the project’s ICO phase, which started on April 20, comes to a close. ICO prices varied between $0.03 and $0.1, with sale prices on KuCoin and OKX standing at $0.1. The ongoing ICO on ByBit features a sale price of $0.03.
Despite the excitement surrounding the official listing of SUI, investors have already been trading the IOU (I Owe You) versions of the token on exchanges like BitForex, Hotbit, SuperEX, and DigiFinex. The IOU prices differ across these exchanges, with the value on CoinMarketCap currently at $2.5. The IOU version of crypto assets acts as a placeholder token or tokenized representation, generally traded before the actual asset is available on the blockchain.
This news presents a fascinating examination of the power dynamics between Binance and emerging projects like SUI. As investors and enthusiasts eagerly await the launch of Sui’s mainnet and its subsequent listing on Binance, there is no doubt that the world of cryptocurrency continues to evolve at a breathtaking pace.