Just hours after the initial DEX offering (IDO) for Cetus began on May 8, its hard cap target of 800,000 SUI tokens was not only met but surpassed, with over 6 million SUI committed, worth approximately $6.85 million at the time of publication. Developers stated that the IDO reached its initial goal in less than 30 seconds after going live.
Cetus is a decentralized exchange (DEX) and liquidity protocol built on Sui and Aptos. The IDO is scheduled to take place from May 8-10, and despite the initial target being reached, it continues. During this event, 20 million Cetus tokens (CETUS) are up for grabs out of a total supply of 1 billion CETUS. Users can commit SUI in exchange for CETUS at an exchange rate of 1 SUI to 25 CETUS.
This achievement, paired with the rules and token metrics of the public sale, as well as the price of SUI, places the Cetus DEX at an initial valuation of $45.8 million. The IDO has a hard cap of 800,000 SUI. According to developers, when the total commitment surpasses this amount, each purchaser will have a final purchase amount accepted by the seller, calculated in proportion to their respective committed amounts from all purchasers in the IDO.
The Sui mainnet, a layer-1 blockchain created by former Meta execs, officially launched on May 3, accompanied by the listing of its Sui token. The SUI public sale took place weeks before with an offering price of 0.1 Tether (USDT) per SUI. Immediately after the listing, the price of SUI opened at $4.50 apiece with a fully diluted market capitalization of $45 billion before drastically dropping 75% to trade at $1.14 at the time of publication.
Prior to the listing, Binance introduced Sui LaunchPools where users could stake either Binance Coin (BNB) or TrueUSD (TUSD) for a limited supply of SUI rewards. The LaunchPools reached nearly $4 billion in total value locked in just two days.
The swift meeting and surpassing of the hard cap target demonstrate the strong demand for Cetus tokens and the excitement surrounding the Sui mainnet launch. However, the subsequent plunge in SUI token price after its listing indicates concerns about the token’s true value and potential market volatility.
Nevertheless, these developments in the Cetus IDO and Sui mainnet launch have certainly caught the attention of the cryptocurrency market, leaving many users intrigued about the future of this new blockchain technology.