Bittime - Sui Network, a Layer-1 decentralized platform, has just clarified a widely circulated misconception about their token supply.
This clarification is intended to address issues surrounding the sharing and control of tokens by Sui Network founders. The founders are currently under investigation regarding their large token holdings.
Sui Token Transparency and Distribution
According to Sui Network, their token system is set up fairly. Locked tokens are held by a reputable third party. These tokens will be released in stages according to a predetermined schedule and made available to the public.
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The Sui Foundation emphasized that the founders have no control over the storage or tokens provided to investors, including community reserves.
The Sui Network explains that the Sui Foundation is the primary wallet holder for the locked tokens. This token will be released in a controlled manner with certain conditions to strengthen the ecosystem.
Also read: Staking Sui (SUI): Everything Beginners Need to Know
This token allocation is intended to support various projects, such as the development of the Move programming language, network security improvements, and community-oriented initiatives such as hackathons and developer grants.
The distribution of tokens already circulating in the system comes from staking rewards. These rewards consist of staking derivatives and network commissions, all of which are returned to the community. This was Sui's way of maintaining balance and fairness in his economic model.
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Concerns about Centralization
Even though Sui Network has provided an explanation, Justin Bons from Cyber Capital still questions the ownership of the token by the founding team.
Bons, reported by Coingape, claims that the majority of staking tokens are believed to be in the hands of founders, which could potentially lead to centralization. This sparked demands for greater transparency and accountability on the part of Sui Network, which have now been met.
Also read: SUI Price Analysis: Can it Touch $5?
On the other hand, Sui Network denied these claims and emphasized their commitment to transparency. The network states that all tokens, including those that have not yet been distributed, are managed in accordance with legal regulations and supervised by reputable custodian services such as BitGo, Anchorage, and Coinbase Prime.
Latest SUI Token (SUI) Price Update
Source: Bittime
Meanwhile, the price of the Sui token (SUI) has been on a downward trend over the last 24 hours after failing to break its intra-day high of $1.12 (around IDR 17,788). At the time of writing, SUI was trading at $1.06 (around Rp. 17,000), down 3.07% from today's high.
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Market capitalization also fell 3.12% to $2,479,079,737 or approximately IDR 39.5 trillion, while 24-hour trading volume fell 24% to $242,099,393 or around IDR 3.8 trillion.
How to Buy Sui (SUI) on Bittime
You can buy and sell Sui (SUI) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Sui (SUI) is available on Bittime with the market pair SUI/IDR. To be able to buy SUI IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Sui (SUI) on Bittime.
Monitor price movements of Sui (SUI), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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