Binance’s native cryptocurrency BNB is making gains as crypto markets retreat today. The move has been driven by the latest Binance Launchpool project, Sui farming.
On April 30, Binance announced that the 33rd project on Binance Launchpool was Sui. The incentive will enable Binance customers to farm SUI tokens using staked BNB and TrueUSD (TUSD).
Furthermore, farming incentives will begin on May 1 and run for two days, according to the announcement.
Binance Backing Sui
Binance will then list SUI when its liquidity meets the requirements, it added. Four trading pairs will be available: SUI/BTC, SUI/USDT, SUI/TUSD, and SUI/BNB.
40 million SUI tokens will be issued as rewards for farming the two pools. At the time of writing, 772.8 million True USD had been staked into the TUSD pool. Furthermore, 8.9 million BNB worth almost $3 billion had been staked.
Sui is a delegated proof of stake (DPoS) layer 1 blockchain based on the Move programming language. It has been hyped as the next ‘Ethereum killer.’ Though, many networks have tried and failed to live up to this accolade.
Sui utilizes the parallel data model and execution engine to improve execution efficiency. This enables horizontal scaling as the network grows in proportion to the increase in Sui validators’ processing power. Furthermore, it operates object-centric models which means that transactions are grouped by objects and can be processed in parallel.
Just like Aptos, Sui has its roots in Facebook (Meta) and the defunct Diem project, which used the same smart contract programming language.
Also, just like Aptos, Sui is backed by venture capital and has ties to former Meta employees. In September, the Sui developer, Mysten Labs, raised $300 million in a Series B funding round that valued the firm in excess of $2 billion. Binance Labs is one of Sui’s investors, along with Coinbase Ventures and a16z.
The maximum supply of SUI is 10 billion. Early contributors, investors, and the treasury receive 44% of that total. The Sui Foundation will manage the community reserve comprising around 50% of the tokens.
BNB Price Reaction
The demand for BNB for farming SUI has pushed prices 5% higher over the past 18 hours or so. BNB topped out at $339 before retreating to $333 at the time of writing.
Furthermore, BNB is gaining amid a 2.1% crypto market retreat today.
True USD is also trading above its peg as demand for the stablecoin ticked up. The $2 billion market cap stablecoin peaked at $1.02 a couple of hours ago and remains priced at a premium as the SUI farming FOMO continues.
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