See More

BNB Bucks Market Retreat as Binance Launches SUI Farming

2 mins
Updated by Kyle Baird
Join our Trading Community on Telegram

In Brief

  • SUI farming will be available for 2 days.
  • More than $3.8 billion in BNB and TUSD has been staked.
  • Sui is a VC-backed layer-1 blockchain network.
  • promo

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 Farming on Binance Launchpool
SUI Farming on Binance Launchpool

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.

BNB/USD 24 hours - BeInCrypto
BNB/USD 24 hours – BeInCrypto

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.

Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

profile.jpg
Martin Young
Martin Young is a seasoned cryptocurrency journalist and editor with over 7 years of experience covering the latest news and trends in the digital asset space. He is passionate about making complex blockchain, fintech, and macroeconomics concepts understandable for mainstream audiences.   Martin has been featured in top finance, technology, and crypto publications including BeInCrypto, CoinTelegraph, NewsBTC, FX Empire, and Asia Times. His articles provide an in-depth analysis of...
READ FULL BIO
Sponsored
Sponsored