FTX’s investment in Mysten Labs and its subsequent repurchase of equity investment and SUI token warrants have been a topic of discussion in recent court documents. Mysten Labs had completed a B-round financing of over $300 million at a valuation of approximately $2 billion. FTX invested $102 million in the B round and received approximately 890 million Sui Tokens at an average cost of $0.114.

FTX’s market makers, Alameda and FTX Trading, received almost 519 million Sui Tokens for free, which they planned to use for market making on the FTX platform after the Sui Network mainnet launch and Sui Token launch. However, with FTX crashing before the launch, the protocol for the token warrant is also gone. The cost of Sui Token chips for some B-round investors is about $0.28-$0.31.

@azcoinnews

Mysten Labs has agreed to repurchase FTX’s equity investment in Mysten Labs and SUI token warrants for $96.3 million in cash. This means that a large amount of FTX’s low-cost investment chips and market-making chips have been recovered, which is a positive development for the future launch of Sui Token. FTX debtors can continue to “seek higher offers from other third parties” until the court finalizes the sale date.

The launch of the SUI mainnet and the release of Sui Token do not need to consider the handling of the previous investment chips from FTX, as the issue with the FTX debtor has been resolved. Once the $96.3 million cash repurchase is completed, there will be no short-term financial impact on Mysten Labs, which just raised more than $300 million last year. The long-term impact may mainly lie in Mysten Labs’ layout of Web3, such as investment and acquisition of Web3 projects.

It is worth noting that FTX also led the investment in another Move chain, Aptos, with a similar valuation and investment amount. FTX’s investment plan for Aptos may be very similar to Sui, where FTX holds a large amount of low-cost investment chips and market-making chips. Some low-priced chips of Aptos have already entered the market, and the unsold chips will wait for the disposal plan of FTX creditors.

#FTX #SuiNetwork #Sui #SuiToken #azcoinnews

This article was republished from azcoinnews.com

Sui Network, one of the promising blockchain projects developed on the Move programming language, has announced its plan to launch its Mainnet with a series of events called “The Wave to Mainnet”. According to the project, this event aims to educate the community about Sui’s focus on developing Web3 as it moves towards Mainnet.

Sui and Aptos are both blockchain projects built by the former team of Diem, a blockchain that is being incubated by Meta. While Aptos had already airdropped hundreds of millions of dollars to its users in late 2022, Sui Network remains vague about its airdrop plan. “There is currently no official plan for airdrop,” said the announcement from Sui Network.

However, the Sui Foundation has also announced a program to provide early access to SUI tokens for the community. This program allows community members to fairly and decentralize purchase SUI tokens in the early stage.

This announcement from Sui follows a series of airdrop events in the market. As reported by AZCoin News, Arbitrum, a layer 2 solution on Ethereum, and Space ID, a multichain domain name project, are both preparing to issue tokens and distribute them to early adopters of the project.

Sui Network’s move towards Mainnet and its effort to educate the community about Web3 is a positive sign for the blockchain industry. With its promising technology and innovative solutions, Sui Network is likely to attract more attention and support from the community, which will ultimately benefit the blockchain ecosystem as a whole. While the project’s airdrop plan is still uncertain, the early access program for SUI tokens shows the project’s commitment to a fair and decentralized distribution of tokens to its users.

#SuiNetwork #Sui #Arbitrum #SpaceID #azcoinnews

This article was republished from azcoinnews.com

Recently, the crypto community has been eagerly anticipating retroactive airdrops from potential projects, following the success of Arbitrum’s airdrop event. Here are 5 projects predicted to potentially launch an airdrop for users in the near future.

zkSync

zkSync is a layer 2 scaling solution that uses ZK Rollups technology, built with the goal of reducing costs, increasing transaction speed, and providing security on Ethereum. Vitalik Buterin, co-founder of Ethereum, has stated that this platform can promote high-throughput scaling, leading to widespread adoption.

In addition, zkSync allows access to the blockchain through the MetaMask wallet due to its compatibility with EVM. In December 2022, Matter Labs, the developer of zkSync, raised $200 million in a Series C funding round led by Blockchain Capital and Dragonfly. Top DeFi applications on Ethereum, such as Chainlink, Uniswap, and Aave, have also announced their launch on this platform.

Starknet

Starknet is Ethereum’s layer 2 solution that applies ZK Rollups. StarkNet allows any dApp to operate, expand, and scale limitlessly without affecting the aggregation and security of Ethereum, thanks to StarkNet’s reliance on the STARK system, a technology developed by StarkWare. Previously, StarkWare also confirmed the launch of the STARK token and established utilities for it to serve the layer 2 network classification process on Ethereum.

StarkWare launched the main network StarkNet in November 2022. The total deposit amount on this network increased by 45% to $2.49 million after Arbitrum announced plans to launch the token and users rushed to hunt for airdrops. According to data from Nansen, the StarkNet ecosystem recorded a record deposit amount of $3.4 million ETH and DAI as of March 17.

Scroll

Scroll is a layer 2 blockchain built on zkEVM Equivalence technology. This is a new ZK Rollups technology that is fully compatible with EVM and was developed in early 2021. This project raised $30 million in investment in April 2022, led by Polychain Capital. The design of Scroll duplicates the same version of EVM and is used on the mainnet. This helps Ethereum developers deploy source code more easily on Scroll than some alternative options like zkSync and Polygon’s zkEVM.

On February 28, the project development team launched on the Ethereum Goerli testnet, allowing for public testing. More than 100,000 users accessed the previous version of Scroll’s test network. The mainnet launch of this platform is planned for the end of 2023.

Sui Network

Sui Network is a layer 1 blockchain built on the Move technology, similar to Aptos. Aptos Labs recently launched their own token, APT, and airdropped 20 million tokens to eligible users on October 18th. Many are expecting Sui to follow suit and issue their own token, potentially retroactively rewarding the community.

The platform is expected to launch its mainnet in Q2 of 2023. On March 21st, Mysten Labs launched the Wave to Mainnet campaign to promote the potential of the Sui protocol to the community. By participating in the project’s activities and testing its products, users may have the chance to receive an airdrop in the future.

Sei Network

Sei Network is a layer 1 blockchain developed on the Cosmos ecosystem, focused primarily on DeFi services. The platform includes basic applications such as a matching engine and liquidity aggregation model to enhance trading experiences. The project is supported by top investment funds in the industry such as Multicoin Capital, Coinbase Ventures, and Delphi Digital.

The Sei development team launched its testnet in Q2 of 2022, with various events related to NFTs and other tasks. Users who participated in these events may have the chance to receive an airdrop when the project launches its mainnet, if it happens.

Conclusion

Overall, the crypto community is eagerly anticipating the launch of these two promising projects and the potential for retroactive airdrops. However, it’s worth noting that the timing and likelihood of these airdrops are uncertain and dependent on the individual projects’ decision-making processes. As always, crypto enthusiasts should proceed with caution and conduct thorough research before investing in any project.

#SuiNetwork #SeiNetwork #StarkNet #Scroll #zkSync

This article was republished from azcoinnews.com

SUI Network Token Rapid Growth and Energetic Community

Since its debut in May, the $Sui Network token has experienced an impressive surge in adoption, reaching a remarkable milestone of 1 million active addresses within a mere two months.

This achievement can be attributed to the project’s thriving community and ecosystem, driven by the shared vision of leveraging technology to create innovative solutions.

The community’s unwavering commitment to propel Sui beyond existing boundaries has been instrumental in its success thus far.

Strong Adoption and Partnerships Drive Sui’s Expansion

#SuiNetwork  has captivated the attention of developers and users alike, fostering widespread adoption.

Encouragingly, the project has enticed developers to build on its network, resulting in numerous partnerships.

Notably, #Sui Network joined forces with the esteemed Formula 1 team, Oracle Red Bull Racing, aiming to enhance fan engagement through novel digital experiences enabled by blockchain technology.

To date, the network boasts an impressive 1,072 NFT collections, responsible for minting over 3 million unique NFTs.

Furthermore, there are more than 625,000 holders actively participating in the Sui ecosystem, indicating a growing interest in the project’s offerings.

#DeFi Activity and TVL on Sui Network

In the initial stages following its launch, Sui Network experienced a surge in decentralized finance (DeFi) activity, with a peak of $36 million in total value locked (TVL).

However, recent data from DeFillama suggests that DeFi activity on the network has leveled off, with the TVL declining to $13.3 million at present.

While Sui Network has enjoyed significant adoption and engagement, it has also encountered its fair share of challenges.

One such setback involved the misleading conduct of NemoSwap, a decentralized exchange (DEX), regarding its investors.

Additionally, the project awarded $500,000 to CertiK, a reputable blockchain security firm, for identifying a critical vulnerability named ‘HamsterWheel’ within the network’s infrastructure on June 19.

Sui Token Struggles to Surpass $1 Mark

Despite the robust adoption and extensive usage of the Sui Network, the price of its native token, SUI, has faced considerable resistance and has predominantly traded below the $1 threshold since the beginning of June.

According to data from CryptoSlate, the SUI token currently trades at $0.7106, marking a 46% decline from its all-time high of $1.4.

The project’s team remains focused on advancing the network, strengthening partnerships, and addressing any vulnerabilities to further propel the growth of the Sui ecosystem.

It is worth noting that the recent decline in token price may present an opportunity for investors to enter the market at a favorable price point.

As the Sui Network continues to mature and expand, its ability to attract users and developers will play a crucial role in determining its long-term success.

Stay tuned for more updates on Sui Network’s progress as it continues to navigate the ever-evolving crypto landscape.

Sui Network’s Efforts to Drive Value and Overcome Challenges

While Sui Network has achieved significant milestones in terms of adoption and community engagement, it continues to make strides to enhance the value proposition of its ecosystem.

The project has been actively working to address challenges and seize opportunities for growth.

One of the key areas of focus for Sui Network has been the expansion of its decentralized finance (DeFi) offerings.

Despite a recent decline in DeFi activity on the network, the team is dedicated to reinvigorating this sector and attracting more users and liquidity.

They are exploring partnerships with established DeFi protocols and implementing innovative features to incentivize participation.

By bolstering the DeFi ecosystem within Sui Network, the project aims to provide users with a diverse range of financial products and services.

In addition to DeFi, Sui Network is keen on further developing its non-fungible token (NFT) capabilities.

Read all article at: https://perseuscrypto.com/sui/sui-network-token-hits-1m-active-address/