There is no airdrop, IEO details are dissed by the community, will Sui still rush?
Sui, which has been speculated since last year, has finally issued tokens. The secondary market is more concerned about the valuation of Sui token. For this part, you can refer to "Sui Token will be on sale soon, a brief analysis of valuation and IEO participation methodsimage description
Source: Sui Community
In fact, from the perspective of Sui as a project party, its Chinese users account for a large proportion. Sui’s project parties have participated in the Crypto series conference held in Hong Kong before. In addition, Sui IEO includes OKX, Kucoin and Bybit. OKX and Kucoin account for a large part of SUI, which also shows that Sui, as a project party, attaches great importance to the Chinese community. In the few days after the announcement of Sui IEO, KOLs in the English area did not pay much attention to it. There are not many English users of this incident, and most of them post articles from the perspective of analyzing its valuation and news promotion. However, the discussions on Sui IEO in the Chinese area are overwhelming and full of negative emotions. On the premise of paying attention to Chinese users, Sui did It's ridiculous behavior.
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Profile
First, let me briefly introduce Sui. Sui is a public chain launched by Mysten Labs, which aims to provide developers with a better blockchain ecological infrastructure. The main members of Mysten Labs are all working on Facebook's Libra (an encryption project initiated by Facebook) , later suspended due to resistance from other countries), they were all committed to building a completely decentralized currency payment infrastructure, but failed, and then this group of like-minded people came together again to build Building a fully decentralized infrastructure is why Mysten Labs launched Sui.
Sui is a permissionless proof-of-stake (PoS) blockchain network featuring high performance and horizontal scalability. Sui was designed from the beginning to facilitate instant settlement, providing high throughput, low latency, and low cost. Previously, Mysten Labs CPO Adeniyi Abiodu talked about Sui's vision in an interview, including: a close-knit community, adopting new monetization strategies; being able to build code on a shared infrastructure to a large extent, developers can Deploying high-quality projects and a huge user base on Sui, Adeniyi also revealed that Mysten Labs has established partnerships with some of the world's leading AAA game studios, and the future direction of Sui's development is likely to be GameFi.
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Sui airdrop rumors
In fact, Sui officials have always emphasized that there is no airdrop plan for the time being. The following is the announcement of Sui and its related applications on the SUI airdrop in the past six months:
On October 22, 2022, Sui's official social media posted: "SUI Token is currently not listed or sold anywhere, and there is currently no official airdrop plan";
On November 4, 2022, according to the official announcement, the public chain Sui launched the Web3 game preview Sui Capys on the testnet, players can buy, trade, breed and decorate Capys. The official emphasized that Sui Capys is a demo dedicated to motivating the Sui developer community and cannot be used for airdrop interactions;
On November 17, 2022, when Sui Network announced the launch of Sui Testnet Wave 1, which focuses on independent validators, Sui Network officials stated that there is currently no SUI Token airdrop plan, and the interactive testnet will not receive any rewards;
On December 20, 2022, the Sui Foundation disclosed the details of the Token community access plan, which will allow the Sui community member network to purchase SUI Token in the early stage. As part of the plan, SUI Token will also be provided to those Sui tokens before the main network People on the web who help test Sui apps or promote Sui adoption. In addition, the Sui Foundation reiterated that there is currently no official plan for SUI airdrops;
On March 22, 2023, the Layer 1 blockchain Sui announced that its mainnet will be launched in Q2 this year. There is no official airdrop plan yet, and a series of activities and content called "Wave to Mainnet" will be launched to further introduce to the community Sui;
On April 10, 2023, Adeniyi Abiodun, co-founder and chief product officer of Sui development team Mysten Labs, replied to a Twitter user's tweet about the "SUI airdrop": "Stop spreading rumors, there is no SUI airdrop, no plan Yes, never will."
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Source: social media
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IEOs and Valuations
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Source: Sui social media
There are three trading platforms that can participate in Sui IEO: OKX, bybit and Kucoin. They are:
-Kucoin: 42, 307,692.3 SUIs; (1/13 of 225 million will be released immediately, and then 1/13 will be unlocked every month; the initial release of whitelist is 35 million)
-OKX: 42, 307,692.3 SUIs; (1/13 of 225 million will be released immediately, and then 1/13 will be unlocked every month; the initial release of whitelist is 35 million)
-Bybit: 94, 000,000 SUI; (Whitelist releases 94 million immediately)
Total: 178, 615, 385 SUI.
However, Sui and Aptos are two major public chains developed by Move language and former Facebook employees. The valuation of SUI in the market is mostly compared with APT. The valuation of APT after the last financing is about 2 billion U.S. dollars. The data shows that the current circulating market value is about 2.1 billion U.S. dollars, the initial total supply is 1 billion, the current circulating supply is 187 million, the current price is 10.1 U.S. dollars, and the circulation accounts for about 17%. ; Sui’s valuation is US$2 billion, which is similar to Aptos’ last financing valuation. The initial total supply is 10 billion. Currently, IEO has unlocked 178 million. Compared with Aptos, the price of SUi token will be around US$1.06. Compared with IEO The price ($0.1) has increased by 10 times. Most people in the market are not satisfied with Sui, but they also have different evaluations on its valuation. Most people think that the price of Sui will be very high after IEO. Another thing to note is that Kucoin said that the initial circulation is expected to be 500 million SUI, which means that there is a difference between the amount of unlocked tokens and the initial circulation, and the remaining approximately 322 million SUI will be added to it after unlocking every month. What effect does price have?
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Source: Sui World
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IEO details were dissed by the community
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Source: social media
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KOL's attitude towards Sui (Sui Ecology and IEO)
To this end, BlockBeats interviewed several KOLs in the Chinese encryption community about their views on Sui's recent actions, including whether they will invest in SUI under the current sentiment.
1. Why did the Chinese community scold Sui when he announced the IEO? Are you dissatisfied with the non-airdrop, the online trading platform, or the public offering after the private placement?
Partner of Hengxin Capital@WoodySaid that the Chinese community’s dissatisfaction with Sui stems from the protests of the wool party who used the airdrop. If Sui said that there is an airdrop, the community’s attitude towards Sui may be completely opposite;
KOL @miao frog seedIt is normal to think that the community has opinions, and it cannot be said to be a problem of the community. Lumping is a process of mutual benefit between Luma users and project parties. Lumping costs are pre-paid, and the community spends time, energy and money to support the project in exchange for future returns. The current model of Sui has further increased the cost of the community and affected returns, and the lack of IEO through Binance has further reduced the expected return, so the community will naturally have concerns;
KOL @Raccoon Chan little raccoonSaid that the dissatisfaction of the Chinese community was caused by the drop in expectations of the Airdrop Party;
KOL @Lsp.ethSaid that I personally think that Sui has broken everyone's airdrop expectations for Sui, and opened a new airdrop mode, which is temporarily called the white single mode. This is the same as the Hop witch being scolded after the detection. In addition, the various rules of Sui itself are very chaotic now, and it is called "water drop chip" by the community. Although the community is very dissatisfied with Sui now, it will solve everything by pulling the pan.
2. Sui has a high degree of attention in China. Have you observed Kol’s evaluation of Sui IEO in the foreign language area?
Miaowaseed: The foreign-language area did not pay much attention to the content of SUI, which may be related to the project party's focus on the Asian community and the Chinese community;
Little raccoon: In the English area, there is not much difference between the reaction in the English area and the Chinese area.
3. Although there is a lot of criticism from the community, in all fairness, would you invest in or speculate on SUI in IEO or the secondary market?
Woody said that he will still participate in IEO a little bit, but the benefits should not be large, which is better than nothing;
Miaowaseed said that he has a relatively average level in the public chain and has no advantages, so he is not expected to participate;
The little raccoon said that he would participate in related investments, but he is not good at investing in such a large market capitalization new currency, just follow the atmosphere and play with small bets;
Lsp.eth thinks that Sui's valuation is too high and feels troublesome, whether it is the rules or TGE, so I did not participate in SUI's IEO, and will take a look at the second level. In the future, I will mainly participate in the ecology and provide Sui with a little TVL.
4. Comparing Aptos and Sui alone, will you hold APT or SUI for a long time in the future? How do you think the market value of Sui is estimated?
Woody said that in the long run, he may consider participating in some ecological projects in the medium term;
Miaowaseeds said that it has no habit of disclosing its holdings, so it will not comment;
The little raccoon said that he doesn't know much about Sui at the moment;
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With the erratic nature of cryptocurrencies, it seems that the "return of the bull" is nowhere in sight, and it is becoming more and more difficult to speculate in coins. Especially after the ARB airdrop, lugging wool has become the ultimate goal of most retail investors. The only expectation of the project is to issue airdrops. For the project side, if there is no airdrop plan for issuing coins after a large amount of financing, users will definitely be dissatisfied. Of course, for the project, it is their own business not to issue airdrops , but Sui obviously attaches importance to the Chinese community but has done a behavior that is completely opposite to the psychology of Chinese users. He pays attention to it but does not understand it. This is where Sui does not do well.
In fact, the airdrop mechanism is not a bad mechanism for the project party. Compared with ICO and IEO, the airdrop mechanism has advantages for the project. The project will not be prosecuted for violating the US securities laws, and some token sales will Considered an unregistered sale of goods, a large number of projects that have launched ICOs are potentially risky. The project airdrop plan will build a strong supporter community for the project, which is beneficial to both parties. The project will gain a loyal community, and people will make money through airdrops. If a project does not have the confidence that users will often experience its application after airdrops, then it must Consider your own problems. For Sui, the ecology is not well-known, and the airdrop mechanism is a good means of publicizing and distributing Sui applications, especially in the Chinese community. Unfortunately, it did not do so.
In terms of Sui's IEO rules and participation methods, the so-called Recognition Sale is what everyone calls the "white order mode". Some people regard this mode as another way of airdrop, but for retail investors, the trading platform KYC certification is also a big problem, which requires some cost, and Sui announced that 180,000 accounts will be randomly assigned 96,000 white list qualifications , will send an email to notify the winners. For users who participate in the white single mode, if they do not win the lottery without airdrops, it will be a double blow.
Sui’s IEO platforms (OKX, Kucoin, Bybit) do not include Binance, which also indirectly implies that Sui’s future user groups will be mainly concentrated in the Chinese-speaking area. The three platforms OKX are easy for retail investors to participate, while Kucoin and Bybit’s KYC is not easy to pass, so the problem of this IEO is here. In addition to the problems of sending wrong emails mentioned before, this IEO is very unfriendly to Chinese users. It can be speculated that the Chinese community will not be friendly to Sui in the future. Satisfied emotions may continue to ferment.
However, the ecology of Sui is not perfect at present, and there are no high-quality developers to deploy high-quality projects on it (reference: One of the Move Gemini, which projects in the Sui ecology are worth paying attention to), both are "Move Gemini", Aptos The ecology is also not good. There are not many good projects on Aptos that you have heard/experienced, and there have been no major moves for a few months after the coin was issued. In comparison, Sui is still active. Maybe the development of Sui will surpass Aptos in the future. Of course , for a newly issued chain, it is understandable that there are not many high-quality projects. After all, their journey has just begun and it will take time to verify. But going back to the beginning, Sui's vision is to provide developers with high-quality decentralized infrastructure. The fact is that there are not many high-quality developers and projects on Sui, which is contrary to Sui's original vision.
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In general, no airdrop, "unique" white list mode, chaotic IEO form filling and KYC, the main GameFi but there are many unknown ecological projects on the chain, Sui urgently needs good quality developers and loyal users, also missed At present, the most suitable "airdrop plan" to attract users is the current IEO. From the perspective of IEO, there are many people participating. After the yank, let users who participate in IEO earn money?
