The SUI token lands on Binance Launchpool, what is it?

Binance Launchpool allows to stake BNB to farm SUI. The token of the layer1 Sui Network will be listed when it has sufficient liquidity. But what is SUI token?

What is SUI?

SUI is a project developed by a company called Mysten Labs. It aims to be a highly scalable and interoperable blockchain platform that can be used for a variety of applications, including decentralized finance (DeFi), non-fungible tokens (NFT), and more.

In other words, Sui is a next-generation proof-of-stake (PoS) blockchain. The latter was founded by former Meta engineers, who notably contributed to the development of the abandoned Diem project.

In contrast to the vast majority of current layer 1 blockchains, Sui takes a different approach to the architecture of its blockchain. Sui does not work with accounts and balances. Instead, the Sui blockchain uses what Mysten Labs calls “objects” for storage. Smart contracts are called “Move Packages” and these manipulate the “Move Objects”.

For your information, the Move programming language is based on the well-known Rust, which is used on blockchains like Solana, Cosmos or Polkadot. Just like Solidity is on Ethereum, Move is a language for developing smart contracts on the Sui blockchain.

SUI is the native token of the blockchain. It is a classic crypto-currency like we can see on other proof-of-stake blockchains. SUI can be locked, or staked, in order to secure the eponymous blockchain. Finally, the SUI token is intended to be the cornerstone of the Sui ecosystem, being the reference currency as well as the one with the most liquidity for any kind of application.

The token is coming to Binance?

Binance has announced the opening of launchpools allowing you to farm SUI by staking its native token BNB or the stablecoin TUSD.

You can stake BNB and TUSD in separate Launchpools to farm SUI over 2 days, with farming starting on May 1 at 2:00 (fr time),” tweeted the number 1 crypto-trading company on Sunday evening.

This is the 33rd project listed on Binance Launchpool, according to a statement. The crypto exchange says SUI will be offered for trading once the digital coin liquidity meets its requirements for trading.

“Users will benefit from zero maker fees on the SUI/TUSD pair until further notice,” Binance said.

Last month, the layer1 Sui Network was selling 594 million SUI tokens on Bybit, OKX and KuCoin.