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Binance to list SUI as its ICO is expected to end today

Binance NFT Introduces The Sandbox NFT02

Binance NFT Introduces The Sandbox NFT02

Binance has announced plans to list Sui (SUI) amid the project’s initial coin offering (ICO) event, which is set to close today with the launch of its mainnet at 12:00 UTC. The project’s last phase ICO is ongoing on the Dubai-based crypto exchange ByBit.

Binance disclosed the development in an official press release today. According to the exchange, upon listing SUI, trading for the asset will be open today at 12:15 UTC. Available trading pairs initially include SUI/USDT, SUI/BTC, SUI/ TUSD, SUI/BNB, SUI/EUR, and SUI/TRY. The exchange also promised zero maker fees on the SUI/TUSD pair until further notice.

The announcement comes barely three days after Binance declared support for SUI on its launchpad. The platform disclosed on April 30 that it would include SUI as the 33rd project on its launch pool, allowing users to stake BNB or TUSD to farm SUI in two days, beginning on May 1.

Farming has ended at the time of writing, with a total of 8.89 million BNB, currently valued at $2.87 billion, staked. Moreover, roughly $892.5 million worth of TUSD was also staked. Recall that Binance CEO Changpeng Zhao warned Justin Sun, founder of Tron, against taking advantage of the launch pool after Sun deposited 56.1 million TUSD to Binance on May 1.

Meanwhile, the Sui mainnet is set to launch today following the conclusion of its ICO phase, which began on April 20. ICO prices ranged from $0.03 to $0.1. Notably, the sale price on KuCoin and OKX stood at $0.1, with the sale events on these exchanges closing on April 22 and April 24. The ongoing ICO on ByBit puts the sale price at $0.03.

However, investors have been purchasing the IOU (I Owe You) versions of SUI on exchanges such as BitForex, Hotbit, SuperEX, and DigiFinex. While the IOU prices on these exchanges differ, the value on CoinMarketCap currently stands at $2.5 at the time of writing.

The IOU version of a crypto asset refers to a placeholder token or tokenized representation of the asset, typically traded on a cryptocurrency exchange before the actual asset becomes available on the blockchain.

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