Where do I get SUI and how will tokenomics work?

Highly anticipated tier-1 blockchain Sui launches tomorrow, but how does it, and its native token SUI, actually work?

The proof of effort The blockchain, which uses a modified version of the Move programming language, has a cap of 10 billion tokens.

The Sui Foundation says that a share of SUI’s total supply will be liquid at the launch of the mainnet tomorrow. The remaining tokens will be available over the coming years or distributed as future stake rewards.

SUI will be used to pay gas fees for transactions, stakes (to earn rewards), and as part of the network’s governance process. Half of the supply of tokens is allocated to the Community Reserve – a fund managed by the Sui Foundation.

Most of the remaining tokens will be for those who have contributed to the project, and 14% will be allocated to investors, the Sui Foundation has said. Sui community members will be able to purchase the SUI token in the early stages of the Sui Mainnet.

Which exchanges will support SUI? A number of smaller exchanges – BitForex, DigiFinex, HotBit and SuperEx – have allowed customers to purchase IOU versions of tokens in advance. Of the major exchanges, Binance, OKX, KuCoin and ByBit have all made announcements. US citizens and residents are not eligible to receive SUI.

Binance

The world’s largest crypto exchange announced last week that users will first be able to mine SUI via Binance Launcpool, a DeFi platform that allows users to mine new assets. Binance will then list SUI when liquidity meets the requirement and open trading of SUI/BTC, SUI/USDT, SUI/TUSD and SUI/BNB trading pairs, the company added.

OKX

SUI will also be available via Seychelles-based crypto exchange OKX’s Jumpstart platform, according to a blog post. The exchange said last month that users could get involved first via a token allocation lottery where holders of OKB (the exchange’s original token) could buy tickets. Winners of the lottery will then be able to buy SUI.

The exchange also said it would allow users to view and trade assets on Sui via the OKX mobile app and the OKX Wallet web extension.

KuCoin

KuCoin has said that the tokens will be available to investors immediately when the mainnet goes live tomorrow. The trading pair will only be SUI/USDT, and futures with USDT margin will be available at a later date when liquidity meets the requirement, according to the exchange.

City bit

Bybit launched a SUI “recognition sale” last month – just so select community members can snap up the token. Spot trading will be available to retail traders of SUI/USDT and SUI/USDC pairs from tomorrow, the exchange has said.