SUI Token Release Schedule and Cross-Border Payments Network on Sui
Sui network has released the schedule for the distribution of its SUI token, following allegations of dumping rewards on Binance. The decision to share the schedule was made to promote transparency and open communication. The token distribution will occur over the next seven years, with allocations for Stake Subsidies, Community Access Programs, and Community Reserve already unlocked. Allocations for early contributors and investors will begin in April 2024, while tokens held by Mysten Labs will be unlocked in 2025. Adjustments may be made to ensure a stable tokenomics model.
In addition, Six Clovers, a fintech firm led by PayPal veterans, has announced the rollout of Versal Network on the Sui blockchain. This network aims to enable faster, more cost-effective, and secure cross-border payments. It also facilitates transactions in stablecoins and central bank digital currencies, with the goal of bridging the gap between Web2 and Web3.
Key Points:
- SUI token distribution will occur over the next seven years.
- Allocations for Stake Subsidies, Community Access Programs, and Community Reserve have already been unlocked.
- Allocations for early contributors and investors will start in April 2024.
- Mysten Labs’ SUI tokens will be unlocked in 2025.
- Adjustments may be made to ensure a stable tokenomics model.
- Six Clovers has launched Versal Network on the Sui blockchain for cross-border payments.
- Versal Network aims to bridge the gap between Web2 and Web3.
Hot Take: The release of the SUI token schedule demonstrates Sui network’s commitment to transparency. By sharing this information, they aim to address allegations of dumping rewards and maintain open communication with their community. The partnership with Six Clovers to create a cross-border payments network on the Sui blockchain is an exciting development that will enhance the usability and adoption of SUI tokens.
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