Sui Network responds to claims on the quantity of its tokens


According to Sui, its tokenomics are solid, and it stores its tokens with trustworthy third parties.

Misunderstandings about the supply of Sui Network tokens have been cleared up by the company. A post on X by the layer-1 blockchain disputed tokenomics claims made in relation to the ownership and distribution of the S SUI token.

Sui insists in the announcement that its tokenomics are solid and that it stores its tokens with trustworthy third parties. It asserts that tokens are published on a set timetable, that they are available to the public, and that the creators have no say over the community reserve or investor treasury.

According to Sui, the main wallet containing the locked tokens is managed by the Sui Foundation. These tokens are released under particular circumstances. Token sales fund a wide range of initiatives, including as the Move programming language, hackathons, developer awards, and improved network security.

According to Sui, the community receives back all of the staking benefits, which include stake derivatives and network commissions.

Cyber Capital’s Justin Bons, on the other hand, voiced his worries over the Sui team’s token holdings. Bons had concerns about the founders potentially controlling a large number of staked tokens, which might lead to centralization, and he urged Sui to be more transparent and accountable.

But Sui rejects Bons’ claims and says it has already been shown that trustworthy custodial service providers like BitGo, Anchorage, and Coinbase Prime maintain all tokens in accordance with legal and regulatory requirements, regardless of distribution status.

Bons questioned Sui’s claims of openness by asking them to stand in for the st and show that the founders had no control over it.

According to Bons, promises of transparency are undermined when token status is misrepresented, and genuine transparency requires unmistakable proof that the assigned tokens are safely stored and cannot be altered.

The Sui Network simplified Web3 logins in September 2023 for its applications with zero knowledge login via Twitch, Google, and Facebook. Its reputation for cheap costs and huge transaction volumes dates back to its founding.

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