SUI Network clarifies concerns surrounding its token supply

The fastest L1 Sui Network has responded to misleading posts and allegations regarding its tokenomics, SUI token's supply

Stevenson

• Updated: Monday, May 06, 2024, 00:36

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At a Glance

• The fastest L1 Sui Network has responded to misleading posts and allegations regarding its tokenomics.
• Mysten Labs the parent of the SUI Network clarified, amount of token's the foundation controls and it's release schedule.

The fastest L1 Sui Network has responded to misleading posts and allegations regarding its tokenomics, SUI token's supply.

In the clarificaion Mysten LabsMysten Labs told that the locked tokens are locked by third-party custodians and that they cannot be moved, and are safely custodied until they are unlocked according to Sui’s token emissions schedule. Furthere added that founder's of Mysten LabsMysten Labs do NOT control the Sui FoundationSui Foundation and it's treasury, the community reserve, stake subsidies, or any tokens allocated to investors.

In this details they also clarified that all the tokens has been allocated and there is no mystery surrounding about token ownership of every token that will be released.

Sui token release timeline

This was in response to Justin BonsJustin Bons from Cyber CapitalCyber Capital, who expressed concerns in his posts on X about potential risks of centralization of the Sui Network due to the Sui team's token holdings calling for greater transparency and accountability from Sui to provide clarification about the accessibility of the staked tokens by team.

Sui Foundation is the largest holder of locked tokens, which will be unlocked in accordance with the public emissions schedule. These tokens are used to support builders, advance the Move programming language, increase network security, and grow the ecosystem through initiatives like developer grants, hackathons, bug bounties, academic research, and more.

Staking rewards are already in circulation because they are composed of stake subsidies and network fees. Furthermore, 100% of staking rewards earned by the Sui Foundation are returned to the community, and included in the public emission schedule.

To check the Sui’s official token unlock schedule, which is the ONLY official and verified source for this information, along with links to other resources, visit SUI Token Release ScheduleSUI Token Release Schedule.

"The Sui Foundation is committed to full transparency and serving its community", said by the SUI team.

Mysten Labs innovating to accelerate web3 and blockchain infrastructure laying the foundations for a decentralized web stack suitable for mass adoption. They are known for developing the Sui blockchain, a high throughput and low latency network.

Keep up to date on all the latest from Mysten Labs👇

WebsiteWebsite | XX | GitHubGitHub | YouTubeYouTube

Sui is a Layer 1 blockchain developed by Mysten Labs, designed for speed, security, and scalability.

Keep up to date on all the latest from Sui👇

WebsiteWebsite | XX | DiscordDiscord | YouTubeYouTube

This article was originally published on: May 6, 2024 at 12:36 AM

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