Nearly $4 billion has been staked in Binance’s Sui farming pools in anticipation of the layer -1 blockchain’s airdrop.
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On May 1, Binance CEO Changpeng “CZ” Zhao issued a warning to Tron founder Justin Sun regarding a deposit of 56.1 million TrueUSD (TUSD) to Binance. The Binance executive wrote:
“Our team told Justin, if he uses any of these to grab the LaunchPool Sui token, we will ‘take action against it’. SMH. Binance LaunchPool are meant as air drops for our retail users, not just for a few whales.”
In response, Sun said that Tron DAO’s primary objective in depositing TrueUSD “is to facilitate market-making between leading TUSD exchanges.” Nevertheless, Sun said some team members “inadvertently used a portion of them to participate in exchange campaigns.” Upon discovery, Tron DAO immediately contacted Binance and arranged for a full refund. “We sincerely apologize for this oversight,” the blockchain personality wrote.
Sui is a layer-1 blockchain created by Mysten Labs. The project was founded by former Meta executives and raised $300 million in September 2022. On April 30, Binance LaunchPool opened the BNB-Sui and TUSD-Sui staking pools for its users. A total of 40 million Sui tokens, or 0.4% of the total supply, will be airdropped to users who stake their BNB (BNB) or TUSD tokens over two days. Binance explained:
“Binance will then list SUI when its liquidity meets the requirement and open trading with SUI/BTC, SUI/USDT, SUI/TUSD, and SUI/BNB trading pairs. Exact date and timing will be announced once available.”
At publication, over 9.4 million BNB ($3.1 billion) and 686.8 million TrueUSD have been staked in the Sui launch pools on Binance. The feature requires Know Your Customer verification and is unavailable in restricted countries, such as the United States or North Korea.
Regrettably, some of our team members were not fully aware of the intended purpose for these funds and inadvertently used a portion of them to participate in exchange campaigns. Upon realizing this error, we immediately contacted the exchange team and arranged for a full refund…
— H.E. Justin Sun 孙宇晨 (@justinsuntron) May 1, 2023
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