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Sui Token has garnered attention as the first permissionless Layer 1 blockchain. As a result of the successful airdrops of Arbitrum, it is one of the projects that people are most interested in receiving this year.
Sui Token is a fully decentralized storage, scale-out, proof-of-stake blockchain. It is intended to symbolize a step-function advancement in blockchain technology. That will allow designers and programmers to create experiences for Web3 consumers. Sui is the first permissionless Layer 1 blockchain ever created. According to blockchain projects that are starting to gain traction, the number of airdrops received is directly related to the number of blockchain interactions.
Sui Blockchain is looking to enable Web3 and NFT, while Solana is concentrating on DeFi. Binance has added Sui Token as its 33rd project to its Launchpool. Binance users can stake their BNB and TUSD tokens to farm SUI from May 1, 2023 until 23:59 UTC on May 2.
Sui Token and its launch
Sui’s native token, SUI, will be launched when the mainnet goes live. SUI will be used for gas fees charged for all network operations. It will also be used to pay for Sui’s storage pool to change staking rewards over time and compensate future validators for the costs of previously stored on-chain data.
In other words, users pay upfront for storage. Fees are collected into a fund that is used to adjust future participation of participation rewards. The higher the demand for storage, the higher the rewards for validators.
Sui has yet to announce the SUI token airdrop, though it will soon run incentivized testnets, which will reward participants.
