Recently, in the world of cryptocurrency, Sui and its Initial Dex Offering (IDO) by Cetus has attracted the attention of many. The IDO went live on May 8 and in less than 30 seconds, the hard cap target of 800,000 Sui (SUI) tokens was surpassed with over 6 million SUI committed. This was worth roughly $6.85 million at the time of publication. During the IDO, 20 million Cetus tokens (CETUS) are available from the total supply of 1 billion CETUS. 1 SUI is equivalent to 25 CETUS. The initial valuation of the Cetus DEX is $45.8 million based on the token metrics and the set price of SUI.

The Sui mainnet officially launched on May 3 and the SUI public sale was facilitated with an offering price of 0.1 Tether (USDT) per SUI. During the listing, the price of SUI opened up at $4.50 per token and achieved a fully diluted market capitalization of $45billion.

Binance introduced Sui LaunchPools earlier where users had the opportunity to stake either Binance Coin (BNB) or TrueUSD (TUSD) for a limited supply of SUI rewards. The LaunchPools reached nearly $4 billion in value locked in two days.

Within the two hours of the IDO, 500% of the SUI tokens had already been committed. Recent reports suggest that the IDO has resulted in a 100% commitment in only 20 seconds and Justin Sun's SUI-farming, Pep Coin's wild run, and 3AC's Oyster philosophy which are currently trending in the cryptocurrency market has added to its success even more.



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