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Just hours after the initial DEX (IDO) offering for Cetus began on May 8, its hard cap target of 800,000 Sui Tokens (SUI) has already been exceeded, with over 6 million SUIs worth about $6.85 million. The developers claimed that IDO achieved its original goal in less than 30 seconds from the start of the sale.
Cetus is a DEX and liquidity protocol built on top of Sui and Aptos. The IDO, which is scheduled for May 8-10, is still ongoing despite the fact that the original goal has been achieved. During the IDO, 20 million Cetus tokens (CETUS) will be given away out of a total of 1 billion CETUS tokens. Users can lock SUI in exchange for CETUS at the exchange rate of 1 SUI for 25 CETUS. According to the rules and indicators of the public sale tokens, as well as the price of SUI, the initial valuation of Cetus DEX will be $45.8 million.
IDO has a hard cap of 800,000 SUI. According to the developers, when the total commitment exceeds this amount, “each buyer’s final purchase amount accepted by the seller will be a fraction of his amount allocated to him, calculated in proportion to all relevant amounts allocated from all buyers in the IDO.”
A Level 1 blockchain created by former Meta executives, the Sui network officially launched on May 3rd along with the listings of its Sui token. The public sale of SUI took place a few weeks earlier at an offering price of 0.1 Tether (USDT) per SUI.
Immediately after the listing, the price of SUI opened at $4.50 apiece with a fully diluted market cap of $45 billion before dropping 75% to trade at $1.14 at press time. Prior to the listing, Binance introduced Sui LaunchPools where users could wager on either Binance Coin (BNB) or TrueUSD (TUSD) for a limited number of SUI rewards. The total value of LaunchPools reached nearly $4 billion in just two days.
What happened? 100%+ commit in 20 seconds. 500%+ commit in 2 hours. Now we’ve really felt the power of #Sui! LFG #Cetus pic.twitter.com/Gwb6Z2CSLb
— Cetus (@CetusProtocol) May 8, 2023
