According to the developers, the fundraising goal of the initial DEX offering was reached in less than a minute.
Just hours after Cetus’ initial decentralized exchange (IDO) offering began on May 8, it had already beenovercome its capitalization target of 800,000 Sui (SUI) tokens, with over 6 million SUIs pledged worth approximately $6.85 million at the time of publication. The developers claimed that the IDO reached its initial goal in less than 30 seconds after the sale went live.
Cetus is a DEX and liquidity protocol based on Sui and Aptos. The IDO, which is scheduled to take place from May 8 to 10, is still running despite having achieved the initial goal. During the IDO, 20 million Cetus tokens (CETUS) are up for grabs out of a total bid of 1 billion CETUS. Users can pledge SUI in exchange for CETUS at an exchange rate of 1 SUI to 25 CETUS. The public sale token rules and metrics, along with the SUI price, would put the Cetus DEX at an initial valuation of $45.8 million.
The DEX has a capitalization of 800,000 SUI. According to the developers, when the full commitment overcome this amount, “each buyer’s final purchase quantity accepted by Seller shall be a portion of its committed quantity, calculated proportionately to all respective buyers’ committed quantities in the IDO.”
A Layer 1 blockchain created by former Meta executives, the Sui mainnet officially launched on May 3, along with the listing of its Sui token. Sui’s public sale took place weeks earlier, with an offer price of 0.1 Tether (USDT) by Sui.
Immediately after listing, SUI’s price opened at $4.50 per unit, with a fully diluted market capitalization of $45 billion, before plunging 75% to trade at $1.14 at press time. Prior to the listing, Binance introduced Sui LaunchPools, where users could stake BNB (BNB) or TrueUSD (TUSD) to get a limited supply of SUI rewards. LaunchPools reached nearly $4 billion in total value locked 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
What happened? 100%+ commitment in 20 seconds. More than 500% commitment in 2 hours. Now we have really felt the power of #Sui! GRS
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