- The Sui Network has responded to allegations regarding the token supply and control of its SUI token.
Sui Network Addresses Concerns Over Token Supply and Control
The Sui Network has responded to allegations regarding its tokenomics and control of its SUI token.
Recently, there have been some misleading posts issued about Sui’s token supply.
Let’s set the record straight, starting with the basics: locked tokens are locked by third-party custodians. They cannot be moved, and are safely custodied until they are unlocked according to Sui’s…
— Sui (@SuiNetwork) May 4, 2024
The layer-1 blockchain platform clarified that its token supply are robust and that reputable third parties handle token storage.
It emphasized that tokens are released according to a predetermined schedule and are publicly accessible, and the founders have no control over the treasury or tokens allocated to investors, including the community reserve.
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This was in response to Justin Bons from Cyber Capital, who expressed concerns about the Sui team’s token holdings, raising the issue of potential centralization risks.
I love SUI's tech, but the token distribution is garbage
You are making it worse by doubling down on some terrible takes
"Unallocated" allocations, seriously?
It comes across as defensive & insincere; clean up your communication, please; this is bad:https://t.co/hxrLXi0kwS
— Justin Bons (@Justin_Bons) May 5, 2024
Bons called for greater transparency and accountability from Sui, urging them to provide clearer evidence that the founders cannot move or access the staked tokens.
In response, Sui refuted Bons’ claims and stated that all tokens, whether distributed or not, are managed in compliance with legal and regulatory standards.
Reputable custodial service providers like BitGo, Anchorage, and Coinbase Prime oversee the management of the tokens, ensuring compliance and security.
According to Sui, the Sui Foundation manages the primary wallet holding locked tokens, which are released under specific conditions.
These token releases support various projects, such as the development of the Move programming language, network security enhancements, hackathons, and developer grants.
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Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.