In response to recent social media questions about the SUI token model and the founder's control of the token, Sui tweeted that its unlocked tokens are locked by a third-party custodian, cannot be traded, and are kept safe. The founders of Mysten Labs (the Sui development team) do not control the Sui Foundation's vault, community reserves, pledge subsidies, or any tokens distributed to investors.
The Sui Foundation is the largest holder of locked tokens. The tokens will be unlocked according to the public offering plan and used to support developers, advance the Move programming language, improve cyber security, and develop the ecosystem through programs such as developer grants, hackathons, bug bounties, academic research, etc. In addition, the pledge reward is already in circulation and consists of pledge subsidies and network fees. 100% of the pledge reward received by the Sui Foundation is returned to the community and included in the public distribution plan.
Sui: Tokens are locked by a third-party custodian, cannot be traded, and are kept safe
2024-05-05 04:19:27
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