Binance launches SUI mining, BNB soars alone, Bitcoin leads the market in a general decline
On May 1st, the exchange Binance announced the 33rd phase of new coin mining - SUI, with BNB rising nearly 4%, while mainstream currencies such as Bitcoin experienced across-the-board declines.
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Binance Launches SUI New Coin Mining, Only Mineable for Two Days
The highly anticipated Meta chain Sui was initially only issued on Kucoin, Bybit, and OKX exchanges through IEO token offering, and the community speculated why the largest exchange Binance did not cooperate.
Finally, on May 1st, Binance announced the 33rd phase of new coin mining – SUI. Users can deposit BNB and TUSD on the Launchpad website starting from 8:00 GMT+8 on May 1st to receive SUI rewards, with a mining period of 2 days until May 3, 2023, 7:59 GMT+8.
Supplementary: Understanding what stablecoin TUSD is.
According to the Binance official announcement, the total mining quota this time is 40 million, with 20 million allocated per day, accounting for 0.4% of the total SUI supply:
- BNB Mining Pool: Total of 32,000,000 SUI available for mining (80%)
- TUSD Mining Pool: Total of 8,000,000 SUI available for mining (20%)
In the future, SUI/BTC, SUI/USDT, SUI/TUSD, and SUI/BNB trading markets will be launched, with SUI/TUSD enjoying zero maker fees.
Binance Launches SUI New Coin Mining, BNB Soars, Lending Interest at 153%
Before and after the Binance announcement, BNB saw a surge, reaching nearly $340 at one point, and at the time of writing, it was at $334 with a 24-hour increase of 4%.
At the time of writing, on BSC's largest lending protocol Venus, the BNB lending rate (lend) is 85%, and the borrowing rate (borrow) is 153.4%.
