Sui Foundation's native token IEO sparks community dissatisfaction, triggering a wave of resistance with #SuiScam on Twitter.

In October 2022, the public chain Aptos conducted a large-scale airdrop of 20 million APT tokens to community members, creating many airdrop wealth myths. The Sui team, founded by former Meta employees, also attracted over 750,000 people to join the test chain applications within a year due to the airdrop expectations. Recently, Sui announced that they will conduct the Initial Exchange Offering (IEO) through exchanges, sparking a wave of resistance with the #SuiScam tag on Twitter.

Update on 4/20: Sui will go live on the mainnet on 5/3, with nearly 100,000 names confirmed for the Sui Recognition Sale.

Quick Overview of Sui: What is Sui?

Sui is a Layer1 public chain developed by Mysten Labs, with its founding team coming from Meta's Diem and Novi projects. The Sui blockchain and its ecosystem are developed using the Move programming language, featuring characteristics such as diverse scalability, high throughput, low latency, and low cost. The goal is to achieve the most efficient data processing capacity without compromising security, providing Web3 users with the best and most accessible user experience.

Comparing the Meta lineage of Aptos and Sui

Understanding the features of Meta's public chains

Sui Long-term Emphasis: No Airdrops, Community Expectations Unchanged

Since its establishment, Sui has continuously stated "no airdrop plans," yet the community's enthusiasm for participating in the Sui ecosystem remains unabated. It wasn't until the official announcement of IEOs on Kucoin, Bybit, and OKX exchanges on 4/15, 18, and 23, selling 5.94 billion SUI tokens (approximately 5.94% of the total supply), that shattered the dream of an airdrop.

Looking back, the Sui Foundation, which raised over $300 million, has drawn attention with every move. Since the token allocation chart was released at the end of December 2022, the community has shown excitement towards the 6% community visit plan and application tester allocation. The official statement that early Sui community members are crucial in token distribution has led to speculation within the community that there may still be undisclosed airdrop plans. Stating no plans now doesn't mean there won't be any in the future.

Timeline of Events:

Sui Community Outcry: #SuiScam

In response to community feedback, Sui's official team announced that active users in their Discord community would have the opportunity to qualify for a whitelist, allowing them to purchase SUI at a lower price, known as the Recognition Sale.

This move led participants to believe that Sui had abandoned community members and disregarded the contributions of early participants and testers, prompting them to continuously post on Twitter with the #SuiScam tag to express their dissatisfaction and accusations against Sui. As of 4/19, there have been over ten thousand posts related to this tag.

Additionally, the community also criticized Sui's official team for selling tokens meant for the community before obtaining community consent, accusing them of fraudulent activities. This controversy has led to a gradual loss of support, enthusiasm, and trust in the project within the community, with many expressing "No airdrop, no community."

Sui IEO Missteps: Delays on All Three Exchanges

After announcing the Sui IEO, delays in statistical information caused the scheduled IEOs on three exchanges to be affected.

At 12:00 PM on 4/19, the Sui team announced on Discord that due to delays in Recognition Sale data submission, they had communicated with the three exchanges for postponement, and they would also adjust accordingly.

Sui's official team mentioned that no emails had been sent to community members in the past 24 hours, warning them to beware of scams and false information, and promised to continue updating information.

A Warning to Airdrop Enthusiasts: No Means No

Participation and contributions in blockchain and cryptocurrency do not always guarantee rewards. Despite the Sui Foundation and developers repeatedly stating no airdrop plans, so-called "airdrop enthusiasts" still fervently believe they will receive token rewards for their contributions. From another perspective, this event can serve as a warning to blockchain investors that the market is unregulated and high-risk, requiring careful consideration and comprehensive research before investing.

Risk Disclaimer: The official team has repeatedly stated no airdrops. Any links or unclear URLs related to Sui shared through unofficial channels may contain malicious programs. Please be aware of the risks and protect your assets.