Sui Foundation Addresses Accusations of Selling Staking Rewards: SUI Supply and Emissions
Executive Summary
This report provides an overview of the recent accusations against the Sui Foundation regarding the sale of staking rewards from locked SUI tokens. The foundation has released a statement denying these allegations and clarifying the $SUI token supply and distributions. However, concerns remain regarding the accuracy of emission data and market cap claims. The market has responded with a 4.22% drop in the price of #SUI over the last 24 hours. This report aims to provide a professional analysis of the situation.
Accusations and Response
DefiSquared accused the Sui team of misrepresenting the SUI emission schedule and dumping staking rewards from locked SUI tokens. They claimed the actual inflation rate is 20% per month, contradicting the data shown on CoinMarketCap. In response, the Sui Foundation stated that they have not sold staking rewards or any other tokens from locked and non-circulating staked SUI on #Binance or other platforms. They emphasized that all insider token allocations are subject to lock-ups and compliance with transfer restrictions.
The foundation addressed the on-chain transaction provided as evidence, stating that it was a payment subject to a contractual lockup. They also announced their plan to release a detailed projection of the token release schedule in the near future.
Market Response and Concerns
Following the release of the Sui Foundation's statement, DefiSquared expressed ambiguity in the response, questioning the claim that $SUI's market cap had never exceeded CoinMarketCap's display. They deemed it highly unlikely. As a result, the price of SUI has dropped by 4.22% over the last 24 hours, with TokenInsight data showing the current trading price at $0.710195.
