Sui Network Addresses Concerns Over Token Supply and Founder Control
Sui Network, a Layer-1 decentralized platform, has responded to widespread misconceptions regarding its token supply in a rebuttal published on the X platform.
The response aims to address attacks on its tokenomics, particularly concerning the distribution of tokens and founder control, as the founders face investigations regarding allegations of holding a large portion of tokens.
The platform asserts that its token economics are reasonable, with well-reputed third-party custodians employed to manage the locked tokens. These tokens are released according to a predetermined emission schedule, publicly available for scrutiny. The foundation emphasizes that the founders have no control over the treasury or any tokens allocated to investors, including the community reserve.
Furthermore, the Sui Foundation holds the primary wallet for locked tokens allocated for controlled release to support ecosystem development, including projects such as the Move programming language, network security enhancements, and community-oriented initiatives.
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Additionally, the network explains the distribution of staking rewards, which are designed to contribute back to the community for economic balance and fairness.
Despite concerns raised by Justin Bons of Cyber Capital regarding founder token holdings, the Sui Network asserts its dedication to transparency and compliance. All tokens, including undistributed ones, are managed in accordance with legal and regulatory standards, overseen by reputable custodial services like BitGo, Anchorage, and Coinbase Prime.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
