After the debut of Sui mainnet, Cetus DEX's IDO had a high demand

The recent debut of the Sui mainnet has caused quite a stir in the cryptocurrency world, with one of the most significant developments being the high demand for the Cetus DEX’s initial decentralized exchange offering (IDO). The hard cap objective of 800,000 Sui tokens for the IDO was exceeded within hours of the launch, with over 6 million SUI tokens committed, valued at around $6.85 million.

In fact, the IDO achieved its first objective in less than 30 seconds, and more than 6 million SUI tokens were committed by investors, valued at around $6.85 million.

Cetus is a DEX and liquidity protocol built on Sui and Aptos, and the ongoing IDO is offering 20 million Cetus tokens (CETUS) out of a total supply of 1 billion CETUS. Users can commit SUI in exchange for CETUS at an exchange rate of 1 SUI to 25 CETUS, and the IDO is scheduled to run from May 8 to 10. Despite the initial target being surpassed, the IDO is still ongoing, with more opportunities for interested parties to invest in the Cetus DEX.

The rules and token metrics of the public sale, along with the price of SUI, have placed the Cetus DEX at an initial valuation of $45.8 million. The listing of SUI initially saw a price of $4.50 per token, with a fully diluted market capitalization of $45 billion. However, the price soon plunged by 75%, trading at $1.14 at the time of writing.

Before the listing, Binance introduced Sui mainnet LaunchPools, where users could stake either BNB or TrueUSD (TUSD) for a limited supply of SUI rewards. The LaunchPools reached nearly $4 billion in total value locked in just two days, indicating the high level of interest and demand for SUI.

The success of the Cetus DEX’s IDO and the launch of Sui on Binance have demonstrated the potential of the Sui ecosystem and the growing interest in decentralized finance (DeFi) applications. The Cetus DEX, built on the Sui and Aptos protocols, provides users with a decentralized and permissionless platform for trading and liquidity provision, without the need for intermediaries or centralized exchanges.

Overall, the high demand for the Cetus DEX’s IDO is a promising sign for the future of the Sui ecosystem and the broader DeFi space. As more investors and users become interested in decentralized platforms, the potential for growth and innovation in the DeFi industry continues to expand.

In conclusion, the debut of the Sui mainnet has caused a flurry of activity in the crypto community, with the Cetus DEX’s IDO experiencing high demand and surpassing its hard cap target within hours of its launch. This success underscores the potential of decentralized exchanges and liquidity protocols built on the Sui and Aptos networks, as well as the growing interest in initial decentralized exchange offerings as a fundraising model for cryptocurrency projects. However, investors should remain vigilant and cautious of the volatile nature of cryptocurrency markets, as evidenced by the significant drop in SUI’s price after its initial listing.