The IDO of Sui DEX Cetus was oversubscribed by 650%.

2023-05-08

Summary: - Cetus initial DEX offering (IDO) fundraising goal reached in less than a minute - Hard cap target of 800,000 SUI tokens surpassed with over 6 million SUI committed worth approximately $6.85 million - Cetus is a DEX and liquidity protocol built on Sui and Aptos - The IDO is still ongoing despite the initial target being reached and 20 million CETUS tokens are up for grabs - Users can commit SUI in exchange for CETUS at an exchange rate of 1 SUI to 25 CETUS - Sui mainnet officially launched on May 3, with listings of its SUI token - Before the listing, Binance introduced Sui LaunchPools, which reached nearly $4 billion in total value locked in just two days - The LaunchPools staked either Binance Coin (BNB) or TrueUSD (TUSD) for a limited supply of SUI rewards - Cetus DEX at an initial valuation of $45.8 million - SUI public sale took place weeks prior with an offering price of 0.1 Tether (USDT) per SUI - Immediate after listing, SUI price opened at $4.50 apiece with a fully diluted market capitalization of $45 billion before plunging 75% to trade at $1.14 at the time of publication - Developers state that when the total commitment surpasses the hard cap, purchasers' final purchase amounts will be calculated proportional to all respective committed amounts from all purchasers in the IDO

Full article:

According to developers, the fundraising goal of the initial DEX offering was reached in less than one minute.

Just hours after the initial DEX offering (IDO) for Cetus began on May 8, its hard cap target of 800,000 Sui (SUI) tokens has already been surpassed, with over 6 million SUI committed worth approximately $6.85 million at the time of publication. Developers claimed that the IDO reached its initial goal in less than 30 seconds after the sale went live. 

Cetus is a DEX and liquidity protocol built on Sui and Aptos. The IDO, which is scheduled to take place from May 8-10, is still ongoing despite the initial target being reached. During the IDO, 20 million Cetus tokens (CETUS) are up for grabs 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. The rules and token metrics of the public sale, along with the price of SUI, would place the Cetus DEX at an initial valuation of $45.8 million. 

The IDO has a hard cap of 800,000 SUI. According to developers, when the total commitment surpasses this amount, "Each purchaser’s final purchase amount accepted by the Seller will be a portion of their committed amount, calculated proportional to all the respective committed amounts from all purchasers in the IDO."

A layer-1 blockchain created by former Meta execs, the Sui mainnet officially launched on May 3, along with listings of its Sui token. The SUI public sale took place weeks prior with an offering price of 0.1 Tether (USDT) per SUI.

Immediately after the listing, the price of SUI opened at $4.50 apiece with a fully diluted market capitalization of $45 billion before plunging 75% to trade at $1.14 at the time of publication. Before the listing, Binance introduced Sui LaunchPools, where users could stake either Binance Coin (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.

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Source: cointelegraph.com

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