How FTX missed a potential wind of $ 1 billion from SUI due to bankruptcy

How FTX missed a potential wind of $ 1 billion from SUI due to bankruptcy

The Bankrotte Krypto exchange FTX missed the potential to have SUI tokens worth billions of dollars after selling their option rights on the native token of the almost launched layer 1 blockchain too early.

After the highly expected start of the SUI in-line, the price of the SUI token rose to over $ 3 before losing value. At the current price of SUI, the FTX SUI tokens would have been worth around $ 1 billion.

ftx loses profits on SUI after the sale of his token-warrants

The management of ftx lost the opportunity for a potential payday of $ 1 billion through the sale of 890 million SUI token wars. A token-warrant gives an investor the right to own assets that will be released in the future. In the case of FTX, the token wars of the crypto exchange enabled the company to get 890,000,000 SUI at the start.

In 2022, FTX Ventures, the risk capital arm of the bankruptcy rotting crypto, led the Serie B financing round of Mysten Labs. Mysten Labs, the Sui-Blockchain developer, collected $ 300 million with $ 2 billion. Other well -known participants of the round were Binance, Coinbase and Circle.

Part of the investment of FTX included the purchase of equity shares in mysten Labs worth $ 101 million and option rights for the purchase of over 800 million SUI tokens worth $ 1 million. In March 2023, however, FTX announced the intention of reserrating his participation in Mysten Labs and SUI token option rights.

The surrender business was completed in April for $ 96 million, a little less than the amount paid by FTX. The transaction was part of the insolvency proceedings of the crypto tour.

but the sale of FTX may have happened a little too early. On May 3, 2023, the Sui-Minnet went live, with the Sui-Token, according to Coingecko, trading at a maximum of over $ 3.5 a few minutes after the start. While the price of the token at the time of writing, the 890 million SUI tokens from FTX would have been worth over $ 1 billion, which would have meant more money for the company.

The throughput rate of Sui Blockchain achieves a peak of almost 300,000 TPS

The SUI network is a layer 1 blockchain that uses the Proof-of-Stake (POS) mechanism and is characterized by increased speed and scalability. According to a performance update In April 2023, the SUI network with 100 validators reached a high throughput rate of 297,000 transactions per second (TPS) and at the same time recorded an average time up to the finality of less than half a second.

The SUI token has a market capitalization of over $ 700 million coin token. In addition, the fully diluted rating (FDV) is currently $ 13.3 billion, while the circulating range is over 528 million, 5.28 % of the maximum total offer of 10 billion.

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