What Is Suiswap?
The Suiswap IDO event is currently one of the most anticipated events in Web3 and with good reason. Suiswap is intended to bring efficiency to the Sui ecosystem, a Proof of Stake blockchain that was built for speed, security, and scalability.
In this article, we’ll explore what the Suiswap is, how it seeks to improve the Sui blockchain, and how you can participate in Suiswap’s upcoming IDO event. You’ll also learn about what the Sui network is, how it works, its native token SUI, which you hold using Trust Wallet, and what role the Sui network looks to play in increasing the development of Web3
What Is Sui?
Sui is a permissionless, layer-1, delegated proof-of-stake (dPoS) blockchain that was created to solve issues like slow transaction speeds, high fees, security, and difficulties in building Web3 apps.
The blockchain was officially launched on May 3, 2023, as the first product created by MystenLabs for the Web3 and NFT industries. Most members of the MystenLabs team were previously famed for working on Meta’s Diem project.
As a layer-1 protocol, Sui acts as the foundational infrastructure for developers who would like to create different types of Web3 apps, like games on the network. The developers can use Sui Move, the network’s programming language, which is an improved version of the original Move language, to create their apps. This programming language was intentionally created by the Mysten team to increase the interoperability of apps Sui with other networks, which is the ability of different blockchains to communicate and carry out transactions with each other. Interoperability is considered a vital part of increasing the use of Web3 worldwide.
While Sui is an interoperable network, it also has some characteristics and features that are unique to it. To start, Sui has its own native token, known as SUI, with a current supply of ten billion tokens. These tokens are what many people buy and use in the network and also hold on wallets like Trust Wallet.
SUI was created to perform several functions, including transactions on the network, paying for gas fees, and as tokens that can be staked by people using the Sui network. The tokens are also used as a governance token that lets people vote on decisions related to Sui.
In terms of transactions, Sui can mistakenly be compared with other PoS networks though it works in a slightly different way. Usually, most PoS networks’ smart contracts are programmed to operate in relation to individual accounts. Instead of that, Sui’s smart contracts are developed around programmable objects which can be mutable (can be changed) or immutable (can not be changed). This difference helps to improve finality on the network, which means that the time taken for a transaction to be completed on the network is faster than on other networks
Another aspect that makes Sui different is its Parallel Transaction Execution feature. While on other smart-contract blockchains, people need to have their transactions executed one at a time in the order they appear. They don’t have to have the same experience on Sui.
Instead, transactions on Sui are executed parallel to each other at the same time, bringing the possible transactions per second on Sui to be one of the highest in Web3 - at 120,000 transactions per second. All the transactions on the network are approved by permissionless validators instead of energy-intensive dedicated nodes like on a lot of other blockchain networks.
Other than being a great platform to build Web3 apps on and to carry out transactions, Sui is primarily optimized for Web3. Some of the top Web3 products and features that Sui can support include loyalty programs, asset tokenization, gaming apps, decentralized social media services, on-chain DeFi and traditional finance, and more. Its ability to potentially support different types of offerings on Web3 makes it one of the favored places to build Web3 apps on. For a deeper look into the Sui network, read more on our in-depth beginner's guide to Sui.
Next, we’ll take a look at Suiswap, one of the newest innovations on the Sui network that will bring more interoperability and a more conducive environment for Web3 to thrive on the network.
Suiswap is a decentralized token trading platform that is built on the Sui blockchain. Created by the Vivid Network, Swuiswap seeks to provide a secure, decentralized, and fast token-trading platform for people using Sui. The platform’s native token is SSWP which is used to earn platform revenue, participate in yield farming, vote on Suiswap governance issues, and more.
Having a decentralized exchange like Suiswap on Sui means that over time, all protocols, apps, and Web3 products and services will have an easier and more affordable way to exchange or trade tokens on the network. This will also be a positive for increasing interoperability within the network and on other connected blockchains.
Suiswap currently offers different types of products and features. The first is a liquidity pool similar to those in traditional exchanges. Here, people trade tokens and stablecoins in a decentralized manner while liquidity pool providers earn money by contributing an amount of their SSWP tokens into the pools. Secondly, Suiswap features a central limit order book trading platform where people can place limit orders and potentially have higher prices compared to automated market makers while also having control over their trading choices.
Other features of Suiswap include yield farming and liquidity farming. Yield farming on Suiswap involves people holding/locking and using their SSWP tokens to support the growth and functioning of the exchange while, in turn, receiving a share of the platform’s revenue. Liquidity farming, on the other hand, involves staking a share of your SSWP tokens in liquidity pools and earning SSWP tokens as rewards. Both approaches have been set up to attract more people to the network while profiting those already on it.
Another way in which people are being incentivized to join Suiswap is through the upcoming and highly anticipated Suiswap IDO event.
The Suiswap IDO Event
An IDO (Initial DEX Offering) is a creative crowdfunding mechanism that decentralized exchanges use to generate funds and increase the popularity of their tokens.
In Suiswap’s instance, the exchange has set out dates, June 3, 2023, to June 5, 2023, where their SSWP tokens will ‘go live’ and be available for purchase. The Suiswap IDO event will feature retail investors who would like to be the first to acquire the exchange’s tokens.
When it comes to participating in the IDO, retail investors interested in the event will be categorized into three main categories.
Regular users. This is any person who would like to participate in the event. They can hold a maximum of 200 SUI.
Level 1 users. You can become a Level 1 user by joining the Suiswap Discord community and linking your Sui wallet using the /link-address command. You will also be expected to have at least 2000 Sui points earned from participating in Suiswap events, having unique roles in the exchange’s community, completing tasks, or even being active in the Discord community and more.
Level 2 users. To be a Level 2 user, you will need to join the Suiswap Discord community and link your wallet using the /link-address command. The team will then randomly select Level 2 users from 15% of people from the Suiswap Beacon Pool, 20% of people providing liquidity to the pools, 20% based on weighted Suiswap points, and 20% from their survey. Volunteers, moderators, and Suiswap OG Platinum members will automatically qualify to be Level 2 users in the IDO.
During the IDO, Suiswap will offer rebates for Level 1 and Level 2 users, who will receive rebates depending on your Suiswap points. Here, all members of the Suiswap Discord community will also receive the IDO Magic Potion, which grants you 1,000 Suiswap points or multiplies the Suiswap points by 1.5 if you have more than 1,000 Suiswap points.
As the Suiswap IDO event draws closer, you can prepare for the event by interacting with the Sui network and storing your SUI tokens on Trust Wallet by simply sending your tokens to your SUI address on the app.
Trust Wallet is a self-custody crypto wallet that lets you manage your own tokens while securely sending, receiving, storing, and buying cryptocurrencies and NFTs.
Trust Wallet supports multiple blockchain networks and is available on iOS and Android and as a browser extension for desktops. If you are a Web 3 developer, you can also use the Trust Wallet Browser Extension to execute smart contracts thanks to the recently integrated zkEVM scaling solution.