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Sui Network airdrop: VC-backed L1 blockchain dismisses rumours as retrodrop hunters circle

By Raphael Sanis

Edited by Charlie Mellor

13:57, 2 November 2022

An illustration of a cryptocurrency airdrop
Sui has said there are no official plans for an airdrop – Photo: Shutterstock

The team behind Sui Network has said there is no airdrop currently planned for its upcoming SUI token.

In attempt to reduce scams, the network reaffirmed its position because airdrops, a widely-used event to help promote cryptocurrencies, are often targeted by fraudsters.

The new Layer 1 blockchain has set out plans for its own SUI token, which was designed for gas fees and staking. But it has not revealed an exact launch date for the cryptocurrency.

Community urged to be scam wary

Sui gave a “friendly reminder” on its Twitter account recently as scammers are continuing to take advantage of its upcoming token. This rise in fraud accompanied growth in its community and hype surrounding the project.

The network reminded the community that the SUI token has not gone live yet and there are no plans for an airdrop. This means that there is no route to invest in SUI at the time of writing.

ETH/USD

3,500.61 Price
-0.620% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

XRP/USD

0.59 Price
-1.950% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

SOL/USD

173.86 Price
-0.230% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

DOGE/USD

0.13 Price
-1.490% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

“We love seeing the excitement in the Sui community lately! But we're noticing new scams plus misinformation regarding Sui airdrops and tokens,” Sui tweeted.

It added that it would be “as transparent as possible” and advised its community to receive its news from the official Sui Twitter and Discord accounts.

What is Sui Network?

Sui is a “next-generation” blockchain that is promising to bring high throughput and low latency to users. Its website said:

“Sui is the first permissionless Layer 1 blockchain designed from the ground up to enable creators and developers to build experiences that cater to the next billion users in Web3.”

The blockchain recently completed its $300m Series B funding, which included investments from FTX Ventures, Andreessen Horowitz and Binance Labs.

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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