• Cetus DEX’s IDO was oversubscribed in less than one minute after Sui mainnet launch.
• 20 million Cetus tokens (CETUS) are up for grabs out of a total supply of 1 billion CETUS.
• The initial valuation of the DEX is $45.8 million with a hard cap of 800,000 SUI.
Cetus DEX Launches on Sui Mainnet
Just hours after the initial decentralized exchange 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.
Overview Of The IDO
Cetus is a DEX and liquidity protocol built on Sui and Aptos. The IDO is scheduled to take place from May 8 to 10, during which 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 with a hard cap of 800,000 SUI.
Launch Pool Rewards
Before the listing, Binance introduced Sui LaunchPools where users could stake either BNB (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 before listing on May 3rd when it 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..
Investment Risk
Investments in IDOs are considered to be high risk and can be subjected to rug pulls, scams, or lack of traction thereafter so investors should exercise caution when investing in any Initial Dex Offering regardless if it has surpassed its initial goals or not as this does not always mean that it will be successful investment afterwards .
Conclusion
Despite reaching its funding goal quickly due to popularity or other factors such as design structure , investors should still make sure they conduct their own research into projects they plan to invest into and understand all risks associated with investing into them before making any decisions .