Sui Announces the End of Recognition Sale Applications

On April 20th, according to an official announcement, Sui has stopped receiving Recognition Sale applications. Recognition Sale will be open to community members who joined Discord before February 1st, with a theoretical number of qualified members just exceeding 340000 accounts. At present, the total number of final submissions for Recognition Sale is 180000, and the Sui Foundation has developed a random selection algorithm for this purpose. It is expected that 96000 winning accounts will be randomly selected from the accounts of 180000 submitters. Users in regions with unclear regulatory regulations may need to perform other participation steps. The Sui Foundation will start contacting whitelist users via email on April 20, 2023, and activate the whitelist on the trading platform on April 21.

Sui: It is expected to randomly allocate 96000 whitelist qualifications to 180000 accounts

Introduction

April 20th marked an important event in the blockchain world, as Sui officially announced that they would no longer be accepting Recognition Sale applications. This came as a surprise to many in the community, as this was a highly-anticipated event that many investors were waiting for. In this article, we’ll explore the details of this announcement and what it means for those who were hoping to participate.

What is Recognition Sale?

For those who may not be familiar, Recognition Sale is a fundraising method that is commonly used in the blockchain industry. It allows projects to raise funds from their community before the project is launched. In return, participants receive a certain amount of tokens at a discounted price.

Sui’s Recognition Sale Application

Sui’s Recognition Sale was highly-anticipated, with many people eager to participate. However, the announcement stated that they would be ending the acceptance of applications. Those who were hoping to participate needed to have joined Discord before February 1st, with the theoretical number of qualified members just exceeding 340,000 accounts. At present, the total number of final submissions for Recognition Sale is 180,000.

Random Selection Algorithm

With 180,000 submissions, the Sui Foundation has developed a random selection algorithm to randomly select 96,000 winning accounts from the total pool. This means that not everyone who submitted an application will be chosen to participate.

Participation Steps Required for Some Users

Users in regions with unclear regulatory regulations may need to perform other participation steps. It is important for everyone to be aware of the specific requirements based on their region before attempting to join.

Whitelist Users Contacted and Activated on Trading Platform

The Sui Foundation will start contacting whitelist users via email on April 20th, 2023, and activate the whitelist on the trading platform on April 21st. This means that the selected users will have the opportunity to participate in the Recognition Sale.

Conclusion

Sui’s Recognition Sale was one of the most highly-anticipated events in the blockchain industry. With a random selection algorithm, only a fraction of the 180,000 submissions will be selected to participate. It is important for everyone to be aware of the necessary participation steps based on their region before attempting to join.

FAQs

Q. What is Sui?
A. Sui is a blockchain project that focuses on decentralized identity and data privacy.
Q. How do I participate in Recognition Sale?
A. Those who were hoping to participate needed to have joined Discord before February 1st, and meet specific qualifications based on their region.
Q. What is Whitelist?
A. Whitelist is a process that indicates the selection of eligible participants for a specific event or sale.