On May 3rd, the Sui mainnet was officially launched, with a funding amount exceeding $300 million and a valuation of $2 billion. Instead of conducting an airdrop, Sui opted for an Initial Exchange Offering (IEO) or Initial DEX Offering (IDO). Based on the on-chain security analysis platform ChainAegis, the SharkTeam conducted a comprehensive analysis of Sui's IEO/IDO, trading volume, and coin holders over the course of one month. The details are as follows.

1. IEO/IDO Analysis

On April 15th, three major exchanges, OKX, Bybit, and KuCoin, announced the listing of Sui Token and introduced a whitelist subscription mechanism for Sui Token.

Taking OKX as an example, Sui Token sales were divided into two categories: public sales and whitelist sales. The total supply for public sales was 225,000,000 SUI, with a sale price of 1 SUI = $0.1. Individuals were allowed to purchase a maximum of 10,000 SUI. After the SUI mainnet went live, users could unlock the first batch of 1/13 of the new coins, and the remaining 12 batches would be unlocked at the same time each month, completing the full unlocking process within a year. The unlocked new coins would be automatically released to the funding account. Whitelist sales were only open to contributors to the Sui ecosystem. Users who completed the Sui Foundation's whitelist verification enjoyed the benefit of purchasing 25,000,000 SUI at $0.03 each. The maximum individual purchase limit was 1,500 SUI, with no locking period. The sales rules for KuCoin were the same as OKX. Bybit conducted sales in the form of a whitelist, with a total supply of 94,000,000 SUI and a sale price of 1 SUI = $0.03. The individual purchase limit ranged from $10 to $45.

Cetus is a decentralized trading platform and centralized liquidity protocol built on the Sui and Aptos blockchains. On June 9th, Cetus TVL (Total Value Locked) ranked first on the Sui network with a value of $10.34 million, accounting for 62.59% of the total TVL. On May 3rd, Cetus released the details of its Initial DEX Offering (IDO). The IDO had a hard cap of 800,000 SUI, with each CETUS token priced at 0.04 SUI, representing 2% of the total token supply being made available to the market. 70% of the raised funds in SUI would be used for initial liquidity, while 30% would be allocated for xCETUS staking rewards. Cetus exceeded its fundraising target by 13,530.88%, raising a total of 108,247,043.828 SUI.

Suia is a social dApp built on the Sui network and currently has over 300,000 users. It is the first IDO project on Cetus, apart from its native platform token, $CETUS. The IDO takes place simultaneously in two launch pools, offering 4,000,000 SUIA tokens (4% of the total token supply) to the market.

The SUIA-SUI launch pool supplies 3,000,000 SUIA tokens, with a hard cap of 900,000 SUI. The price per SUIA token is 0.3 SUI. The SUIA-CETUS launch pool supplies 1,000,000 SUIA tokens, with a hard cap of 2,500,000 CETUS. The price per SUIA token is 2.5 CETUS.

The SUIA-SUI launch pool has 2,000 whitelist participants, with each user having a protected allocation of 300 SUI. On the other hand, the SUIA-CETUS launch pool does not have whitelist participants.

The SUI pool has exceeded its fundraising target by 4,476.35%, raising a total of 40,287,207.8588 SUI. The CETUS pool has exceeded its fundraising target by 1,895.72%, raising a total of 47,393,093.3465 CETUS.

2. Trading Volume Analysis

Below are the trading statistics for the top 10 Sui trading pairs on various exchanges. On May 18th, the SUI/USD pair was listed on Coinbase, and on June 5th, it reached its highest trading volume in history, with 1.906 million SUI traded. The maximum trading volumes for the other trading pairs were reached on May 3rd.

The average trading volume for the SUI/USDT pair on Binance is 69,652,324.32 SUI, while on KuCoin, the average trading volume for the SUI/USDT pair is 7,509,972.97 SUI.

3. Coin Holder Analysis

Since its launch, Sui has accumulated over 11 million transactions, and the total number of users has reached 910,000. The total token supply for Sui (SUI) is 10,000,000,000 SUI, with a current circulating supply of 600 million, accounting for 6.04% of the total supply. Most of the tokens are still locked and not yet released.

As of June 8th, the number of SUI coin holders reached 82,396. The following chart represents the top 10 coin holders in Sui, with a total holding of 645,810,235.72 SUI, which accounts for 6.64% of the total SUI supply. The top address, 0xf3bf...325f, holds 191,000,004.01 SUI, which is 1.91% of the total supply. The second top address, 0xab73...cd56, holds 175,354,214.10 SUI, accounting for 1.75%. The remaining addresses hold less than 1% of the total supply each.

The number of CETUS coin holder addresses has reached 13,397. The top 10 coin holders collectively hold 162,321,888.80 CETUS, which accounts for 72% of the total CETUS supply. Among them, the top address, 0x8d16...b64f, holds 42,613,391.11 CETUS, representing 18.94% of the total supply. The second top address accounts for 15.56%, and the third top address accounts for 11.11%. The combined percentage of the top three addresses exceeds 45.6%, all surpassing the 10% threshold.

The number of SUIA coin holder addresses has reached 4,482. The top 10 coin holders collectively hold 95,388,957.91 SUIA, which accounts for 95.39% of the total SUIA supply. Among them, the top address, 0xc69b...9f7a, holds 52,667,439.40 SUIA, representing 52.67% of the total supply.

Based on the comparison and analysis of the 30 addresses mentioned above and the senders' addresses previously reported by ChainAegis in "SharkTeam: On-chain Data Analysis of Sui Mainnet," it has been further discovered that there are 8 duplicate addresses that hold significant importance within the entire Sui ecosystem. These addresses are as follows:

(1) Address 1 (0xf3bf...325f) is a top 10 holder for SUI, CETUS, and SUIA. It has conducted a total of 39 transactions. Among them, 19 large transactions were received from Address 2 (0xd5ccdf77cab59778ad6c6d599af3819b0281c3fe434f7df4b82290620331bb01), totaling 185 million SUI. Address 2 (0xd5cc...bb01) is identified as a hot wallet address belonging to an exchange based on the high number of transactions.

(2) Address 2 (0xab73...cd56), Address 3 (0x9350...9cbd), and Address 4 (0x60dd...984d) have conducted over 30,000 transactions each and show frequent interaction. These addresses are also identified as hot wallet addresses associated with an exchange.

(3) Address 5 (0x8d16...b64f) is the trading pool address for CETUS.

(4) Address 6 (0x7f66...3bfb), Address 7 (0x13c0...4c6d), and Address 8 (0x62f3...53ad) are among the top 10 holders for CETUS and SUIA. The funds in Address 6 (0x7f66...3bfb) are sourced from Address 2 (0xab73...cd56).

About usSharkTeam’s vision is to comprehensively protect the security of the Web3world. The team is composed of experienced security professionals and senior researchers from all over the world. They are proficient in the underlyingtheoryof blockchain and smart contracts, and provide services including smart contract auditing, on-chain analysis, and emergency response. It has established long-term cooperative relationships with key players in various fields of the blockchain ecosystem, such as Polkadot, Moonbeam, polygon, OKC, Huobi Global, imToken, ChainIDE, etc.
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