Sui, one of the most anticipated blockchain projects since last year, has finally launched its token. While the secondary market is focused on Sui token valuation, the project's recent moves—particularly its IEO strategy—have sparked significant dissatisfaction among Chinese-speaking users. Despite Sui's clear emphasis on the Chinese community, its operational decisions have left many feeling alienated.
Key Highlights
- Valuation Concerns: Market compares Sui (SUI) to Aptos (APT), with initial estimates placing SUI at ~$1.06 (10x IEO price of $0.10).
- Controversial IEO: Complaints center on lack of airdrops, confusing whitelist mechanics, and platform-specific KYC hurdles (OKX/KuCoin/Bybit).
- Community Sentiment: Chinese users, who form Sui’s largest audience, feel misled by ambiguous airdrop hints and poor IEO execution.
Sui Overview
Developed by Mysten Labs, Sui is a high-performance, scalable PoS blockchain designed for instant settlements and low-cost transactions. Backed by a $336M funding pool (a16z, Coinbase Ventures, Lightspeed), Sui aims to dominate GameFi, with ties to AAA gaming studios.
Core Issues
Airdrop Miscommunication
- Despite half a year of vague official statements ("no current plans"), Sui’s co-founder abruptly confirmed on April 10: "No SUI airdrops—ever."
- Users who invested time/money in testnet interactions felt cheated.
IEO Execution Flaws
- Whitelist Chaos: 34K eligible users competed for 96K spots; emails were sent to wrong platforms (e.g., Bybit recipients couldn’t pass KYC).
- Token Distribution: Only 178M SUI unlocked initially (100B total supply), with monthly releases risking price volatility.
Market Comparisons
- Like Aptos, Sui uses Move language and targets similar valuations ($20B). However, APT’s post-launch performance has been tepid—raising doubts about SUI’s upside.
Community Reactions
KOL Perspectives
@Woody (Hengxin Capital):
"The backlash stems from airdrop hunters’ protests. If Sui had promised airdrops, sentiment would flip."
@Raccoon Chan:
"English and Chinese reactions align—frustration over unmet expectations."
@Lsp.eth:
"Sui’s ‘whitelist model’ breaks traditions. I’ll watch its DeFi ecosystem post-mainnet launch (May 3)."
FAQs
Q: Why is the Chinese community upset?
A: Primarily due to no airdrops, convoluted IEO participation, and perceived disregard for their contributions.
Q: Should I buy SUI post-IEO?
A: Short-term gains are possible (10x IEO price), but long-term viability hinges on Sui’s GameFi adoption and developer traction.
Q: How does Sui compare to Aptos?
A: Both share Move language and Facebook alumni roots. Aptos’ lackluster post-launch activity raises caution—Sui must deliver stronger ecosystem growth.
Conclusion
Sui’s missteps highlight a broader issue: balancing community expectations with project sustainability. While its technical potential is undeniable, poor communication and execution have eroded trust—especially among Chinese users. For investors, the playbook is clear:
👉 Monitor Sui’s mainnet launch on May 3
👉 Assess early GameFi partnerships
Final Verdict: High-risk, high-reward. Proceed with caution.