Justin Bons Criticizes Altcoin for Lack of Transparency: Impact on Coin’s Value and Symbol
- Sui Network, a newly emerged ecosystem, has transformed into a strong Layer-1 decentralized platform in a short time.
- However, Justin Bons, the founder of Cyber Capital, has criticized the network’s founders for controlling 84% of the staked supply.
- Bons also raises concerns about the lack of transparency surrounding token distribution and ownership.
Justin Bons criticizes Sui Network’s founders for controlling 84% of the staked supply, raising concerns about centralization and lack of transparency.
Sui Network Founders Control 84% of Staked Supply
In a recent critique penned by Justin Bons, concerns about SUI’s token economy were highlighted. Despite its promising design, Bons underscored significant issues with the token’s supply dynamics. SUI proposes a capped supply of 10 billion tokens, with 52% being “unallocated” until 2030. However, the current staked amount exceeds 8 billion tokens, and 84% of the staked supply is controlled by the founders. This concentration of supply creates a centralization risk due to the absence of lock-in and legal guarantees for token holders.
Discrepancy Between Sui Network’s Claims and Actual Token Distribution
Bons emphasized the inconsistency between Sui Network’s claims and the actual token distribution, labeling the foundation’s published table as misleading. He argued that the absence of lock-ins provides significant flexibility to the founders in managing token allocation and raises concerns about the transparency and integrity of SUI’s communication. ... Read the full article for FREE at COINOTAG!
