Sui DEX Cetus' IDO oversubscribed by 650%
According to developers, the fundraising goal of the initial DEX offering was reached in less than one minute. Just hours after the initial DEX 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. Cetus is a DEX and liquidity protocol built on Sui and Aptos. The IDO, which is scheduled to take place from May 8-10, is still ongoing despite the initial target being reached. During the IDO, 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. The IDO has a har...