Cetus DEX's IDO reached its almost a million hard cap goal in mere seconds.
The initial decentralized exchange offering (IDO) for Cetus, a DEX and liquidity protocol built on Sui and Aptos, began on May 8th, with its hard cap target of 800,000 Sui (SUI) tokens being surpassed in under 30 seconds.
At the time of publication, over 6 million SUI worth roughly $6.85 million had been committed. Despite hitting its initial target, the IDO is set to continue until May 10th.
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During the IDO, around 20 million Cetus tokens (CETUS) are available for purchase out of a total supply of 1 billion Cetus tokens. To obtain CETUS, users can commit SUI to acquire the token at an exchange rate of 1 SUI to 25 CETUS. Based on the IDO rules, token metrics, and SUI's price, Cetus DEX's initial valuation stands at $45.8 million.
When asked what happens after the total commitment exceeds the hard cap, the developers noted:
Each purchaser’s final purchase amount accepted by the Seller will be a portion of their committed amount, calculated proportionally to all the respective committed amounts from all purchasers in the IDO.
While some IDOs exceed their initial goals due to popularity, others do so because of how their public sale is structured. Similar to initial coin offerings, investments in IDOs carry high risk opening the doors for possible scams, rug pulls, or lack of traction.
Sui, a Layer-1 blockchain created by former Meta executives, officially launched its mainnet on May 3rd, along with the Sui token listing. SUI's public sale started prior to the blockchain launch at an offering price of 0.1 Tether (USDT) per SUI.
Upon listing, SUI opened at $4.50 per token, with a fully diluted market cap of $45 billion, before plunging 75% and trading for $1.14. At the time of writing, Sui (SUI) retails for $1.12, recording a 3.12% decrease in the last 24 hours.
With Cetus DEX's IDO success and the recent Sui mainnet launch, the future trajectory of this project will be one to watch.
