Crypto Community Roasts Suiswap for Being an AptosSwap ‘Copypaste’

The token swap platform for the Sui Network, Suiswap, is getting lambasted by the crypto community.

The much-hyped Sui blockchain is taking a beating over its decentralized exchange. An initial DEX offering (IDO) is planned for Suiswap on June 3.

Sui: Another VC Payday

An eagle-eyed DeFi observer found similarities between Suiswap and Aptoswap. The latter is a DEX on the Aptos Network, another much-hyped Ethereum competitor.

“The metadata for SuiSwap site is a picture of AptosSwap. The devs literally could not even be bothered to change the metadata for this low effort copy and paste.”

SuiSwap metadata shows a picture of AptosSwap. Source: Twitter/@thiccythot_

The IDO is for 10 million SUI and values Suiswap at $200 million FDV (fully diluted value).

Sui has also been heavily criticized for being venture capital controlled. DeFi Squared mentioned this commenting on the copy/paste effort on May 30:

“LOL no way, SUI’s $200M flagship DEX copy pasted so hard from Aptos that they didn’t even remember to change the name in their website’s preview from Aptoswap.”

“But surely at a $10 billion valuation, SUI isn’t just more vaporware to give VCs a fat payday, right? …right?” he added.

The IDO price is 0.02175 SUI for a maximum allocation of 500 million SSWP tokens. It will run until June 5, according to the official documentation.

Furthermore, 61 million SUI tokens worth $59 million are scheduled for unlock on June 3, according to Token Unlocks.

The platform also reveals the extent of VC and insider influence over SUI tokenomics. A whopping 90% of the tokens allocated are controlled by the Sui Foundation, early contributors (insiders), Mysten Labs Treasury, and the VC Series A and B sales.

Sui tokenomics and vesting. Source: Token Unlocks

SUI Price Plunges

Unsurprisingly, SUI prices have tanked leading up to the big unlock event. As a result, the token was trading down 7% on the day at $0.973 at the time of writing.

Furthermore, SUI has lost almost 15% over the past fortnight as the hype over this VC chain fades. Additionally, SUI prices have plunged 55% since their all-time high just after launch less than a month ago on May 3.

SUI/USD 24 hours – BeInCrypto

Rival VC-backed project Aptos is in a similar situation, with its APT tokens tanking 57% since their all-time high in January.

It appears that retail traders are wising up to the heavily insider-controlled projects now as their token prices continue to devalue.

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