SINGAPORE / ACCESSWIRE / May 13, 2021 / The decentralized, privacy-focused protocol Suterusu announces that it will conduct a Dutch auction of its internal xSuter token. Auctions in the Netherlands are auctions where the seller offers a high asking price and continues to lower the price until the buyers agree to buy the item.
Suterusu will conduct the auction in five phases and each round will have a limited number of tokens. The first phase will auction 1000 tokens and the number of tokens will be reduced by 50 for each of the following phases.
Lately, Suterusu has performed extremely well. Thousands of users now rely on the Suterusu protocol to process truly private transactions on Ethereum and Binance Smart Chain. The network has so far processed more than $ 157 million in transactions alone on its Binance Smart Chain private transaction app, Suter Shield BSC. These transactions generated over 2,055,765 BNB tokens, 667,704,297 BUSD, 161,861 BAKE and 446,744 CAKE as a service fee, which represents more than $ 1.5 million.
Suterusu aims to lead the xSuter auction to create a better fee distribution system that the platform accumulates from multiple smart contract blockchains. The protocol will distribute the earned rewards to xSuter holders in proportion to their total xSuter holdings.
The project made the process of participating in the auction fairly straightforward for Suter token holders. To complete their participation, users must deposit their Suter tokens into the xSuter auction smart contract. Once done, they will receive xSuter tokens based on the amount of Suter tokens they have deposited into the smart contract, which will further decide what proportion of reward they achieve.
Once the auction is over, the Suter tokens deposited on the smart contracts will be permanently burned by the Foundation’s black hole address. After that, xSuter holders will have a 24 hour advertising period for transparency, after which they can stake the tokens into xSuter’s revenue distribution contract within 48 hours.
The revenue distribution contract will share the revenue with all holders in proportion to the amount of the xSuter token they have staked. However, for security reasons, holders who do not wager their tokens within 48 hours will not be eligible for the rewards.
Suterusu CTO and Co-Founder Dr Huang Lin said, “The xSuter Token Auction is just the beginning of what we have to offer members of our community. We started with the idea of private crypto transactions and will make sure to offer this across as many smart contract blockchains as possible, while kindly rewarding users who support us on our journey. ”
Suterusu is a next-generation privacy protocol that protects users’ transaction information by converting tokens issued on various blockchain networks to their anonymized versions. The protocol uses a modified version of zk-SNARK technology called zk-ConSNARK which eliminates the need for reliable configuration. Since its launch, Suterusu has been well received by the industry. It has already been integrated into the Ethereum blockchain, Binance Smart Chain and Huobi ECO Chain. The network has a market capitalization of $ 47 million as of March 2021.
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