SINGAPORE / ACCESSWIRE / May 13, 2021 / The privacy-focused decentralized protocol Suterusu announces that it will be conducting a Dutch auction of its in-house token xSuter. Dutch auctions are auctions where the seller puts forward a high asking price and keeps lowering the price until buyers agree to buy the item.
Suterusu will conduct the auctions in five phases and each round will have a limited amount of tokens. The first phase will auction 1,000 tokens and the number of tokens will be reduced by 50 for each of the following phases.
In recent times, Suterusu has performed extremely well. Thousands of users now rely on Suterusu protocol to process truly private transactions on Ethereum and Binance Smart Chain. The network has so far handled over $157 million worth of transactions only on its Binance Smart Chain focused private transaction application, Suter Shield BSC. These transactions have generated over 2,055.765 BNB, 667,704.297 BUSD, 161.861 BAKE, and 446.744 CAKE tokens as service fees, which amounts to over $1.5 million.
Suterusu aims to conduct the auction of xSuter in order to create a better system for distributing the fees the platform accumulates from several smart contract blockchains. The protocol will distribute the earned rewards to xSuter holders in proportion to their total xSuter holdings.
The project has kept the auction participation process quite simple for holders of Suter tokens. To finalize their participation, users must deposit their Suter tokens to the xSuter auction smart contract. Once done, they will receive xSuter tokens depending on the amount of Suter tokens they deposited to the smart contract, which will further decide the proportion of reward they attain.
After the auction ends, the Suter tokens deposited to the smart contracts will be burned permanently by the Foundation's black hole address. After this, the xSuter holders will have a 24-hour publicity period for transparency, following which they can stake the tokens to the xSuter revenue distribution contract within 48 hours.
The revenue distribution contract will share the revenue to all holders proportional to the amount of xSuter token they staked. However, for security reasons, holders who fail to stake their tokens within 48 hours will not be eligible for the rewards.
The CTO and Co-Founder of Suterusu, Dr. Huang Lin, said, "the auction of the xSuter tokens is only the beginning of what we have to offer to our community members. We started with the idea of private crypto transactions and we will ensure to offer that across as many smart contract blockchains as we can while also benevolently rewarding users who support us in our journey."
Suterusu is a next-generation privacy protocol that protects users' transaction information by converting tokens issued on various blockchain networks into their anonymized versions. The protocol uses a modified version of the zk-SNARK technology called zk-ConSNARK that eliminates the need for a trusted set-up. Ever since its launch, Suterusu has been well received by the industry. It has already been integrated into Ethereum blockchain, Binance Smart Chain, and Huobi ECO Chain. The network has a market cap of $47M as of March 2021.