Why Did the Price Drop?

The rally did not last long. Heavy profit-taking pushed the price down to $1.19. As Binance hype faded and speculative trading overshadowed organic demand, selling pressure increased. The psychological support at $4 broke down, and the market shifted into a typical post-pump correction phase. Early investors locking in profits, declining hype, and new token supply entering circulation accelerated the decline.

Binance Listing and Key Drivers of the Rally

Binance did not only enable spot trading for MMT; it also launched a 2 million MMT reward pool and announced an exclusive HODLer airdrop for BNB holders. This triggered a rapid flow of liquidity from the Binance ecosystem into MMT.

Only about 204 million MMT tokens were in circulation during the listing, representing a small portion of the total supply. With low supply and strong demand, the price quickly climbed from $0.10 to $1 and then above $4 within hours.

Behavioral Analysis: FOMO, Social Media and Rapid Profit Expectations

Google Trends data shows that searches for “MMT Coin” jumped over 2000% within 48 hours after the listing announcement. Social media triggered a wave of FOMO. Instead of selling during the price rise, many investors chose to hold, which further limited circulating supply. Late buyers entered at higher levels, pushing the price up to $4.47. This cycle was the result of investor psychology combined with thin liquidity.

Token Unlock Schedule and Investor Risks

Momentum Finance has only released a small portion of its total supply into circulation. Around 204 million MMT were available during the Binance listing, while the rest remains locked for team members, early investors, ecosystem incentives and liquidity.

These locked tokens will gradually be unlocked, potentially creating selling pressure over time. Major risks include:

– Team and early investor tokens entering the market after vesting periods.
– Staking and liquidity mining rewards increasing the circulating supply.
– Lack of a fully transparent vesting schedule, which can weaken investor trust.
– Post-pump market uncertainty, making investors more likely to sell newly unlocked tokens.

What Is Momentum (MMT)?

Momentum is a decentralized exchange (DEX) built on the Sui Network that uses a capital-efficient concentrated liquidity model. It allows liquidity providers to supply funds within specific price ranges, resulting in lower trading costs and higher returns.

With over $700 million in Total Value Locked (TVL) and $1.8 billion in volume, Momentum has become the main liquidity layer of the Sui ecosystem.

Also, in the comment section, you can freely share your comments and opinions about the topic. Additionally, don’t forget to follow us on Telegram, YouTube and Twitter for the latest news and updates

The post MMT Surges 4000% After Binance Listing – Price & Unlock Risks appeared first on Coin Engineer.

Strong Future with Walrus

Walrus leverages the robust infrastructure offered by the Sui ecosystem to make Humanity Protocol’s identity verification processes more efficient and secure. Thanks to this integration:

• Real-Time Data Access: Developers can access user identity information instantly, making their applications more dynamic and user-focused.
• Data Security and Privacy: Walrus’s advanced encryption and data integrity features allow user information to be stored securely.
• Resistance to Fraud and Bots: A robust defense mechanism protects against AI-based scams, Sybil attacks, and deepfake threats.

This article might also catch your attention: Backpack Dev Announces Update: Airdrop on the Way!

Sui developers, thanks to the Humanity Protocol and Walrus integration, will have more secure and efficient access to user identity information. This will accelerate application development processes and improve user experience.

Humanity Protocol’s transition to Walrus marks an important step in digital identity verification, opening the doors to a decentralized, secure, and user-centric future. This integration reshapes identity management in the Web3 world, making users’ digital assets safer and more controllable.

For the latest cryptocurrency news, click here now!

The post Humanity Protocol, Decentralized Authentication with Walrus! appeared first on Coin Engineer.

Platform users are closely monitoring the situation to secure their assets. The Nemo Protocol team has yet to provide a detailed public statement. Meanwhile, the community seeks clarity on whether the lost funds can be recovered. Security researchers are actively investigating the attack and tracking the attacker’s wallet movements. 

Attack Details and Implications for Nemo Protocol 

Nemo Protocol allows users to deposit assets and take positions based on changing interest rates. All operations are automated through smart contracts, making the system fast and efficient. However, even minor coding errors can lead to significant losses. In this case, the attacker exploited a weak point and quickly moved the funds across different networks, evading detection. 

The scale of this single attack is concerning. DeFi hacks continue to account for a large portion of crypto losses in 2025. Every month, new incidents increase the total loss, with August alone seeing millions of dollars stolen in 16 separate attacks. 

Cross-Chain Bridges: Key Vulnerabilities for DeFi 

Cross-chain bridges allow users to transfer assets between different blockchains. While convenient, these bridges concentrate large funds, making them prime targets for hackers. Attackers exploit the complexity of DeFi systems to move stolen assets across multiple networks. Cross-chain vulnerabilities remain one of the biggest security concerns in DeFi. 

Developers must prioritize security measures to prevent attacks. Even sophisticated users cannot fully mitigate risks if bridge and contract vulnerabilities exist. 

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The post Breaking: Sui-Based DeFi Platform Hacked! appeared first on Coin Engineer.

Announcement About SUI Token on Robinhood

The blog post stated that Robinhood added the SUI token to its trading platform. According to the post, this listing would mark a significant milestone for the high-performance Layer-1 blockchain network developed by Mysten Labs. Robinhood’s 25 million users would gain access to SUI, potentially driving greater adoption of the token in the DeFi, gaming, and NFT sectors.

SUI Token Market Performance and Institutional Interest

The post highlighted that the SUI token has gained strong momentum in recent months, with increasing interest from institutional investors. Following a $450 million institutional investment by Mill City Ventures, SUI surged 8.7% to $3.73. This signals solid confidence in the blockchain’s long-term potential.

Robinhood’s Crypto Expansion Strategy

SUI’s inclusion on Robinhood is seen as part of the platform’s broader crypto expansion strategy. This process started with the listing of FLOKI and ONDO tokens in August 2025 and accelerated as Robinhood generated $927 million in crypto revenue in the first quarter of 2025 alone.

Growth in the SUI Ecosystem

The blog post mentioned that SUI blockchain’s total value locked (TVL) stands at $2.093 billion. It also shared growth indicators such as 1.28 million new accounts created within just 24 hours. These developments reflect growing interest in SUI’s technical infrastructure and its potential to compete with established networks like Ethereum and Solana.

Robinhood’s Global Crypto Ambitions

The post also emphasized Robinhood’s significant investments in crypto infrastructure, including acquisitions of Bitstamp and WonderFi. The platform is open to listing both established and trending tokens, including meme coins and Solana-based tokens.

SUI’s Position in the European Market

Finally, the blog highlighted that Robinhood’s expanding user base in the US and Europe could help SUI gain recognition across different markets and investor groups.

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The post SUI Network Announces and Deletes Robinhood Listing Announcement! appeared first on Coin Engineer.

What is DeepBook Protocol (DEEP)?

DeepBook is a fully on-chain central limit order book (CLOB) protocol designed as the native liquidity layer of the Sui Network. Thanks to Sui’s parallel transaction execution model, orders are processed with low latency (averaging 390 milliseconds), enabling microsecond-level matching. This makes it ideal for high-frequency and high-volume transactions. DeepBook allows all DeFi protocols and wallets to access a shared liquidity pool, consolidating liquidity rather than fragmenting it. Similar to Uniswap’s role in Ethereum, it provides a foundational infrastructure within the Sui ecosystem.

Key Features

• Deep and Shared Liquidity: All Sui dApps access the same order book, concentrating liquidity.

• Better Price Execution: The CLOB model supports limit orders and advanced market-making with minimal slippage.

• High Throughput, Low Fees: Sui’s object-based design delivers high-speed matching with low transaction fees.

• Composability: Developers can integrate DeepBook via simple APIs to build lending, leveraged trading, or derivative products.

• Transparent On-Chain Data: Every order, cancellation, and match is recorded on the Sui blockchain, ensuring full transparency.

How Does DeepBook Protocol (DEEP) Work?

DeepBook operates as an on-chain CLOB, matching buyer and seller orders like traditional exchanges. Unlike AMMs’ constant product curve, it offers price-time priority with deterministic execution. The DEEP token strengthens the ecosystem by providing incentives for liquidity providers (makers) and discounted transaction fees for takers. Two key mechanisms keep liquidity deep and spreads tight:

1. Dynamic Fee Structure: Everyone starts with a standard fee, but takers who stake a certain amount of DEEP tokens and exceed a trading volume threshold receive a 50% fee discount, reducing costs for active traders.

2. Market Maker Incentives: Makers staking DEEP earn higher token rebates during low-liquidity periods, providing counter-cyclical incentives to balance liquidity.

Wallets without staked DEEP pay full fees and receive no rewards, aligning incentives between serious liquidity providers and the protocol. At the end of each epoch, fees not redistributed as maker incentives are permanently burned, making the DEEP token deflationary. Additionally, DEEP stakers govern pool-specific fee bands and staking requirements. A concave voting system ensures smaller investors have a meaningful voice.

Why is DeepBook (DEEP) Important?

DeepBook positions itself as a core liquidity hub in the Sui Network’s DeFi ecosystem. Its on-chain structure maximizes programmability, interoperability, and composability advantages. DeepBook v3 enhances performance with features like flash loans, advanced matching algorithms, and governance. Liquidity providers gain greater price control compared to AMM models, making it appealing to sophisticated market makers. Combined with Sui’s low fees and high transaction speeds, DeepBook is an ideal DeFi platform for both individual and institutional investors.

Why It Matters

• Deep Liquidity: Shared pools reduce slippage for large orders.

• High Speed and Low Cost: 390 ms transaction times and low fees.

• Security: Comprehensive audits, bug bounty programs, and expert reviews.

• Community Governance: DEEP token holders shape the protocol’s future.

• Ecosystem Integration: Compatibility with platforms like Aftermath Finance, KriyaDEX, Cetus, and FlowX.

How to Use DeepBook (DEEP)?

To use DeepBook, you first need to acquire DEEP tokens by bridging assets like USDC to a Sui wallet. DEEP can be purchased on exchanges like Gate.io, Bybit, or through DeepBook’s DEEP/USDC pair. Users can stake DEEP tokens to participate in governance, earn fee discounts, or provide liquidity for rewards. Developers can use DeepBook’s APIs to build their own DeFi applications.

Getting Started

1. Bridge USDC to a Sui wallet.

2. Purchase DEEP from supported exchanges or DeepBook’s interface (e.g., Turbos, Navitrade).

3. Stake DEEP tokens to participate in governance or earn rewards.

4. Trade in DeepBook’s liquidity pools or integrate with dApps.

DeepBook Ecosystem

DeepBook is integrated with numerous DeFi protocols in the Sui ecosystem. Platforms like Aftermath Finance, KriyaDEX, Cetus, FlowX, Turbos Finance, and 7K Aggregator connect to DeepBook’s shared order book, providing deep liquidity. This enables Sui dApps to share liquidity and enhance user experience.

DEEP Tokenomics

The DEEP token is used for transaction fees, liquidity incentives, and governance. The total supply is 10 billion DEEP, distributed as follows:

• 61.6%: Community airdrop.

• 10%: Initial airdrop.

• 7.5%: Early contributors.

• 10%: Mysten Labs.

• 10.9%: Liquidity-backing partners.

Emissions taper over four years, with monthly vesting for contributors and quarterly unlocks tied to on-chain volume milestones. DEEP was launched in 2024 via DBClaimNFTs, distributed to over 100,000 users.

DeepBook Protocol (DEEP) Ecosystem Partners

DeepBook Protocol (DEEP) collaborates with various partners to enhance its ecosystem on the Sui Network. Lotus Finance offers advanced trading strategies and high-yield strategy vaults as a DeFi platform. DeepTrade is a community-driven, open-source decentralized order book exchange built on DeepBook. Axelar provides cross-chain interoperability, enabling DeepBook to integrate seamlessly with multiple blockchain networks.

DeepBook Protocol (DEEP) Team

The DeepBook Protocol (DEEP) team includes key contributors who drive the development of its decentralized finance (DeFi) platform on the Sui Network. Aslan Tashtanov, Manolis Liolios, and Tony Lee are pivotal figures supporting the protocol’s innovative liquidity solutions. This team bolsters DeepBook’s technical and strategic advancements.

Where is DeepBook Protocol (DEEP) Listed?

DeepBook Protocol (DEEP) token is listed on leading cryptocurrency exchanges such as Gate.io and Bybit.

Official Links

• DeepBook Protocol (DEEP) Website
• DeepBook Protocol (DEEP) X (Twitter)
• DeepBook Protocol (DEEP) Whitepaper

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What is Walrus (WAL)?

Walrus (WAL) is the core token of the Walrus protocol, powering two primary functions: a privacy-focused DeFi platform for anonymous transactions and a decentralized storage and data availability layer. In DeFi, it enables users to perform private interactions with decentralized applications (dApps) while safeguarding their data. For storage, developed by Mysten Labs and governed by the Walrus Foundation, Walrus facilitates the decentralized storage of large data files (NFT imagery, game assets, AI datasets, etc.). The WAL token is used for staking, governance, and storage fees, fostering a robust ecosystem.

Key Features

• Privacy-Focused Anonymous Transactions: Ensures user identities and transaction details remain confidential.

• Decentralized Blockchain: Provides a secure and scalable infrastructure for secure transactions.

• Programmable Storage: Enables storage management, tokenization, and marketplaces via Move smart contracts on Sui.

• Staking and Governance: WAL holders can stake tokens to participate in governance and receive rewards.

• Data Resilience: Utilizes RedStuff 2D erasure coding for efficient and reliable storage.

• Multi-Chain Compatibility: Integrates with chains like Ethereum and Solana for broader adoption.

How Does Walrus (WAL) Work?

Walrus operates in two key areas: DeFi and storage. In DeFi, it uses advanced encryption to enable anonymous transactions, allowing users to stake WAL tokens for governance participation and rewards, and interact with dApps. In storage, Walrus serves as a peer-to-peer data availability layer. Files are encoded into shards using the RedStuff algorithm and distributed across independent nodes, ensuring resilience and low costs. The Sui blockchain handles metadata and control, while the storage layer remains chain-agnostic.

How It Works

• Privacy Protection: Anonymous transactions keep user data private.

• Staking and Rewards: Staking WAL tokens enables governance participation and reward generation.

• Programmable Storage: Each file is represented as a Sui object (Blob ID), manageable by smart contracts.

• Storage Fees: Users pay in WAL for storage transactions.

• Resilience: RedStuff coding ensures data loss prevention and fast retrieval.

Why Is Walrus (WAL) Important?

Walrus addresses growing demands for privacy and security in both DeFi and Web3 ecosystems. In DeFi, it allows users to engage with dApps anonymously, protecting sensitive data. In storage, it offers a programmable, decentralized solution for large-scale data applications, making it ideal for developers. Governance and staking rewards encourage user involvement, while low-cost storage and multi-chain support position Walrus as a key player in Web3.

Why It Matters

• Privacy and Security: Anonymous transactions and secure storage.

• Decentralization: User control and robust infrastructure.

• Governance: WAL holders shape the protocol’s future.

• Cost-Effective Storage: Efficient solutions with RedStuff.

• Web3 Integration: Supports diverse applications, from NFTs to AI.

How to Use Walrus (WAL)?

To use Walrus, users must acquire WAL tokens from supported platforms or exchanges. Tokens can be stored in a secure wallet, staked for governance, or used to interact with dApps. For storage, users can create and manage data blobs via Walrus’s CLI, web interfaces, or SDKs. These tools simplify integration for both developers and users.

Getting Started

1. Purchase WAL tokens from supported exchanges.

2. Store tokens in a secure wallet.

3. Stake WAL for governance participation and rewards.

4. Use WAL for dApp interactions or data storage via Walrus tools.

Funding and Backing

The Walrus Foundation raised $140 million in a private token sale in early 2025, led by Standard Crypto with participation from a16z crypto, Electric Capital, and Franklin Templeton. These funds support network scaling and tool development. Initially built by Mysten Labs, Walrus is now governed by the Walrus Foundation and tightly integrated with the Sui ecosystem.

Tokenomics and Incentives

The WAL token serves as a payment, staking, and governance tool. With a total supply of 5 billion WAL, the allocation is:

• 43%: Community reserves (grants, incentives, hackathons).

• 10%: User airdrop (4% pre-Mainnet, 6% post-Mainnet).

• 10%: Storage subsidies.

• 30%: Core contributors.

• 7%: Investors.

Testnet users can experiment with test WAL tokens. Staking incentives reward node operators and stakers. Community initiatives like Walrus Academy and airdrop campaigns drive engagement.

Walrus (WAL) Founding Team

The Walrus (WAL) protocol is led by a founding team consisting of:

• Evan Cheng (CEO and Co-Founder),
• Sam Blackshear (CTO and Co-Founder),
• Adeniyi Abiodun (CPO and Co-Founder),
• George Danezis (Chief Scientist and Co-Founder),
• Kostas Chalkias (Chief Cryptographer and Co-Founder),
• Kevin Boon (Chief Legal Officer), and
• Sylvia Favretto (General Counsel and Corporate Secretary).

Official Links

This team has come together to develop the Sui blockchain and Walrus innovative storage solutions.

Official Links

• Walrus (WAL) Websitesi
• Walrus (WAL) X (Twitter)
• Walrus (WAL) Whitepaper

Also, in the comment section, you can freely share your comments and opinions about the topic. Additionally, don’t forget to follow us on Telegram, YouTube and Twitter for the latest news and updates.

The post What is Walrus (WAL)? How Does It Work? appeared first on Coin Engineer.

What is Momentum (MMT)?

Momentum is a decentralized exchange operating within the Move ecosystem, utilizing a capital-efficient concentrated liquidity model. It allows LPs to provide liquidity within custom price ranges, delivering better trade execution for traders and higher fee returns for LPs. With over $700 million in TVL and $1.8 billion in trading volume, Momentum stands out as the core liquidity layer on the Sui Network.

Sustainable Liquidity

Momentum ensures long-term liquidity by aligning incentives around active price ranges. LPs are rewarded not only with trading fees but also with protocol incentives and ecosystem grants, maintaining liquidity even during low market volatility.

Precision Incentives

Rewards are dynamically distributed based on active liquidity and market demand. Incentives are directed toward liquidity that supports actual trading activity, enhancing capital efficiency and reducing waste.

Lower Transaction Costs

A tiered fee structure and deep liquidity reduce slippage. Stablecoin pairs offer near-zero slippage, while volatile assets are paired with optimized fee tiers that balance volume and yield.

Built for Composability

Momentum integrates natively with protocols, stablecoins, and BTCFi primitives in the Move ecosystem. Its modular architecture supports permissionless pool creation and automated strategies.

Concentrated Liquidity (CLMM)

CLMM enables LPs to concentrate liquidity in specific price ranges, boosting capital efficiency, reducing slippage, and increasing fee returns. Liquidity becomes inactive if the price moves outside the range; LPs can adjust ranges to adapt.

Active Liquidity

Liquidity is active and earns fees only within the specified range. Price fluctuations alter LP asset composition; LPs can open multiple range positions to optimize returns. Liquidity concentrates around high-trading price levels, aligning with market demand.

Swap Transactions

Users swap tokens from the pool; a small fee is distributed to LPs as an incentive.

Price Impact and Slippage

Deep liquidity minimizes price impact; shallow liquidity causes slippage. Slippage tolerance prevents unexpected losses.

Fees

Swap Fees: Distributed proportionally to active LPs, tracked separately. Transactions are executed decentrally on Sui, Aptos, and Movement Labs.

Fee Tiers: Range from 0.01% to 2%, with low tiers for stablecoins and high tiers for volatile assets.

Protocol Fees: 20% of swap fees go to the Momentum treasury; 100% of incentives go to LPs.

Liquidity Mining

Rewards are dynamically allocated based on fee contribution, prioritizing active LPs.

Position NFTs

An NFT is issued when liquidity is added, containing position ID, pool, price range, and amount. LPs use NFTs to claim fees and rewards; some pools allow staking for extra yield.

Performance-Based Rewards

Rewards are distributed in real-time based on a position’s fee contribution, encouraging efficient liquidity placement.

Range Orders

LPs use single-sided liquidity for limit order-like strategies:

Take-Profit: Sell at a higher price (e.g., BTC at 21,000 USDC).

Buy-Limit: Buy at a lower price (e.g., BTC at 19,000 USDC).

Management: Liquidity must be withdrawn after the range is passed; narrow ranges execute quickly, wide ranges generate more fees but require volatility adjustments. Third-party tools support automation.

This model allows LPs to act like traders, optimizing strategies and earning passive income.

Airdrop on Momentum

By increasing trading volume and performing swaps on the Momentum platform, you can enhance your network activity. This boosts your chances of receiving an airdrop based on your rank in a potential airdrop event. To claim tokens from your positions, click “Add Liquidity” on your preferred pair to start farming.

How to Connect a Wallet to Momentum?

To begin wallet connection and swap operations, you need to register by connecting to the Momentum App. Click here to register with a commission discount.

Click the “Connect Wallet” button in the top right corner.

Select your preferred wallet, enter the necessary details, and complete the process.

Momentum supports most major Sui-compatible wallets, including OKX, Sui Wallet, Stashed, Bitget, Gate, and even MetaMask via Sui Snap integration.

How to Perform a Swap on Momentum?

To perform a swap, click the “Trade” button in the top left corner.

Select the token you want to swap (A) and the token you want to receive (B) by clicking the “Token” button in the swap menu. For this demo, we’ll use the SUI/USDC pair.

Optionally, adjust the Maximum Slippage setting in the top right corner of the swap menu.

Then, click “Swap Now” and complete the transaction.

Adding Liquidity

Access Momentum’s Liquidity Pools page by clicking the “Liquidity” button in the top left corner.

Find the token pair you want to provide liquidity for, then click the “Add Liquidity” button on the right.

Set your Price Range by:

A) Selecting a ±% Preset,

B) Dragging the sliders on the liquidity chart, or

C) Manually entering values at the bottom.

Setting a Price Range

To deposit a single token, enable the “Single Token Deposit” slider in the Deposit Amounts menu. Enter the amount of the token you wish to deposit and click “Add Liquidity.”

After receiving the prompt from your wallet, click “Confirm.” You will receive a notification in the bottom right confirming that liquidity has been successfully added.

Momentum’s Strategic Investment Round

Lead Investor: OKX Ventures

Participants: Coinbase Ventures, Protagonist, Gate Ventures, MEXC Ventures, KuCoin Ventures, DNA Fund

Angel Investors: Adeniyi Abiodun (SUI), Lark Davis (CryptoLark), Nom (BONK), Nic Puckrin (CoinBureau), Michael Heinrich (Zero Gravity), Monke Ventures

Momentum Founding Team

ChefWEN: Leads as Momentum’s Founder and CEO.

Vinny: Shapes Momentum’s strategic vision as Chief Strategy Officer.

Vinson Leow: Manages user experience and operational processes as CXO.

Official Links

• Momentum Website
• Momentum Twitter
• Momentum Whitepaper

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The post What Is Momentum (MMT)? What Is It Used For? appeared first on Coin Engineer.

The biggest blow came on May 22, when Cetus, a decentralized exchange, was compromised. Hackers exploited a flaw in the “most significant bits” (MSB) check, manipulating liquidity parameters and creating disproportionately large positions, according to cybersecurity firm Dedaub.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

In a partial win for the ecosystem, Cetus and the Sui Network managed to freeze $157 million, representing about 71% of the stolen assets.

DeFi Platforms Remain Under Siege

The second-largest incident in May targeted the Cork Protocol, resulting in a $12 million loss. Attackers stole approximately 3,761 Wrapped Staked Ether (wstETH) and quickly converted it to ETH.

Other major breaches included:

• A suspected North Korea-linked $5.2 million hack
• An MBU token exploit worth $2.2 million
• A MapleStory Universe vulnerability that led to a $1.2 million loss

Amid growing pressure, the crypto industry is boosting its defense posture. On May 31, Cointelegraph reported that BitMEX’s security team identified operational gaps within the Lazarus Group, a state-sponsored North Korean hacker unit. The counter-operation exposed key infrastructure elements like IP addresses, databases, and tracking algorithms.

Despite the dip in May, earlier months were worse. In Q1 2025 alone, hackers stole over $1.63 billion, with Bybit’s February breach accounting for $1.53 billion — one of the most severe crypto thefts in history.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post $244M Lost To Crypto Hacks In May Despite 40% Drop In Attacks appeared first on Coin Engineer.

The Cetus incident, which has made waves in the blockchain world recently, was linked by many to a security vulnerability in the Sui or Move platforms. However, according to statements by developers and security experts, these claims are inaccurate. The incident actually occurred due to an error in Cetus’s own math library. They assert that the issue was not caused by a direct vulnerability in the Sui network or the Move programming. A miscalculation in Cetus’s mathematical operations led to incorrect results and unexpected consequences. Therefore, it is considered a problem specific to the Cetus project. 

According to the published report, the network was designed specifically to support the development of more secure smart contracts. The team expressed that it was deeply disappointed to witness such a major incident on a single dApp. They also emphasized that incidents like this are part of the growth process that every major blockchain faces over time. Even the best system designs or programming languages cannot fully prevent human error. 

SUI $10 Million Security Investment 

Sui has taken a significant step to strengthen ecosystem security. It will elaborate on its existing security measures. Additionally, it has allocated $10 million toward audits, bug bounty programs, formal verification, and other security initiatives. Sui is committed to spending an additional $10 million on security efforts. The team is working closely with the developer community to refine its security plans. 

SUI Technical Details 

According to security firm SlowMist’s analysis, the “checked_shlw” function in Cetus’s smart contract failed to perform overflow checks correctly. This flaw allowed attackers to over-mint liquidity with a single token. Research by Verichains indicated that similar mathematical errors might exist in other projects within the Sui ecosystem. However, those projects have started correcting the related issues. 

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What Is Backpack? What Does It Offer to Sui Users?

Backpack is not just a wallet; it is also a crypto exchange with advanced features. Offering users both decentralized (DeFi) and centralized (CEX) services in one place, the platform has quickly gained attention in the crypto space. The full integration with Sui brings significant advantages to Backpack users:

• Trading operations

• Swap and bridge support

• Lending and yield opportunities

• NFT collections and discovery tools

To celebrate the integration with Sui, Backpack has launched two exclusive campaigns:

• New user campaign: A total of $10,000 USD in rewards

• $SUI trading volume campaign: $50,000 worth of $SUI in prizes

Backpack Exchange is kicking off with two Sui campaigns!

This week, we’re launching:
1. New User Campaign: $10K in USD rewards
2. SUI Trading Campaign: $50K in SUI rewards pic.twitter.com/CsqtGJ54Pr

— Backpack (@Backpack) May 13, 2025

These campaigns offer great opportunities for both new users and existing investors. Additionally, users can earn more rewards by participating in various activities on the platform.

Which Products from the Sui Ecosystem Are Supported?

The Backpack integration goes beyond trading. There is also a deepening interaction with various Sui-based DeFi protocols. Soon, the following products are expected to be supported on Backpack:

• Suilend: Enables lending and transactions with liquid staking tokens (LSTs)

• STEAMM: An automated market maker (AMM) running on Suilend

• Navi Protocol: Stands out with its lending and LST functionalities

• Astros: A DEX aggregator with perpetual futures support

In addition to $SUI, tokens like $DEEP, $WAL, and $CETUS will also be listed on Backpack. For NFT enthusiasts, the Tradeport NFT marketplace has also been integrated into the Backpack platform.

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The post Sui Network Fully Integrates with Backpack! Here Are the Details appeared first on Coin Engineer.