About Suku Token (SUKU)

A blockchain-based supply chain solutions platform, Suku is trying to advance end-to-end product transparency in a time of growing scrutiny on responsible practices; it’s also innovating corporate supplier/customer interactions.

The Suku token (SUKU) is the platform's native token. Originally an Ethereum-run ERC-20, SUKU has since migrated to the Hedera Hashgraph network. SUKU is used within the Suku ecosystem for governance and as a means of rewarding users, which include trading and technology partners.

Featuring an array of Web 3.0 tools, Suku empowers innovative brands and creators looking to connect with consumers in new ways and across new venues, including the metaverse (Suku.world).

“In the Web 3.0 era, the fastest growing brands will be those providing true ownership and ownership of the truth,” Suku has said.

 Founded as a startup in 2016, Suku has evolved into what it describes as a “Supply Chain as a Service ecosystem.” It has three main solutions-offerings: the data-driven tracking product, Suku Omni; the lending protocol SUKU DeFi; and the metaverse-focused InfiniteWorld.

Suku Omni enables companies and their customers to track the movement of physical goods throughout the chain of suppliers in real time. Creating an immutable stream of data, events, and certifications, Omni allows relevant supply chain information to be shared with all intended parties, including end users (Hedera).

The technology is a wager on a future in which morally conscious consumers will want to measure the global impact of their purchases. Also key to Omni’s appeal is its ability to extract supply-chain data and use that information to create customer-facing content regarding product origins, raw materials, suppliers, trades routes, and things of that nature (Suku.world).

The second component, SukuDeFi, is “an ecosystem of purpose-driven lenders who provide microfinance opportunities to disenfranchised supply chain participants (suku.world).” Suppliers who share relevant product data with the Suku ecosystem earn tokenized rewards – SUKU tokens – which can be aggregated and used as collateral for stablecoin-denominated microloans.

On the one hand, the kind of income stream generated by a lending program with the term “micro” in it could be dismissed as mere peanuts by large supply chain players; and yet, realizing a chain is only as strong as its weakest link, Suku CEO Yonathan Lapchik has emphasized how these microloans can represent a lifeline for the most disenfranchised suppliers, the Tokenist said.

 A third, rapidly emerging part of the Suku ecosystem is InfiniteWorld, comprising a tapestry of digital services geared toward the “metaverse.”

“InfiniteWorld helps brands create and monetize digital assets and non-fungible tokens (NFTs) and engage with consumers and fans,” CoinDesk said.

Designed to bridge the gap between physical products and the digital world, Infinite allows loyally followed brands (say, a sneaker or apparel line) to create NFTs conferring digital authentication.

According to Coin Desk, the project recently partnered with CGI pioneers DreamView.

Greasing the Suku skids is SUKU, its native currency. As mentioned, it’s is a governance token, granting holders the right to vote on proposed changes to the protocol, and it is also used for providing incentives.

 Utilizing an engage-to-earn framework, the coin is distributed (as a reward) to an array of service providers, including independent upstream supply chain participants.

Through incorporation with the InfiniteWorld platform, the token can also be used to access and unlock unique and exclusive digital experiences/content inside the metaverse.

 Originally deployed on the Ethereum Network, high gas fees and limited scale have since seen Suku migrate to the Hedera Network. (The Tokenist).

Hedera’s distributed hashgraph technology currently serves as the digital underbelly of both Suku Omni and InfiniteWorld, enabling both platforms to operate at scale while limiting transaction costs.

 Many of the members of SUKU’s team, including Lapchik, came to the start-up project from the Deloitte Blockchain Lab. That infusion of expertise and an instant Fortune 500 network came in January 2018. One month later, Suku began raising money via $13 million worth of private sales of SUKU, according to Blockleaders.

 In November of 2019, Suku landed a meat tracking partnership with Cencosud, a large supermarket chain in Latin America. Offices were opened in Silicon Valley, Miami, Atlanta and Uruguay. Staff expanded to two dozen.

SUKU began listing on exchanges in August 2020. The KuCoin hack of September 2020 resulted in 7.6 million SUKU tokens being stolen, and while obviously not the most ideal way to garner attention, the coins were later recovered, the team later announced.

In February 2021, Suku partnered with Exicon to bring supply-chain transparency solution to Asia-based fashion brands and retailers (Suku).

Late in 2021 came word that InfiniteWorld was planning to go public through a $700 million SPAC merger with Aries 1 Acquisition Corp. The deal, expected to be finalized in early 2022, will provide Infinite with up to $171 million in funds which will be used to accelerate platform development (SeekingAlpha).