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About SUKU (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).
The current price of SUKU
As of mid-February 2022, SUKU was trading at roughly $0.33, according to CoinGecko.com. That spot price represented, at the time, a 10% gain over the prior six months, marked by volatility surrounding exchange listing events.
In November of 2021, SUKU reached an all-time high the coin hit an ATH of $1.51 during a bullish time for digital asset markets and growing attention on supply chain issues. Toward the end of January 2022, as crypto went south, SUKU rocketed 90% in two days, before dramatically pulling back, only to repeat that pattern in early February of 2022.
SUKU, as measured by its market capitalization, is small; it is currently the 678th-largest digital asset, globally, with a market cap just shy of $40 million.
How the price of SUKU is determined
SUKU has a fixed supply: 1.5 billion, roughly 120 million of which are already in circulation. Per the protocol’s white paper, all tokens will be distributed by August of 2025. According to Messari, roughly 12.9% of SUKU’s total supply is currently locked; it’ll be released pending the token’s listing on U.S.-based exchanges.
What the bulls are saying about SUKU (SUKU)
- InfiniteWorld has worked with Disney, Warner Bros., Amazon, Wayfair, and Target, with major projects planned for 2022, said Hedera’s Reddit forum.
- WalletInvestor predicts as of mid-February 2022 that SUKU could rise nearly 100% in the next 12 months.
- Technical patterns as of late January 2022 were suggesting strong bullish momentum for the SUKU token, CoinChapter said.
What the bears are saying about SUKU (SUKU)
- An InvestorPlace signals-driven forecasting tool (featured on the TradingView website) rated SUKU a strong sell as of mid-February.
- According CoinCodex, evaluating a mix of technical indicators, SUKU’s market sentiment could be construed as bearish.
- As to whether KUKU is a worthwhile investment, a Currency.com analysis merely asserted, "it depends." Not exactly the most ringing endorsement. "Suku is currently riding the growing trends of DeFi and the metaverse," the analysis summarized. "But it does face a crowded market."
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