IKA Launches on Sui with $21M Raise, Cross-Chain DeFi Protocol and Community Token Model
IKA, formerly known as dWallet Network, is launching as a cross-chain interoperability protocol on the Sui blockchain after raising $21 million from investors including the Sui Foundation, DCG, and Big Brain Holdings. IKA’s latest valuation stands at $600 million, with pre-market token trading showing a fully diluted market cap of $1.2 billion, despite low liquidity. The protocol enables native cross-chain transactions by allowing users to interact with BTC, ETH, and other assets on Sui without wrapped tokens or bridge protocols, using advanced 2PC-MPC cryptography for decentralized, secure asset management. Practical applications include DeFi lending, institutional custody, chain abstraction wallets, and BTC-related financial products. The native IKA token (10 billion total supply) is integral for network fees, security staking, and decentralized governance, with over 50% allocated to community members. An initial 6% airdrop will occur at mainnet launch, with full distribution plans to follow. Early users can participate in pre-launch tasks involving NFTs or SUI staking. IKA aims to solve major cross-chain security and usability issues, positioning itself as pivotal for Sui ecosystem growth and DeFi integration.
Bullish
The news highlights strong institutional backing for IKA, significant community-focused tokenomics, and advanced cross-chain technology addressing major pain points in DeFi security and usability. The large airdrop and integration within the Sui ecosystem are likely to incentivize user participation and liquidity. Such positive developments, alongside robust fundraising and utility, typically signal strong market interest and potential price appreciation for IKA, especially in the short-to-mid term after mainnet launch.