This afternoon, I took a look at the trending IKA, and I want to share the information I have gathered so far.

1⃣ Basic Information

Developer DWallet Labs, originally started as an L1 blockchain. After teaming up with Sui, they want to do some parallel MPC networks and multi-chain, which is confusing.

The project was founded in 2022, has changed names several times, and its product positioning has also been adjusted.

2⃣ Financing

First round of financing: August 2022, 5 million USD, investment institutions I have never heard of.

Second round of financing: May 2023, 7.5 million USD, investment institutions I have never heard of. However, the leading investor in the first round also participated in the second.

Third round of financing: April 2025, the official said total financing exceeded 21 million USD, so the third round raised about 8.5 million. This round was solely invested by Sui.

3⃣ Airdrop

Currently, there are two ways to receive an airdrop: NFT + staking Sui.

NFT: Total of 10,000, but only 1,000 are eligible for the airdrop. You need to spend money to upgrade to get a higher ranking.

1st place: 10 million ink drops;

2nd-10th place: 1 million ink drops;

11th-100th place: 100,000 ink drops;

101st-1000th place: 10,000 ink drops.

If you buy a worthless NFT and do not upgrade, it’s a pure loss. Staked NFTs cannot be unlocked.

This NFT is likely a major disaster area for wash trading.

Staking Sui:

One Sui per day earns 0.5 water drops, which can be withdrawn at any time.

Careful friends may have noticed that the NFT rewards are ink drops, while staking Sui rewards are water drops; I’m not sure if this is a play on words by the project or a mistake.

4⃣ Personal Guess

From the current progress of IKA, they have issued an NFT and have staking for Sui, which feels completely unrelated to their previous positioning. The 12 million raised in earlier financing should be spent, and they haven’t issued any tokens, leaving them unable to explain to investors. Just in time, there’s hot money on Sui, and they’re looking to build a good relationship with Sui to issue tokens and make some profit while rewarding previous investors.

Many people who minted NFTs are early users, but I feel that this pay-to-upgrade approach shows a lack of vision from the project side.

A lot of people came over after WAL; WAL and Sui have a brotherly relationship, and besides that, there won’t be another WAL.

The last staked project on Sui was Headel, indicating that not all projects on Sui are high-profile.

Points are related to amounts, and low-tier accounts are unnecessary.

Finally, the official statement clause indicates that this is not a clear airdrop.