Sui Foundation announced it will reclaim 117 million $SUI from external market makers to support ecosystem and community development.
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Sui Foundation announced it will reclaim 117 million $SUI from external market makers to support ecosystem and community development.
The Sui Foundation announced it will reclaim 117 million $SUI from external market makers and reallocate them across multiple channels to support the growth of the Sui network.
Navigating Web3 tides with focused insightsAs Sui network TVL and usage grow rapidly, the Sui Foundation announced today it will reclaim 117 million $SUI from external market makers and reallocate them across multiple channels to support the growth of the Sui network.
Cayman Islands – October 5, 2023 – The Sui Foundation today announced it will reclaim 117 million $SUI tokens from external market makers and reallocate them to various initiatives supporting the growth of the Sui network. Sui is a groundbreaking Layer-1 blockchain launched in May this year, widely praised for its scalability and industry-leading throughput, recognized as one of the most advanced blockchain networks. Since these $SUI tokens were already released, their reallocation will not affect the circulating supply of $SUI. This includes the recently announced 25 million $SUI in staking rewards for winners of the Sui Liquid Staking Hackathon.
Typically, these newly reclaimed funds will be used to support the growing Sui ecosystem, including grants for developers building next-generation decentralized applications on Sui, as well as support for cutting-edge protocols on Sui such as DeepBook CLOB, automated market makers, liquid staking, and lending platforms.
Given its strong early traction, Sui’s DeFi ecosystem will be a primary beneficiary of these reallocated funds. According to DefiLlama, Sui recently reached an all-time high TVL of approximately $37 million—more than doubling over the past two months. This new initiative is expected to accelerate momentum during this critical growth phase.
Shortly after mainnet launch, Sui achieved several milestones, including setting a record of processing 65.8 million transactions in a single day within just two months—surpassing the historical performance of all other blockchains. At the same time, Sui demonstrated its scalability by maintaining transaction costs unaffected by network congestion. In just over four months, the Sui network has added more than 6 million active wallets. Recently, Sui also introduced zkLogin, a native feature allowing users to access decentralized applications using their Web2 social accounts from Google, Facebook, and Twitch in a more private and secure way.
“The milestones achieved by Sui and its community in the first five months are highly significant, yet they represent only part of what this network aims to build,” said Greg Siourounis, Head of the Sui Foundation. “This reallocation represents a substantial injection of resources that will provide new momentum for builders, developers, and ecosystem participants on Sui, driving ecosystem growth over the coming months and beyond.”
About Sui
Sui is a first-of-its-kind Layer-1 blockchain and smart contract platform designed to make digital asset ownership fast, private, secure, and accessible to everyone. Built on the object-centric model of the Move programming language, Sui enables parallel execution, sub-second finality, and rich on-chain assets. With horizontally scalable processing and storage capabilities, Sui empowers developers to build diverse applications quickly and at low cost. Sui represents a leap forward in blockchain technology, aiming to provide creators and developers with the platform capable of supporting the next billion users in Web3.
Learn more: https://sui.io
Media contact: media@sui.io
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