TechFlow news, according to The Block, the Sui Foundation today announced it will reclaim 117 million $SUI from external market makers and reallocate them to various channels supporting the growth of the Sui network.
"The newly reclaimed resources are intended to support Sui's thriving ecosystem, including providing grants to developers building next-generation decentralized applications on Sui, as well as supporting advanced initiatives on Sui such as DeepBook CLOB, automated market making, liquid staking, and lending protocols on the network."
The reallocated SUI represents 13.6% of its circulating supply and 1% of the total supply, and will not affect the circulating supply. This allocation includes the recently announced 25 million $SUI in staking rewards for winners of the Sui Liquid Staking Hackathon.
Sui Network is a breakthrough Layer 1 blockchain that launched its mainnet this May, widely praised for its scalability and industry-leading throughput, recognized as one of the leading blockchain networks.
