The Sui Foundation Repatriates $51.3 Million Worth of SUI Tokens
The Sui (SUI) Foundation has announced its latest initiative to strengthen its decentralized finance (DeFi) ecosystem by reclaiming 117 million SUI tokens worth $51.3 million from external market makers. These tokens will be redirected into various channels to support the growth of the Sui Network, a Layer 1 blockchain known for its scalability.
This reallocation of tokens will not affect the circulating supply of SUI since they were previously released. Additionally, the Sui Foundation has set aside 25 million SUI tokens to award winners of its liquid staking hackathon.
Sui Foundation Supports Developers with Repatriated Resources
The influx of resources from this initiative is expected to support builders, developers, and ecosystem participants within the Sui community. The repatriated resources will be used to offer grants to developers for building decentralized applications and supporting various protocols such as DeepBook CLOB, automated market makers, and liquid staking and lending protocols.
The Sui DeFi ecosystem, which has demonstrated strong adoption, will benefit greatly from these new allocations. The network recently achieved a Total Value Locked (TVL) of approximately $38 million, experiencing over 100% growth in the past two months.
Achievements and Future Growth
Despite its recent launch, the Sui Network has already executed a record-breaking 65.8 million transactions daily, surpassing other blockchains in terms of transaction volume. The network’s scalability remained intact during this traffic surge, and it attracted over 6 million active wallets within just over four months.
The introduction of zkLogin, a native feature that enhances privacy and security for users accessing decentralized applications through their Web 2 social accounts, has further enhanced the network’s offerings.
A Bright Future for the Sui Network
Greg Siourounis, Managing Director of the Sui Foundation, expressed optimism about the network’s future growth. He stated that the milestones achieved so far are just a fraction of what the network aims to accomplish. The repatriation of resources will provide a new tailwind for builders, developers, and ecosystem participants, fueling the Sui ecosystem’s growth in the coming months and beyond.
As of now, the native token of the protocol, SUI, is trading at $0.4389 with a 2% increase over the past 7 days. However, it has experienced a decline of 6.4% within the 30-day timeframe.
Featured image from Shutterstock, chart from TradingView.com
Hot Take: Sui Foundation Repatriates Tokens to Boost DeFi Ecosystem Growth
The Sui Foundation’s decision to reclaim $51.3 million worth of SUI tokens from external market makers is a strategic move to strengthen its decentralized finance ecosystem. By redirecting these tokens into various channels, the foundation aims to support builders, developers, and ecosystem participants within the Sui community. With strong adoption and impressive achievements such as record-breaking transaction volume and attracting millions of active wallets within a short time, the Sui Network has already shown promise. The repatriated resources will provide a new tailwind for growth in the coming months and beyond. As the network continues to innovate and expand its offerings, it is poised for a bright future in the DeFi space.
By
By
By
By
By