The Sui Foundation Allocates 117 Million Tokens to Support Ecosystem Development
The Sui Foundation has made a strategic decision to withdraw 117 million SUI Tokens from external market makers and redirect them towards accelerating the development of the Sui Network ecosystem. This move aims to support growth initiatives, including decentralized applications (dApps) and liquid staking protocols, without impacting the existing circulating supply of tokens.
SUI Demonstrates Impressive Growth
In addition to this reallocation, the Sui Foundation recently staked 25 million SUI Tokens during the Sui Liquidity Staking Hackathon to encourage developers and builders in the ecosystem. The redirected resources will be used to support the next generation of dApps on Sui, as well as the network’s DeepBook central limit order book (CLOB) and its liquid staking and lending protocols.
Since its mainnet launch in May, Sui Network has achieved significant milestones, including a record-breaking 65.8 million transactions in a day and over 6 million active wallets. The platform’s DeFi ecosystem has also experienced substantial growth, with its total value locked (TVL) reaching approximately $37 million.
A Promising Future for Sui
Greg Siourounis, Managing Director of the Sui Foundation, believes that this resource allocation will provide a boost to Sui’s community and unlock its full potential. He emphasizes that the platform’s achievements in its first five months are just the beginning.
Hot Take: Fueling Growth and Innovation in the Sui Network Ecosystem
The Sui Foundation’s decision to reallocate 117 million tokens from external market makers is a strategic move aimed at supporting the development of decentralized applications and other growth initiatives within the Sui Network ecosystem. By redirecting these resources, the foundation aims to stimulate activity among developers and builders, fostering innovation and expansion.
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