Sui Foundation to Reallocate 117 Million Tokens for Growth
The Sui Foundation has announced its plans to reallocate 117 million of its native tokens, worth $51 million, in order to fuel additional growth. This represents 13.6% of the circulating supply and 1% of the total supply of Sui tokens. However, since the tokens have already been released, the redistribution will not affect the circulating supply.
Since its mainnet launch in May, the price of Sui tokens has dropped from $1.40 to $0.44, according to CoinGecko. The Sui Foundation’s “Community Reserve” currently owns more than half of all Sui tokens, which are being utilized in various community programs.
Focus on Supporting Sui’s Ecosystem
The newly reallocated resources will be used to support Sui’s growing ecosystem. This includes offering grants to developers for building decentralized applications on Sui and supporting protocols like DeepBook CLOB, automated market makers, and liquid staking and lending protocols on the network.
Impressive Blockchain Performance
Sui has achieved significant milestones since its launch. Within two months, the network executed a record-breaking 65.8 million transactions in a single day, surpassing all other blockchains in history. Additionally, the network now boasts over 6 million active wallets.
Ambitious Goals for Future Growth
Despite its achievements, Sui is determined to further expand its network. The reallocation of resources is seen as a crucial step in providing support and driving growth in the coming months and beyond. Greg Siourounis, Managing Director of the Sui Foundation, expressed his excitement about the potential impact of these resources on builders, developers, and ecosystem participants.
Background on Sui
Sui was created by Mysten Labs, a company founded by former Meta employees who had previously worked on crypto initiatives for the tech giant. Mysten Labs raised $300 million in funding less than a year ago, with a valuation exceeding $2 billion.
Hot Take: Sui Foundation’s Reallocation of Tokens Signals Commitment to Growth
The Sui Foundation’s decision to reallocate 117 million tokens demonstrates its dedication to fostering growth within the Sui ecosystem. By providing resources for developers and supporting various protocols, Sui aims to continue expanding its network and achieving even greater milestones. With its impressive blockchain performance and the backing of Mysten Labs, Sui has positioned itself as a key player in the crypto industry. The reallocation of tokens is an exciting development that will undoubtedly contribute to Sui’s future success.
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