Massive Redistribution: Sui Foundation Retrieves 117 Million SUI Tokens From Market Makers
2023年10月6日 - 4:00AM
NEWSBTC
The Sui (SUI) Foundation has announced its latest initiative to
strengthen its decentralized finance (DeFi) ecosystem,
reclaiming 117 million SUI tokens worth $51.3 million from
external market makers. The tokens will be redirected into
various channels to support the growth of the Sui Network. This
Layer 1 blockchain has gained recognition for its scalability
since its mainnet launch in May. Per the announcement, the
reallocation of these tokens will not impact the circulating supply
of SUI, as they were previously released. In addition, the
Sui Foundation has already earmarked 25 million SUI tokens to award
winners of its liquid staking hackathon, which was announced
earlier this week. Sui Foundation To Support Developers With
Repatriated Resources According to the Sui Foundation, the influx
of resources from this initiative is expected to support Sui’s
community of builders, developers, and ecosystem participants,
fostering growth in the coming months for the protocol.
Related Reading: Good Bitcoin News: Supply Keeps Falling To Lowest
Since 2018 As Whales Keep Buying The newly repatriated resources
will be channeled towards several key areas, including offering
grants to developers for building decentralized applications,
supporting Sui’s state-of-the-art DeepBook CLOB, automated market
makers, and liquid staking and lending protocols. Sui’s DeFi
ecosystem, which, according to the announcement, has demonstrated
strong adoption, will be a primary beneficiary of these new
allocations. The network recently achieved its highest Total
Value Locked (TVL) at approximately $38 million, marking a growth
of over 100% in the past two months, according to DefiLlama, a
leading DeFi TVL aggregator. Furthermore, the Sui Foundation team
believes these recent achievements have been remarkable, especially
considering the short time since its mainnet launch. The network
set an industry record by executing 65.8 million transactions
daily, surpassing all other blockchains. Per the
announcement, Sui’s scalability remained intact despite the
concentrated traffic, with the cost per transaction unaffected.
Within just over four months, the network has attracted over 6
million active wallets. Additionally, Sui introduced zkLogin,
a unique native feature that enhances privacy and security by
enabling users to access decentralized applications through their
existing Web 2 social accounts. A Bright Future For The Network?
Greg Siourounis, Managing Director of the Sui Foundation, expressed
optimism about the network’s future growth, emphasizing that the
milestones achieved thus far are only a fraction of what the
network aims to accomplish. Siourounis stated: The milestones
reached by Sui and its community in its first five months have been
remarkable, but they represent only a fraction of what this network
was built to achieve. Today’s reallocation represents a key influx
of resources that will provide a new tailwind for Sui’s community
of builders, developers, and ecosystem participants and fuel Sui’s
ecosystem growth in the coming months and beyond. Related Reading:
How Have Ethereum Futures ETFs Fared So Far? Data Reveals Shocking
Numbers As of the current writing, the native token of the
protocol, SUI, is trading at $0.4389, reflecting a 2% increase over
the past 7 days. However, the token has experienced a decline of
6.4% within the 30-day timeframe. Featured image from
Shutterstock, chart from TradingView.com
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