The Sui Network Foundation is taking a significant step in its commitment to advancing its ecosystem and growth initiatives.
In a strategic move, the foundation is reallocating 117 million SUI Tokens from external market participants, with the aim of accelerating the development of the Sui Network and supporting various expansion projects. Importantly, this reallocation will not impact the existing circulating supply of SUI Tokens.
This decision follows the successful Sui Liquidity Staking Hackathon, during which the foundation staked 25 million SUI Tokens as rewards. This substantial injection of funds is designed to encourage participation and innovation among developers, builders, and other key stakeholders in the Sui Network ecosystem.
The newly reassigned resources will play a crucial role in nurturing the next generation of decentralized applications (dApps) on the Sui Network. They will also be instrumental in furthering the development of the state-of-the-art DeepBook central limit order book (CLOB) and the liquid staking and lending protocols.
Sui Network Impressive Growth: 65.8 Million Daily Transactions and $37 Million TVL in 5 Months
Since its mainnet launch in May, Sui Network, operating as a Layer 1 blockchain, has displayed remarkable potential. It has set an industry record with 65.8 million daily transactions and has garnered the interest of more than 6 million active wallets in just over four months.
DeFiLlama data reveals that Sui’s DeFi ecosystem has achieved its highest-ever Total Value Locked (TVL) at approximately $37 million, marking a remarkable increase of over 100% in the past two months.
Greg Siourounis, Managing Director of the Sui Foundation, emphasized that this infusion of resources is a pivotal step to “provide renewed support for Sui’s community of innovators, developers, and ecosystem participants.” He highlighted that the accomplishments achieved in the initial five months following the launch of Sui Network only scratch the surface of its potential.
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