The foundation, which oversees the Sui Network, a Layer 1 blockchain lauded for its impressive scalability, has redirected a whopping 117 million SUI tokens, currently worth $51,313,738, from external market makers. This reallocation aims to nurture the growth of Sui’s community and support the development of various initiatives within its ecosystem.
📣Breaking news! We're reallocating 117M SUI from external market makers and redirecting them to initiatives designed to fuel ecosystem and community growth!
— Sui (@SuiNetwork) October 5, 2023
The SUI Foundation Reallocates SUI Tokens
As noted in an October 5 press release, one of the key beneficiaries of this reallocation will be Sui’s burgeoning decentralized finance (DeFi) ecosystem. Recent data from DefiLlama, a DeFi TVL aggregator, shows that Sui’s Total Value Locked (TVL) reached an all-time high of approximately $38 million, marking a remarkable 100% growth in just two months. Meanwhile, its market capitalization stood at $377,151,513 at press time.
As part of this initiative, they will offer grants to developers, encouraging them to build the next generation of decentralized applications on the Sui Network. Additionally, the SUI Foundation will support Sui’s state-of-the-art DeepBook CLOB, automated market makers, and liquid staking and lending protocols, all of which contribute to the network’s growth and vitality.
Greg Siourounis, Managing Director of the Sui Foundation, expressed optimism about the network’s future, emphasizing that the achievements so far are just the beginning. He noted that this recent reallocation of resources will provide a substantial boost to Sui’s community, developers, and ecosystem participants, fueling the network’s growth in the months and years to come.
While the native SUI token has seen some fluctuations in its value recently, currently trading at $0.4391 with a decrease of 6.09% over the past 7 days, the long-term outlook for the Sui Network appears bright. The decision to move these tokens is seen as a significant vote of confidence in Sui’s potential. Despite being relatively young, the network has achieved remarkable milestones since its mainnet launch in May.
Notably, Sui executed 65.8 million transactions in a single day, outshining every other blockchain in history. This extraordinary performance was accompanied by an unprecedented ability to scale seamlessly, maintaining low transaction costs despite increased network traffic. Impressively, over 6 million active wallets have already joined the Sui community.