Sui Foundation announced that it will take 117 million SUI from external market makers and redirect them into a variety of channels supporting the growth of the Sui Network, a groundbreaking Layer 1 blockchain which launched its mainnet in May and has been acclaimed as the top-performing blockchain network for its scalability and industry-leading throughput. As these tokens had been released previously, their redistribution will not affect the circulating supply of SUI. These amounts are in addition to 25 million SUI earmarked for awarding the winners of its liquid staking hackathon who were announced this week on Tuesday, October 3rd.
In general, the newly repatriated resources will be aimed towards supporting Sui’s burgeoning ecosystem, including offering grants to developers to build the next generation of decentralized applications on Sui, and supporting Sui’s state-of-the-art DeepBook CLOB, automated market makers and liquid staking and lending protocols on the network.
Based on the strong adoption it has already demonstrated, Sui’s DeFi ecosystem will be a key beneficiary of the new allocations. As reported by leading DeFi TVL aggregator, DefiLlama, the network recently achieved its highest TVL ever at approximately $37 million, up more than 100% over the last two months. The new initiative doubles down on that early traction.
Full press release: https://www.businesswire.com/news/home/20231005665561/en/Sui-Reclaims-117-Million-SUI-for-Ecosystem-and-Community-Development