Sui Foundation Reallocates 117M SUI to Bolster Network Growth
Rebeca Moen Oct 06, 2023 03:18
Sui Foundation announces the reallocation of 117 million SUI tokens from external market makers to support the growth of its Layer 1 blockchain network, Sui. The move aims to bolster the network's DeFi ecosystem, which recently recorded its highest-ever total value locked (TVL) at approximately $37 million. The reallocation will not impact the circulating supply of SUI tokens.
The Sui Foundation disclosed today that it will redirect 117 million SUI tokens from external market makers into various channels aimed at fostering the Sui Network's growth. This Layer 1 blockchain network launched its mainnet in May and has since been recognized for its scalability and high throughput. The reallocated tokens are separate from the 25 million SUI set aside for the winners of its recent liquid staking hackathon, announced on October 3rd.
Focus on DeFi and Technical Milestones
The redirected resources will primarily support Sui's growing decentralized finance (DeFi) ecosystem. According to DefiLlama, a leading DeFi TVL aggregator, Sui's network recently achieved its highest-ever TVL at approximately $37 million, marking a 100% increase over the last two months. This initiative aims to capitalize on the network's early success.
Sui has also achieved significant technical milestones since its mainnet launch. Within two months, the network processed a record 65.8 million transactions in a single day, surpassing all other blockchains. It also demonstrated scalability as the cost per transaction remained stable despite high network traffic. The network has grown to include over 6 million active wallets and recently launched zkLogin, a unique feature that enhances user privacy and security.
Future Outlook
Greg Siourounis, Managing Director of the Sui Foundation, stated, "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."
About Sui
Sui is a Layer 1 blockchain designed to make digital asset ownership fast, secure, and accessible. It uses the Move programming language and offers features like parallel execution, sub-second finality, and rich on-chain assets. Sui aims to provide a platform for creators and developers to build user-friendly experiences.
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