Sui Network Redirects Additional 40M SUI, Totaling 157 Million
Jessie A Ellis Oct 14, 2023 11:23
The Sui Foundation has redirected an additional 40 million SUI tokens towards ecosystem and community development, adding to the previous 117 million SUI, making a total of 157 million SUI. This reallocation aims to bolster the DeFi ecosystem of Sui Network, which has shown a significant uptick in total value locked, marking over 100% increase in the last two months. The initiative follows a series of remarkable achievements by Sui, underscoring its commitment to fostering a robust ecosystem for decentralized applications and financial protocols.
The Sui Foundation has announced a further allocation of 40 million SUI tokens towards its ecosystem and community development, as revealed in a tweet by Sui Network on 14th October 2023. This allocation comes in addition to the 117 million SUI reallocated in the preceding week, totaling 157 million SUI dedicated to fueling the growth of the budding Sui ecosystem.
The latest allocation of 40 million SUI is a part of Sui's ongoing efforts to steer resources towards enhancing its blockchain network and community engagement. This reallocation of tokens from external market makers is intended to propel the Sui ecosystem further, which has already been showing promising growth and usage.
On 5th October 2023, the Sui Foundation declared a reallocation of 117 million SUI from external market makers to various channels aimed at fostering the growth of the Sui Network. This Layer 1 blockchain, having launched its mainnet in May, has been recognized for its scalability and industry-leading throughput, making significant strides within a short span.
The tokens reallocated in these initiatives are envisaged to bolster Sui's decentralized finance (DeFi) ecosystem, which has already demonstrated robust adoption. As per DefiLlama, a leading DeFi TVL aggregator, Sui Network recently recorded its highest total value locked (TVL) at approximately $37 million, marking a more than 100% increase over the last two months. This fresh influx of resources is expected to sustain and accelerate this upward trajectory.
The reallocation initiatives follow a series of remarkable achievements by Sui Network since its mainnet launch. Noteworthy among them is the network's execution of an industry record 65.8 million transactions in a single day, within two months of its launch, outperforming every other blockchain in history. The network also showcased its scalability as the cost per transaction remained unaffected despite the high traffic, indicating a well-optimized infrastructure.
The Managing Director of the Sui Foundation, Greg Siourounis, expressed optimism for what lies ahead. The recent reallocations are viewed as a pivotal move to provide a fresh impetus for the Sui community comprising builders, developers, and ecosystem participants, propelling Sui’s ecosystem growth in the ensuing months and beyond.
Sui is a pioneering Layer 1 blockchain and smart contract platform designed to render digital asset ownership fast, secure, and accessible to all. Its distinctive model, based on the Move programming language, facilitates parallel execution, sub-second finality, and an array of on-chain assets, embodying a significant leap in blockchain technology.
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