In order to support the sustainable development of the ecosystem and community, the Sui Foundation decided to recycle 117 million SUI from external market makers and plans to distribute them to multiple channels to promote the expansion of the Sui ecosystem.

Take back market maker chips and give back to the Sui ecosystem

As the total value locked (TVL) and usage of the Sui network increases, the Foundation hopes that this policy will further promote the expansion of Sui. The Sui Foundation stated that these SUIs are already circulating tokens, so this redistribution will not have an impact on their circulation.

The Sui Foundation stated that the recovered SUI funds include 25 million SUI provided to the winners of the Sui Liquidity Staking Hackathon.

These funds will be used to support the expansion of the Sui ecosystem in the future, such as providing funding to developers, encouraging them to build a new generation of decentralized applications (DApps) on Sui, and strengthening various innovative protocols in Sui, such as YES: DeepBook CLOB, automated market makers, and liquidity staking.

Sui TVL has grown significantly and zkLogin functionality is a major feature

Data from DefiLlama shows that Sui’s TVL has recently reached approximately $37 million, an increase of more than 100% over the past two months. This measure is expected to accelerate ecological growth.

Sui has achieved many great results since its launch. For example, in just two months, Sui set a record of processing 65.8 million transactions in a single day, a number that surpassed the historical performance of all other blockchains. Additionally, Sui’s number of active wallets has increased by over 6 million in just over four months. Sui's latest zkLogin feature allows users to use Web 2.0 social accounts to use decentralized applications more privately and securely.

Greg Siourounis, head of the Sui Foundation, said: "Sui and its community have made significant progress in just five months, but this is just the beginning of our long-term goals. Reallocating these funds is equivalent to injecting strong power into the Sui ecosystem. Motivation, we believe this will bring more opportunities and potential to all builders, developers and ecological participants on Sui, further promoting the continued growth of the Sui ecosystem."

This article Sui Foundation recovered 117 million SUI from market makers to promote the growth of Sui ecology first appeared on Chain News ABMedia.