With the rapid growth of Sui network TVL and usage, the Sui Foundation announced that it will recover 117 million $SUI from external market makers and redistribute them to multiple channels to support the growth of the Sui network.

Cayman Islands - October 5, 2023 - The Sui Foundation announced today that it will reclaim 117 million $SUI from external market makers and redistribute them into various channels to support the growth of the Sui Network, a groundbreaking L1 blockchain that launched its mainnet in May and has been hailed as one of the best blockchain networks for its scalability and industry-leading throughput. As these $SUI were previously released, their redistribution will not affect the circulating supply of $SUI. This $SUI also includes the recently announced 25 million staked $SUI for the winners of the Sui Liquidity Staking Hackathon.

Generally, these new funds will be used to support the growing Sui ecosystem, including providing grants to developers to build the next generation of decentralized applications on Sui, as well as supporting the most advanced DeepBook CLOB, automated market maker, liquidity staking and lending protocols on Sui.

Based on the strong appeal it has already shown, Sui's DeFi ecosystem will be the main beneficiary of these reallocated funds. According to the DefiLlama report, Sui's network TVL recently hit a new high of about $37 million, an increase of more than 100% over the past two months. This new move is bound to accelerate momentum growth in the early stages.

Sui has achieved a series of achievements shortly after the launch of the mainnet. For example, within two months, the Sui network set a record of executing 65.8 million transactions in one day, surpassing the performance of all other blockchains in history. At the same time, because transaction costs are not affected by transaction congestion on the network, Sui's scalability is also demonstrated. In just over four months, the Sui network has added more than 6 million active wallets. Recently, Sui also announced the launch of zkLogin, a native feature of the Sui network, which enables users to access decentralized applications in a more private and secure way using the same way as Web 2 social accounts provided by Google, Facebook, Twitch, etc.

“Sui and its community have achieved significant milestones in the first five months, but they represent only part of the goals for which this network was built,” said Greg Siourounis, director of the Sui Foundation. The injection will provide new impetus to builders, developers and ecological participants on Sui and drive the growth of Sui’s ecosystem in the coming months and beyond.”

About Sui

Sui is a first-of-its-kind L1 blockchain and smart contract platform designed to make digital asset ownership fast, private, secure, and accessible to everyone. The object-centric model based on the Move programming language enables parallel execution, sub-second confirmations, and processing of a rich set of on-chain assets. Sui has horizontally scalable processing and storage capabilities, allowing developers to quickly and cost-effectively support a wide range of application development. Sui is a leap forward in the blockchain space, dedicated to providing creators and developers with a development platform capable of hosting the next billion users in Web3.

For more information: https://sui.io

Media Contact: media@sui.io