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.
On October 5, 2023, the Sui Foundation announced today that it will recover 117 million SUI from external market makers and redistribute them to various channels that support the growth of the Sui network. The Sui network is a groundbreaking L1 blockchain that launched its mainnet in May this year and has been praised for its scalability and industry-leading throughput, and is known as one of the best blockchain networks. Since these SUIs have been released before, their redistribution will not affect the circulating supply of SUI. These SUIs also include the 25 million staked SUIs announced recently 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, and supporting the most advanced DeepBook CLOB, automated market makers, liquidity staking and lending protocols on Sui.
Based on the strong traction it has already shown, Sui's DeFi ecosystem will be the main beneficiary of these reallocated funds. According to the DefiLlama report, Sui 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, Sui's scalability has also been demonstrated because transaction costs are not affected by transaction congestion on the network. 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 from Google, Facebook, Twitch, etc.
"Sui and its community have achieved very 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 promote 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 handling 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.
