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"As the Sui Network's TVL and usage continue to grow rapidly, the Sui Foundation has announced that it will retrieve 117 million SUI tokens from external market makers and reallocate them across various channels to support the growth of the Sui Network.
On October 5, 2023, the Sui Foundation announced that they will retrieve 117 million SUI tokens from external market makers and reallocate them to various channels that support the growth of the Sui Network. The Sui Network, a breakthrough L1 blockchain launched in May of this year, has gained recognition for its scalability and industry-leading throughput, being hailed as one of the most outstanding blockchain networks. As these SUI tokens were previously released, their reallocation will not affect the circulating supply of SUI. These SUI tokens also include the 25 million pledged SUI announced recently for the Sui Liquidity Staking Hackathon winners.
Typically, 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 advanced DeepBook CLOB, automated market makers, liquidity staking, and lending protocols on Sui.
Given the strong attraction it has already demonstrated, the DeFi ecosystem of Sui will be the primary beneficiary of these reallocated funds. According to DefiLlama reports, the Sui Network recently reached an all-time high TVL of around $37 million, growing more than 100% in the past two months. This new initiative is expected to accelerate this early growth momentum.
Sui achieved a series of milestones shortly after its mainnet launch, such as setting a record of executing 65.8 million transactions in a single day within two months, surpassing the performance of all other blockchains in history. Meanwhile, Sui's scalability was also showcased as transaction costs were unaffected by network congestion. In just over four months, the Sui Network added over 6 million active wallets. Recently, Sui announced the launch of zkLogin, a native feature of the Sui Network that allows users to access decentralized applications using the same Web 2 social accounts from providers like Google, Facebook, and Twitch, in a more private and secure way.
""Sui and its community have achieved significant milestones in the first five months, but they represent only a portion of the goals for this network,"" said Greg Siourounis, head of the Sui Foundation. ""The reallocation now represents an injection of significant resources that will provide new impetus to builders, developers, and ecosystem participants on Sui in the coming months and beyond, driving the growth of Sui's ecosystem.""
About Sui
Sui is an innovative L1 blockchain and smart contract platform designed to make digital asset ownership fast, private, secure, and accessible to everyone. Based on the Move programming language's object-centric model, it can execute in parallel, provide sub-second confirmations, and handle a wide range of on-chain assets. Sui has horizontally scalable processing and storage capabilities, enabling developers to quickly and cost-effectively support a wide range of application development. Sui represents a leap forward in the blockchain space, aiming to provide a development platform for creators and developers capable of supporting the next billion users in Web3." |
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Post time 12-10-2023 08:34:29
