As Sui’s TVL and usage grow at a blistering pace, Sui reallocated funds from external market makers to fuel ecosystem growth
GRAND CAYMAN, Cayman Islands--(BUSINESS WIRE)--Sui Foundation, today announced that it will take 117 million SUI from external market makers and redirect them into a variety of channels supporting the growth of the Sui Network, a groundbreaking Layer 1 blockchain which launched its mainnet in May and has been acclaimed as the top-performing blockchain network for its scalability and industry-leading throughput. As these tokens had been released previously, their redistribution will not affect the circulating supply of SUI. These amounts are in addition to 25 million SUI earmarked for awarding the winners of its liquid staking hackathon who were announced this week on Tuesday, October 3rd.
In general, the newly repatriated resources will be aimed towards supporting Sui’s burgeoning ecosystem, including offering grants to developers to build the next generation of decentralized applications on Sui, and supporting Sui’s state-of-the-art DeepBook CLOB, automated market makers and liquid staking and lending protocols on the network.
Based on the strong adoption it has already demonstrated, Sui’s DeFi ecosystem will be a key beneficiary of the new allocations. As reported by leading DeFi TVL aggregator, DefiLlama, the network recently achieved its highest TVL ever at approximately $37 million, up more than 100% over the last two months. The new initiative doubles down on that early traction.
The announcement of Sui’s latest initiative follows a string of achievements by the network made more notable by how soon after its mainnet launch they have occurred. Within two months of its launch, the network executed an industry record 65.8 million transactions in a single day — surpassing the performance of every other blockchain in history. At the same time, Sui’s ability to scale was also on display as the cost per transaction remained unaffected by the concentrated traffic on the network. In just over four months, the network grew to include over 6 million active wallets. Most recently, Sui announced the launch of zkLogin, a first-of-its-kind primitive native to the network that enables users to access decentralized applications using the same Web 2 social accounts from providers like Google, Facebook and Twitch that they already use in a way that is more private and secure.
“The milestones reached by Sui and its community in its first five months have been remarkable, but they represent only a fraction of what this network was built to achieve,” said Greg Siourounis, Managing Director of the Sui Foundation. “Today’s reallocation represents a key influx of resources that will provide a new tailwind for Sui’s community of builders, developers, and ecosystem participants and fuel Sui’s ecosystem growth in the coming months and beyond.”
About Sui
Sui is a first-of-its-kind Layer 1 blockchain and smart contract platform designed from the bottom up to make digital asset ownership fast, private, secure, and accessible to everyone. Its object-centric model, based on the Move programming language, enables parallel execution, sub-second finality, and rich on-chain assets. With horizontally scalable processing and storage, Sui supports a wide range of applications with unrivaled speed at low cost. Sui is a step-function advancement in blockchain and a platform on which creators and developers can build amazing, user-friendly experiences. Learn more: https://sui.io
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