News

Sui Network reallocates 117M tokens for community and ecosystem growth

Published

1 year ago

October 6, 2023

The Sui Foundation has announced that it will redistribute 117 million SUI tokens from external market makers. The Sui Network is a layer 1 blockchain that launched its mainnet in May. These tokens will be used for different projects that aim to grow the Sui Network.

Sui believes that this strategic decision to return tokens from external market makers will not affect the supply of SUI tokens in circulation since these tokens were already released.

This is on top of the 25 million SUI tokens that were set aside to reward the winners of the recent Liquid Staking Hackathon. The winners were announced on October 3rd.

As part of this, Sui will give grants to developers to help them make the next generation of decentralized applications (dApps) for the Sui Network.

This move, they believe, will also help Sui’s DeepBook Central Limit Order Book (CLOB), automated market makers, and the network’s liquid staking and lending protocols grow.

Sui’s DeFi ecosystem will be a key beneficiary of the new funding. According to the industry-leading DeFi TVL aggregator DefiLlama, the network’s TVL recently hit an all-time high of around $37 million, an increase of more than 100% over the previous two months.

“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 ecosystem growth in the coming months and beyond.” “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 Sui Foundation Managing Director Greg Siourounis.

With this new initiative, Sui tends to show their desire to keep building, especially with the momentum it has already achieved in the DeFi space.

Sui Network plans to encourage innovation and growth in the Sui Network by putting these tokens toward community-driven projects and developer grants.