Sui Foundation Reallocates 117M SUI to Bolster Network Growth

blockchain.news:

The Sui Foundation disclosed today that it will redirect 117 million SUI tokens from external market makers into various channels aimed at fostering the Sui Network's growth. This Layer 1 blockchain network launched its mainnet in May and has since been recognized for its scalability and high throughput. The reallocated tokens are separate from the 25 million SUI set aside for the winners of its recent liquid staking hackathon, announced on October 3rd.

Focus on DeFi and Technical Milestones

The redirected resources will primarily support Sui's growing decentralized finance (DeFi) ecosystem. According to DefiLlama, a leading DeFi TVL aggregator, Sui's network recently achieved its highest-ever TVL at approximately $37 million, marking a 100% increase over the last two months. This initiative aims to capitalize on the network's early success.

Sui has also achieved significant technical milestones since its mainnet launch. Within two months, the network processed a record 65.8 million transactions in a single day, surpassing all other blockchains. It also demonstrated scalability as the cost per transaction remained stable despite high network traffic. The network has grown to include over 6 million active wallets and recently launched zkLogin, a unique feature that enhances user privacy and security.

Future Outlook

Greg Siourounis, Managing Director of the Sui Foundation, stated, «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 Layer 1 blockchain designed to make digital asset ownership fast, secure, and accessible.