Sui Plans To Launch $51.3M Fund To Grow DeFi Ecosystem
Crypto News

Sui Plans To Launch $51.3M Fund To Grow DeFi Ecosystem

1m
Created 1yr ago, last updated 1yr ago

The Sui Foundation has announced a $51.3 million ecosystem fund to expand its DeFi ecosystem.

Sui Plans To Launch $51.3M Fund To Grow DeFi Ecosystem

Sui Foundation Planning To Launch $51.3 Million Fund To Grow DeFi ecosystem

The Sui Foundation has announced a $51.3 million ecosystem fund to expand its DeFi ecosystem. The funds will support DeFi developers and DeepBook, its on-chain central limit order book platform seeking to match Nasdaq's high-frequency capabilities. 117 million SUI tokens will be claimed from “external market makers” to provide grants to DeFi developers.

DeepBook leverages Sui's speed, processing a record 65.8M daily transactions. Managing Director Greg Siourounis said the funds provide a "new tailwind" for developers and users. Besides DeepBook, grants will support DeFi applications in lending, decentralized exchanges and liquid staking.

Sui is currently ranked 35th by total value locked (TVL) at $38.2 million and has a market capitalization of $376 million.

Let us know what you loved about this article, what could be improved, or share any other feedback by filling out this short form.

This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
1 person liked this article