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