Foundation

Read

<div class="cryptonews">
 <p class="is-style-lead">The Sui Foundation reallocates 117 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a> SUI Tokens from external market makers to accelerate ecosystem <a rel="noopener noreferrer nofollow" title="development" href="https://thebittimes.com/tag/development.html">development</a> and support growth initiatives, including decentralized applications and liquid staking protocols.</p>
 <p>Sui Foundation has undertaken a major repositioning of its resources by retracting 117 million SUI Tokens from external market makers. The tokens will be redirected towards supporting Sui Network’s development and various other growth initiatives, without affecting the existing circulating supply.</p>
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
  <div class="wp-block-embed__wrapper">
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
    <p lang="en" dir="ltr">Breaking news! We're reallocating 117M SUI from external market makers and redirecting them to initiatives designed to fuel ecosystem and <a rel="noopener noreferrer nofollow" title="community" href="https://thebittimes.com/tag/community.html">community</a> growth!<br><br>Dive into the press release for all the details. #BuildOnSuihttps://t.co/G0kZOAvbaj</p>— Sui (@SuiNetwork) October 5, 2023
   </blockquote>
  </div>
 </figure>
 <h2 class="wp-block-heading" id="sui-has-shown-a-remarkable-growth-trajectory">SUI has shown a remarkable growth trajectory</h2>
 <p>This reallocation comes on the heels of the Sui Liquidity Staking Hackathon, where the foundation staked 25 million SUI Tokens for the victors. It serves as a significant financial injection intended to stimulate activity among developers, builders, and other ecosystem stakeholders.&nbsp;</p>
 <p>These newly relocated resources are slated to support the next generation of decentralized applications (dApps) on Sui, as well as the network’s state-of-the-art DeepBook central limit order book (CLOB), and its liquid staking and lending protocols.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Sui Network adds Google, Twitch, and Facebook logins for dapps
 </div>
 <p>Sui Network, a Layer 1 blockchain, has already shown considerable promise since its mainnet launch in May. The platform has clocked an industry record of 65.8 million transactions in a single day and has attracted more than 6 million active wallets within a span of just over four months.</p>
 <p>DefiLlama reported that Sui’s DeFi ecosystem attained its highest-ever TVL at approximately $37 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a>—showing more than a 100% increase over the last two months.&nbsp;</p>
 <p>Greg Siourounis, Managing Director of the Sui Foundation, expressed that the resource influx is a pivotal move to “provide a new tailwind for Sui’s <a rel="noopener noreferrer nofollow" title="community" href="https://thebittimes.com/tag/community.html">community</a> of builders, developers, and ecosystem participants.” He emphasized that the milestones reached in the first five months post-launch only scratch the surface of Sui’s potential.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Friend.tech announces new features following SIM-swapping attack
 </div> <span class="google-news-banner__label">Follow Us on Google News</span>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/sui-foundation-repurposes-117-million-tokens-for-community-development-tbt65298.html">https://thebittimes.com/sui-foundation-repurposes-117-million-tokens-for-community-development-tbt65298.html</a></p>

Sui Foundation repurposes 117 million tokens for community development

Table of Contents

TheBitTimes

Other articles published on Oct 5, 2023

Doge Meme Icon to Receive Honorary Statue in Japan

Arrest Warrant in 2718 Bitcoin Bribery Case!

CMCC Global Splashes $100 Million on Blockchain Fund Focused on Asian Startups

Hong Kong Police and SFC take heavy crypto measures after the JPEX saga

Ledger Announces 12% Workforce Reduction Amidst Crypto Challenges

DeFi protocols on Cardano surge; What it means for ADA?

Join our free newsletter for daily crypto updates!