{"id":554287,"date":"2023-10-05T19:00:43","date_gmt":"2023-10-05T19:00:43","guid":{"rendered":"https:\/\/wncen.com\/?p=554287"},"modified":"2023-10-05T17:03:22","modified_gmt":"2023-10-05T17:03:22","slug":"massive-redistribution-sui-foundation-retrieves-117-million-sui-tokens-from-market-makers","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/massive-redistribution-sui-foundation-retrieves-117-million-sui-tokens-from-market-makers\/","title":{"rendered":"Massive Redistribution: Sui Foundation Retrieves 117 Million SUI Tokens From Market Makers"},"content":{"rendered":"

The Sui (SUI) Foundation has <\/span>announced <\/span><\/a>its latest initiative to strengthen its decentralized finance (DeFi) ecosystem, reclaiming<\/span>\u00a0117 million SUI tokens worth $51.3 million from external market makers.\u00a0<\/span><\/p>\n

The tokens will be redirected into various channels to support the growth of the Sui Network. This Layer 1 blockchain<\/span>\u00a0has gained recognition for its scalability since its mainnet launch in May.<\/span><\/p>\n

Per the announcement, the reallocation of these tokens will not impact the circulating supply of SUI, as they were previously released.\u00a0<\/span><\/p>\n

In addition, the Sui Foundation has already earmarked 25 million SUI tokens to award winners of its liquid staking hackathon, which was announced earlier this week.<\/span><\/p>\n

Sui Foundation To Support Developers With Repatriated Resources<\/span><\/h2>\n

According to the Sui Foundation, the influx of resources from this initiative is expected to support Sui’s community of builders, developers, and ecosystem participants, fostering growth in the coming months for the protocol.\u00a0<\/span><\/p>\n

Related Reading: Good Bitcoin News: Supply Keeps Falling To Lowest Since 2018 As Whales Keep Buying<\/a><\/div>\n

The newly repatriated resources will be channeled towards several key areas, including offering grants to developers for building decentralized applications, supporting Sui’s state-of-the-art DeepBook CLOB, automated <\/span>market makers<\/span><\/a>, and liquid staking and lending protocols.<\/span><\/p>\n

Sui’s DeFi ecosystem, which, according to the announcement, has demonstrated strong adoption, will be a primary beneficiary of these new <\/span>allocations<\/span><\/a>.\u00a0<\/span><\/p>\n

The network recently achieved its highest <\/span>Total Value Locked<\/span><\/a> (TVL) at approximately $38 million, marking a growth of over 100% in the past two months, <\/span>according <\/span><\/a>to DefiLlama, a leading DeFi TVL aggregator.<\/span><\/p>\n

Furthermore, the Sui Foundation team believes these recent achievements have been remarkable, especially considering the short time since its mainnet launch. The network set an industry record by executing 65.8 million transactions daily, surpassing all other blockchains.\u00a0<\/span><\/p>\n

Per the announcement, Sui’s scalability remained intact despite the concentrated traffic, with the cost per transaction unaffected. Within just over four months, the network has attracted over 6 million active wallets.\u00a0<\/span><\/p>\n

Additionally, Sui introduced zkLogin, a unique native feature that enhances privacy and security by enabling users to access decentralized applications through their existing Web 2 social accounts.<\/span><\/p>\n

A Bright Future For The Network?<\/span><\/h2>\n

Greg Siourounis, Managing Director of the Sui Foundation, expressed optimism about the network’s future growth, emphasizing that the milestones achieved thus far are only a fraction of what the network aims to accomplish. Siourounis stated:\u00a0<\/span><\/p>\n

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. Today\u2019s reallocation represents a key influx of resources that will provide a new tailwind for Sui\u2019s community of builders, developers, and ecosystem participants and fuel Sui\u2019s ecosystem growth in the coming months and beyond.<\/span><\/p><\/blockquote>\n

\"Sui
SUI token extended drop over the past 30 days on the daily chart. Source: SUIUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n
Related Reading: How Have Ethereum Futures ETFs Fared So Far? Data Reveals Shocking Numbers<\/a><\/div>\n

As of the current writing, the native token of the protocol, SUI, is trading at $0.4389, reflecting a 2% increase over the past 7 days. However, the token has experienced a decline of 6.4% within the 30-day timeframe.\u00a0<\/span><\/p>\n

Featured image from Shutterstock, chart from TradingView.com\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The Sui (SUI) Foundation has announced its latest initiative to strengthen its decentralized finance (DeFi) ecosystem, reclaiming\u00a0117 million SUI tokens worth $51.3 million from external market makers.\u00a0 The tokens will be redirected into various channels to support the growth of the Sui Network. This Layer 1 blockchain\u00a0has gained recognition for its scalability since its mainnet launch in May. Per the announcement, the reallocation of these tokens will not impact the circulating supply of SUI, as they were previously released.\u00a0 In addition, the Sui Foundation has already earmarked 25 million SUI tokens to award winners of its liquid staking hackathon, which was announced earlier this week. Sui Foundation To Support Developers With Repatriated Resources According to the Sui Foundation, the influx of resources from this initiative is expected to support Sui’s community of builders, developers, and ecosystem participants, fostering growth in the coming months for the protocol.\u00a0 Related Reading: Good Bitcoin News: Supply Keeps Falling To Lowest Since 2018 As Whales Keep Buying The newly repatriated resources will be channeled towards several key areas, including offering grants to developers for building decentralized applications, supporting Sui’s state-of-the-art DeepBook CLOB, automated market makers, and liquid staking and lending protocols. Sui’s DeFi ecosystem, which, according to the announcement, has demonstrated strong adoption, will be a primary beneficiary of these new allocations.\u00a0 The network recently achieved its highest Total Value Locked (TVL) at approximately $38 million, marking a growth of over 100% in the past two months, according to DefiLlama, a leading DeFi TVL aggregator. Furthermore, the Sui Foundation team believes these recent achievements have been remarkable, especially considering the short time since its mainnet launch. The network set an industry record by executing 65.8 million transactions daily, surpassing all other blockchains.\u00a0 Per the announcement, Sui’s scalability remained intact despite the concentrated traffic, with the cost per transaction unaffected. Within just over four months, the network has attracted over 6 million active wallets.\u00a0 Additionally, Sui introduced zkLogin, a unique native feature that enhances privacy and security by enabling users to access decentralized applications through their existing Web 2 social accounts. A Bright Future For The Network? Greg Siourounis, Managing Director of the Sui Foundation, expressed optimism about the network’s future growth, emphasizing that the milestones achieved thus far are only a fraction of what the network aims to accomplish. Siourounis stated:\u00a0 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. Today\u2019s reallocation represents a key influx of resources that will provide a new tailwind for Sui\u2019s community of builders, developers, and ecosystem participants and fuel Sui\u2019s ecosystem growth in the coming months and beyond. Related Reading: How Have Ethereum Futures ETFs Fared So Far? Data Reveals Shocking Numbers As of the current writing, the native token of the protocol, SUI, is trading at $0.4389, reflecting a 2% increase over the past 7 days. However, the token has experienced a decline of 6.4% within the 30-day timeframe.\u00a0 Featured image from Shutterstock, chart from TradingView.com\u00a0<\/p>\n","protected":false},"author":589,"featured_media":554288,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[1020,1026,6664,1558,1623,88518,88213,88415],"class_list":["post-554287","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-blockchain","tag-blockchain-technology","tag-crypto","tag-cryptocurrency","tag-dapps","tag-sui-foundation","tag-sui-network","tag-suiusdt"],"acf":[],"yoast_head":"\nMassive Redistribution: Sui Foundation Retrieves 117 Million SUI Tokens From Market Makers<\/title>\n<meta name=\"description\" content=\"The Sui Foundation has announced its latest initiative as it reclaims 117 million 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Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. 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