Sui Network Redirects Additional 40M SUI, Totaling 157 Million

blockchain.news:

The Sui Foundation has announced a further allocation of 40 million SUI tokens towards its ecosystem and community development, as revealed in a tweet by Sui Network on 14th October 2023. This allocation comes in addition to the 117 million SUI reallocated in the preceding week, totaling 157 million SUI dedicated to fueling the growth of the budding Sui ecosystem.

The latest allocation of 40 million SUI is a part of Sui's ongoing efforts to steer resources towards enhancing its blockchain network and community engagement. This reallocation of tokens from external market makers is intended to propel the Sui ecosystem further, which has already been showing promising growth and usage.

On 5th October 2023, the Sui Foundation declared a reallocation of 117 million SUI from external market makers to various channels aimed at fostering the growth of the Sui Network. This Layer 1 blockchain, having launched its mainnet in May, has been recognized for its scalability and industry-leading throughput, making significant strides within a short span.

The tokens reallocated in these initiatives are envisaged to bolster Sui's decentralized finance (DeFi) ecosystem, which has already demonstrated robust adoption. As per DefiLlama, a leading DeFi TVL aggregator, Sui Network recently recorded its highest total value locked (TVL) at approximately $37 million, marking a more than 100% increase over the last two months. This fresh influx of resources is expected to sustain and accelerate this upward trajectory.

The reallocation initiatives follow a series of remarkable achievements by Sui Network since its mainnet launch. Noteworthy among them is the network's execution of an industry record 65.8 million transactions in a single day,