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Sui Network Allocates 117 Million SUI for Future Development

While waiting for the return of good days in the blockchain and cryptocurrency market, some projects continue to build a sustainable strategy for the future. This is notably the case with Sui Network, which has just announced the allocation of 117 million SUI for the development of its ecosystem.

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Sui Foundation allots $51 million for the development of its ecosystem

The Sui blockchain has gained momentum since the beginning of 2023. After a successful launch and a record-breaking number of 65.8 million transactions in a single day, the blockchain aims for fruitful long-term development.

The foundation responsible for the management and development of the blockchain has announced this fund to support Sui Network’s DeFi ecosystem and promote its order book platform, DeepBook.

Concretely, the incentive to focus on the Sui network will include grants offered to ecosystem developers.

It should be noted that to allocate these 117 million SUI, equivalent to $51.3 million, the foundation turned to market makers outside of its ecosystem. It clarifies that the redistribution of these tokens will not affect the circulating supply of SUI.

Greg Siourounis, CEO of the Sui Foundation, explains that “the milestones reached by Sui and its community in the first five months have been remarkable, but they only represent a fraction of what this network was built to achieve“.

He further adds that “today’s reallocation represents a significant influx of resources that will give a new impetus to the Sui ecosystem and fuel its growth in the months to come and beyond“.

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