Sui Foundation Launches A $50 Million Ecosystem Fund!

The SUI Foundation launched an ecosystem fund of $51.3 million, market makers will withdraw 117 million SUI tokens to support the DeFi ecosystem.

The Sui Foundation, which manages and develops the Sui blockchain, announced that it has set up a new fund. Additionally, the fund allocated this support to the DeFi ecosystem and the on-chain central limit order book-based platform, DeepBlock. Also the Foundation will claim 117 million SUI tokens from external market makers, totaling $51.3 million in value. This amount accounts for 13.6% of the circulating supply and 1% of the total supply. The aforementioned tokens will be used to strengthen and expand Sui’s ecosystem.

The additional funds raised aim to support the DeFi applications developers by offering grants to grow Sui’s ecosystem and the on-chain CLOB platform, DeepBook. DeepBlock aims to mimic the high-frequency trading capabilities in the Nasdaq and centralized exchanges using the fast transaction speed of the Sui network.

A spokesperson for the Sui Foundation stated that Sui’s object-oriented approach provides advantages such as low latency and high efficiency, thanks to horizontal scalability and efficient on-chain storage capacity.

According to data, the Sui network has performed record 65.8 million transactions in a single day, surpassing the performance of all other blockchains in history. The Sui Foundation’s General Manager Greg Siourounis noted that the allocation would provide new momentum for developers and ecosystem participants. The Foundation had allocated about 396 million to market makers during the mainnet launch in May, which represents 75% of the initial circulating supply.

According to DeFiLlama data, Sui currently holds the 35th position among the best blockchains in terms of total deposits made to DeFi protocols, boasting assets worth $38.2 million.

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