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Sui Reclaims 117 Million SUI for Ecosystem and Community Development

Twitter icon  •  Published il y a 6 mois  •  Hassan Maishera

The Sui Network announced via a press release on Thursday that the Sui Foundation will take 117 million SUI from external market makers and redirect them into a variety of channels supporting the growth of the blockchain.

The Sui Network announced via a press release on Thursday that the Sui Foundation will take 117 million SUI from external market makers and redirect them into a variety of channels supporting the growth of the blockchain.

These amounts are in addition to the 25 million SUI earmarked for awarding the winners of its liquid staking hackathon. 

The team added that the newly repatriated resources will be aimed towards supporting Sui’s burgeoning ecosystem, including offering grants to developers to build the next generation of decentralized applications on Sui, and supporting Sui’s state-of-the-art DeepBook CLOB, automated market makers and liquid staking and lending protocols on the network.

Sui is a Layer 1 blockchain and smart contract platform designed from the bottom up to make digital asset ownership fast, private, secure, and accessible to everyone. SUI is currently down by 1% today and is trading at $0.4366 per coin.

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.