The Sui (SUI) Foundation has announced its latest initiative to strengthen its decentralized finance (DeFi) ecosystem, reclaiming 117 million SUI tokens worth $51.3 million from external market makers. The tokens will be redirected into various channels to support the growth of the Sui Network. This Layer 1 blockchain has 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. 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. 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 develop ..
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