Sui Foundation's Bold Move: $51 Million Token Redistribution for Growth
Date: 2023-10-06 Author: Dima Zakharov Categories: CRYPTO PAYMENTS, BUSINESS
Sui Foundation's Ambitious Token Redistribution Plan
In a significant development, the Sui Foundation has unveiled plans to redistribute a massive sum of its tokens. With the aim of stimulating further growth, the foundation is set to redistribute 117 million of its own tokens, valued at $51 million, through various avenues. This move accounts for 13.6% of the foundation's circulating tokens and constitutes 1% of the total supply.
No Impact on Circulation
One crucial aspect of this token redistribution is that it will not affect the overall token circulation. According to CoinGecko data, since the launch of the Level 1 blockchain in May, the price of Sui tokens has experienced fluctuations, dropping from an initial trading price of $1.40 to the current value of $0.44.
Empowering the Community
The Sui Foundation's "Community Reserve" holds more than half of all Sui tokens, which are utilized in various community-driven programs. The recently repatriated resources will be directed towards supporting the growing Sui ecosystem. Initiatives include granting funds to developers for creating the next generation of decentralized applications on Sui, as well as supporting the modern DeepBook CLOB Sui, automated market makers, and liquidity provisions, along with lending protocols within the network.
Impressive Blockchain Performance
Since its launch, Sui's blockchain has achieved remarkable feats in terms of performance. Within two months, the network processed an industry-record-breaking 65.8 million transactions in a single day, surpassing the performance of any other blockchain in history. Additionally, the network has grown to encompass over 6 million active wallets in just over four months.
Continuing the Journey
Despite these remarkable milestones, it is evident that Sui is far from satisfied with its progress to date. Greg Siurunis, the CEO of Sui Foundation, emphasized, "The milestones achieved by Sui and its community in the first five months were remarkable, but they represent only a fraction of what this network was created for. Today's redistribution is a pivotal influx of resources that will provide a new tailwind for the community of builders, developers, and participants in the Sui ecosystem, fostering its growth in the coming months and beyond."
Less than a year ago, the founder of Sui, Mysten Labs, successfully raised $300 million in funding at a valuation exceeding $2 billion.
