An important move came from Binance-listed altcoin SUI today. Accordingly, Sui Foundation allocated a huge fund. The amount of the fund is 51.3 million dollars. The foundation will use this fund to strengthen the DeFi ecosystem and deepblock platform.
Strengthening the Altcoin Sui and DeFi ecosystem
The Sui Foundation, which is responsible for the management and advancement of the altcoin Sui blockchain, has made a groundbreaking announcement. They are establishing a significant $51.3 million ecosystem fund dedicated to supporting the DeFi (Decentralized Finance) ecosystem and strengthening their on-chain centralized limit order book-based platform, DeepBlock. The aim is to support innovation with lucrative funding.
In a recent statement, the foundation is taking an important step. Accordingly, it revealed its intention to acquire 117 million SUI tokens worth $51.3 million from “external market makers.” These tokens are strategically allocated to support and grow the altcoin Sui ecosystem.
DeepBlock: Bridging the gap
DeepBlock benefits from the exceptional transaction speed of the altcoin Sui network. Thus, it undertakes the mission of imitating the trading services offered by Nasdaq and centralized exchanges. A spokesperson from the Sui Foundation includes important points in his statement. “Sui’s object-centric approach delivers unprecedented low latency and high throughput thanks to its horizontal scalability and efficient on-chain storage capacity.” says.
According to the official press release, there is an important development. Accordingly, the altcoin Sui network processed 65.8 million transactions in a single day. Thus, he achieved tremendous success. This remarkable achievement puts Sui ahead of all other blockchains in history.
Promoting growth and innovation
Altcoin Sui Foundation General Manager Greg Siourounis underlined the profound impact of this allocation. He states that this will bring new vitality to the community. He also emphasized that it will especially benefit developers and ecosystem participants. On the other hand, during the Sui mainnet launch in May, the foundation allocated approximately 396 million SUI tokens to market makers, accounting for 75% of the initial circulating supply. In a noteworthy development, the foundation is now repurchasing these tokens. When asked about the details of this transaction with market makers, a spokesperson for the foundation chose not to provide additional details.
Altcoin Sui Foundation’s strategic investment attracts dillat. When we look at it as Kriptokoin.com, it is a move to foster innovation in the DeFi field. It also represents a bold step towards improving the capabilities of the DeepBlock platform. As the DeFi ecosystem continues to evolve, this significant funding allocation will catalyze new developments and collaborations. On the other hand, Sui will prepare to take blockchain to new heights.
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