Sui Foundation Launches $51.3M Fund

The Sui Foundation introduces a substantial fund to strengthen its DeFi ecosystem, supporting developers and promoting growth.

Oct 5, 2023 - 16:18
Oct 19, 2023 - 14:31
Sui Foundation Launches $51.3M Fund
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The Sui Foundation's decision to introduce such a substantial fund derives from its commitment to support and expand its DeFi ecosystem. The foundation plans to claim 117 million SUI tokens, equivalent to $51.3 million, from external market makers. These funds will be channeled towards strengthening the Sui ecosystem.

The primary objective behind this initiative is to promote growth within the Sui ecosystem. This will be achieved by offering grants to developers of DeFi applications and by supporting its on-chain CLOB platform, DeepBook. DeepBook is designed to facilitate the routing and matching of trades on-chain, aiming to replicate the high-frequency trading capabilities seen in platforms like Nasdaq and other centralized exchanges.

DeepBlock stands as one of the most promising ventures within the Sui ecosystem. By leveraging the Sui network's rapid transaction speed, DeepBlock aims to offer a trading experience that rivals some of the most established centralized exchanges.

A representative from the Sui Foundation highlighted some of the platform's unique advantages. Sui is known for its "unparalleled low latency and high throughput," achieved through its object-centric approach, horizontal scalability, and efficient on-chain storage capabilities. Such features have enabled the network to record a staggering 65.8 million transactions in a single day, setting a new benchmark in blockchain performance.

While DeepBlock is a significant part of the Sui Foundation's vision, the ecosystem fund will also support other native DeFi applications. This includes automated market makers (AMM) based decentralized exchanges, liquid staking, and lending protocols on the network.ù

As of now, Sui holds a commendable position among top blockchains in terms of total deposits in DeFi protocols. With assets worth $38.2 million, it is evident that the platform has garnered significant interest and trust from the crypto community.

Philip Bohmer Philip is a seasoned journalist that brings clarity to the complex world of cryptocurrencies through his articulate and insightful articles. His passion for blockchain technology fuels his writing, making him a trusted voice in the rapidly evolving digital currency landscape.