Sui Foundation to Buy Back 117 Million SUI Tokens from Market Makers to Boost Sui Ecosystem Growth

In order to support the continued development of the ecosystem and community, the Sui Foundation has decided to reclaim 117 million SUI from external market makers and plans to distribute them through various channels to promote the expansion of the Sui ecosystem.

Recalling Market Maker Chips, Feedback Sui Ecosystem

As the total value locked (TVL) and utilization of the Sui network increase, the Foundation hopes that this policy will further drive the expansion of Sui. The Sui Foundation stated that these SUI tokens are already circulating, so this reallocation will not affect its circulation supply.

The Sui Foundation mentioned that the recalled SUI funds include 25 million SUI provided to the winners of the Sui liquidity pledge hackathon.

These funds will be used in the future to support the expansion of the Sui ecosystem, such as providing funding for developers to encourage them to build new-generation decentralized applications (DApps) on Sui and strengthen various innovative protocols within Sui, such as DeepBook CLOB, automated market makers, and liquidity pledging.

Sui TVL has significantly increased, with zkLogin being a major feature

According to data from DefiLlama, the TVL of Sui has recently reached about $37 million, an increase of over 100% in the past two months, and this measure is expected to accelerate ecosystem growth.

Sui has achieved many milestones since its launch. For example, in just two months, Sui set a record of processing 65.8 million transactions in a single day, surpassing the historical performance of all other blockchains. Additionally, in just over four months, the number of active wallets in Sui has increased by over 6 million. Sui's latest zkLogin feature allows users to use decentralized applications more privately and securely with their Web 2.0 social accounts.

Greg Siourounis, head of the Sui Foundation, stated: "Sui and its community have made significant progress in just five months, but this is only the beginning of our long-term goals. The reallocation of these funds injects strong momentum into the Sui ecosystem, and we believe this will bring more opportunities and potential to all builders, developers, and ecosystem participants on Sui, further driving the continuous growth of the Sui ecosystem."