Sui Foundation Reallocates 117M SUI to Bolster Network Growth

The Sui Foundation disclosed today that it will redirect 117 million SUI tokens from external market makers into various channels aimed at fostering the Sui Network’s growth. This Layer 1 blockchain network launched its mainnet in May and has since been recognized for its scalability and high throughput. The reallocated tokens are separate from the 25 million SUI set aside for the winners of its recent liquid staking hackathon, announced on October 3rd.

Focus on DeFi and Technical Milestones

The redirected resources will primarily support Sui’s growing decentralized finance (DeFi) ecosystem. According to DefiLlama, a leading DeFi TVL aggregator, Sui’s network recently achieved its highest-ever TVL at approximately $37 million, marking a 100% increase over the last two months. This initiative aims to capitalize on the network’s early success.

Sui has also achieved significant technical milestones since its mainnet launch. Within two months, the network processed a record 65.8 million transactions in a single day, surpassing all other blockchains. It also demonstrated scalability as the cost per transaction remained stable despite high network traffic. The network has grown to include over 6 million active wallets and recently launched zkLogin, a unique feature that enhances user privacy and security.

Future Outlook

Greg Siourounis, Managing Director of the Sui Foundation, stated, “Today’s reallocation represents a key influx of resources that will provide a new tailwind for Sui’s community of builders, developers, and ecosystem participants and fuel Sui’s ecosystem growth in the coming months and beyond.”

About Sui

Sui is a Layer 1 blockchain designed to make digital asset ownership fast, secure, and accessible. It uses the Move programming language and offers features like parallel execution, sub-second finality, and rich on-chain assets. Sui aims to provide a platform for creators and developers to build user-friendly experiences.

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DeFi Protocol With Over $13,000,000,000 in Total Value Locked Launches Liquidity Pool for Financial Institutions

A crypto protocol that helps investors earn interest is paving the way for mainstream institutions to enter the world of decentralized finance (DeFi).

In a joint announcement, Aave (AAVE) says it’s partnering with blockchain security outfit Fireblocks to launch the world’s first permissioned DeFi platform.

The new Aave Arc liquidity pool will utilize the firm’s whitelisting framework to comply with anti-money laundering (AML) regulations and screen applicants via Know Your Customer (KYC) verification.

The press release says that regulatory-compliant DeFi could bring trillions of dollars worth of traditional investment capital into the cryptocurrency space.

“While approximately $255.9 billion is currently locked in DeFi, the market has largely remained untapped by institutions due to a lack of support for enterprise-grade risk management and KYC/AML requirements.

Enabling institutional access to DeFi could unlock a trillion-dollar opportunity over the next half-decade.

Aave Arc looks to usher in this paradigm shift by unlocking secure and compliant DeFi access for financial institutions across the globe.”

Fireblocks says it has already approved over two dozen licensed financial institutions for Aave Arc including CoinShares, Anubi Capital and Celsius.

According to DeFi tracker DeFi Llama, Aave ranks fourth among all projects in terms of total value locked (TVL) at $13.52 billion.

The TVL of a DeFi protocol represents the total capital held within its smart contracts. TVL is calculated by multiplying the amount of collateral locked into the network by the current value of the assets.

Source: DeFi Llama

The price of Aave is down 6.50% to $218.06 at time of writing. The altcoin hit a monthly high of $294.74 back on December 28th after experiencing a major surge, shooting up 80.9% from $162.84 in less than two weeks.

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Featured Image: Shutterstock/Ico Maker/Vladimir Sazonov/Andy Chipus


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