The Sui Foundation said in a statement that it will reallocate 117 million native token SUI ($51 million) to spur further growth.
In the statement, it was stated that 117 million SUI tokens will be re-established and then transferred to various entrepreneurs.
This figure represents 13.6% of the circulating supply and 1% of the total supply.
Sui Network made the following statement on its Twitter account:
” Last minute!
We are reallocating 117 million SUI from external market makers and directing them to initiatives designed to stimulate ecosystem and community growth!”
📣Breaking news! We're reallocating 117M SUI from external market makers and redirecting them to initiatives designed to fuel ecosystem and community growth!
Dive into the press release for all the details.👇 #BuildOnSuihttps://t.co/G0kZOAvbaj
— Sui (@SuiNetwork) October 5, 2023
“The milestones Sui and its community have achieved in the first five months have been remarkable, but they represent only a small fraction of the goals this network was created to achieve,” said Greg Siourounis, Managing Director of the Sui Foundation. “Today's reallocation is Sui's partnership with builders, developers and ecosystem participants.” “It represents a significant infusion of resources that will provide a new wind for its community and accelerate the growth of Sui's ecosystem in the coming months and beyond.” said.
Following the news, the SUI price increased by 2% and is traded at $0.44.
*This is not investment advice.
