- Sui blockchain developer Sui Foundation has announced a $50 million fund to boost DeFi activities on the platform
- The foundation will use the fund to offer grants to developers building on the network
- The fund comes five months since Sui launched its mainnet in May
Sui blockchain developer Sui Foundation is looking to boost DeFi activities on the platform through a $50 million ecosystem fund. The foundation intends to provide DeFi developers on the platform with grants to facilitate their building process and also support DeepBook, an on-chain order book platform. The fund comes five months after the activation of the blockchain’s mainnet, an indication that Sui Foundation intends to make the network a go-to platform for DeFi users, and probably compete with leading DeFi platforms like Ethereum.
Funds Sourced from External Markets
In an announcement, Sui Foundation said that the funds will be sourced from external market makers in the form of SUI tokens, adding that the tokens are already in circulation so they won’t affect the circulating supply of SUI.”
The foundation disclosed that the funds will also be used to support other activities on the protocol such as staking but the “DeFi ecosystem will be a key beneficiary.”
According to the foundation’s managing director Greg Siourounis, although the blockchain has come a long way since its launch, it’s yet to achieve what it was built to do. He noted that the ecosystem fund will help take the network a step closer to its destination.
65.8 Million Transactions in a Day
The Sui blockchain claims to have achieved multiple milestones including facilitating “an industry record 65.8 million transactions in a single day.” Sui also recently announced a new feature allowing its users to access Dapps using their social accounts such as Facebook.
With the announcement of an ecosystem fund, it’s yet to be seen whether DeFi developers will abandon other blockchains to build on the Sui network.
