[NEWS] Sui Foundation Announces $50 Million Ecosystem Fund

The Sui Foundation, which develops and operates the cryptocurrency SUI, announced that it will collect 117 million SUI, worth $51.3 million (approximately 7.624 billion yen), from external market makers to establish an ecosystem fund.

The collected funds will be used to subsidize Sui-based DeFi application developers, support Sui's cutting-edge on-chain infrastructure "DeepBook," and support liquid staking protocol developers.

DeepBook is an infrastructure project that provides a decentralized form of the central limit order book (CLOB), a trading matching engine used by centralized exchanges. By leveraging the transaction speed of the Sui network, it aims to emulate high-frequency trading functions similar to those of Nasdaq and other centralized exchanges.

According to a press release, Sui has a track record of recording 65.8 million transactions in a single day in the past, surpassing the performance of all other blockchains. A spokesperson for the Sui Foundation said that Sui offers unparalleled low latency and high throughput through its object-centric approach, scalability, and efficient on-chain storage capacity.

In addition to focusing on DeepBook, the foundation plans to focus on supporting native DeFi applications in automated market maker (AMM)-based decentralized exchanges, liquid staking, and lending protocols on the network.

Greg Siourounis, marketing director for the Sui Foundation, said in a statement that the grant will provide a new boost to developers and ecosystem participants.

On the 1st, the Sui Foundation also announced that it had awarded $1.05 million to projects to promote the adoption and development of SUI. The funded projects range from multi-chain platform Blockberry, multi-shooter game Bushi, multi-chain AMM/DEX analytics platform CoinBrain, and DeFi protocol Crumb Finance.

The Sui Foundation also pays rewards to companies that discover bugs in the Sui ecosystem. In June, smart contract auditing company CertiK discovered an infinite loop bug that could be an attack vector on the Sui network, and was paid a reward of $500,000 (approximately 74 million yen).

Reference:Announcement
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