Table of Contents:

· Mysten Labs launches incentive activities to boost its ecosystem development

· The Sui ecosystem has steadily developed over the past few months, with a record high network TVL in October

· The team previously repurchased 157 million SUI tokens from market makers

BlockBeats news, on October 17th, Mysten Labs CEO Evan Cheng said in an interview with The Blockthat "investors from all over the world are looking for targets. BlackRock is obviously not stupid. They do recognize the opportunities here. I have been talking to people in the Gulf region, the United Arab Emirates, and Qatar. They are very interested and eager to lead. The same is true for the Asia-Pacific region, so funds will come in, but they will be more strategic about it."

Despite the ongoing bear market, Sui, a Layer 1 PoS blockchain developed by the founder of Mysten Labs, has been rapidly developing in the Layer 1 race with its low latency and high throughput advantages since its launch in May. In less than half a year since its official mainnet launch, the Sui network has already exceeded 6 million active accounts and TVL has grown to over $50 million, reaching a new high since its launch.

Mysten Labs launches incentive activities in succession, intending to activate its ecological development

On August 22nd, Mysten Labs updated the Sui Lutris whitepaper for the Sui Network distributed system protocol. The update verified that "Sui can achieve 140,000 to 150,000 transactions per second using PTB and 5K TPS, exceeding the benchmark during the peak of the main network (approximately 700 TPS). Even with a reduced number of validators, Sui's final confirmation delay remains below ½ second." The update can be found at the following link: https://www.theblockbeats.info/flash/167839?search=1.

On the same day, Bullshark Quest 2, launched by Mysten Labs in collaboration with Sui Foundation, announced that its end time has been extended by 8 days from August 29th 14:59 (UTC+8) to September 6th 14:59 (UTC+8) to allow participants to interact more deeply with DeFi dApps. In addition, considering the different risk preferences of participants, Quest 2 has set up 2 SUI reward pools.

On October 13th, Mysten Labs announced the launch of Bullshark Quests 3, which will allocate 5 million SUI rewards. The round of tasks mainly focuses on games and will last from October 12th to November 9th. The participating projects of Bullshark Quests 3 include hybrid casual game Arcade Champions, PvP tank battle game Panzerdogs, fitness role-playing game Run Legends, artificial intelligence art platform The Collection, and Web3 poetry CCG experience Poetry in Motion.

Not only small-scale ecological chains like Sui are actively launching incentive plans, but also giant public chain Aribitrum with a TVL of over 100 million is striving for the development of active ecology.

Related reading: "$56 million airdrop unclaimed, can incentive measures reactivate the Arbitrum ecosystem?"

Sui ecosystem has steadily developed over the past few months, with network TVL reaching a new high in October.

Mysten Labs announced earlier this year in February and March respectively that it had reached partnerships with Tencent Cloud and Alibaba Cloud to develop and expand the Sui ecosystem. Also in March, Mysten Labs reached an agreement with FTX debtor to repurchase FTX's equity investment and SUI Token warrants in Mysten Labs for $96.3 million in cash.

On July 14th, within 70 days of the mainnet launch, the number of active addresses on Sui has exceeded 1 million. On August 15th, Sui announced on its official social platform that the number of active accounts on the network has exceeded 3 million. On September 19th, the number of active accounts on the Sui Network has exceeded 6 million.

October 2nd, according to DefiLlama data, Sui Network's TVL reached $36.63 million, a new high since the mainnet went live in May. As of writing, TVL has exceeded $50 million.

The team had previously repurchased 157 million SUI tokens from market makers

On October 5th, The Block reported that the Sui Foundation is requesting 117 million SUI tokens (approximately $51 million) from "external market makers", which accounts for 13.6% of its circulating supply and 1% of its total supply. The Sui Foundation will redistribute the 117 million SUI tokens to develop its ecosystem.

Additionally, Binance.US announced on October 13th that they are evaluating $SUI and may soon list it on their platform, as reported.

On October 14th, Sui announced on social media that in addition to the previously announced 117 million SUI, an additional 40 million SUI will be transferred from external market makers to the ecosystem and community development, bringing the total amount of SUI for driving ecosystem growth to 157 million. The announcement was made by Sui officials.

On October 17th, according to the official blog, the Sui Foundation announced the Grants list, with a total of 15 projects receiving $1.06 million in funding, covering products and services in gaming, DeFi, business, tools, and other core areas. The funds will be used to build projects to promote the adoption and development of Sui.

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