Sui Buybacks Return Purchased Tokens Without Cutting Total Supply
Photo: TokenPost
Sui’s buyback program channels stablecoin yield into daily purchases of Sui (SUI) and sends the acquired tokens to ecosystem participants, creating market purchases without reducing the token’s total supply. The purchases take place on-chain in the open market. The acquired SUI is reinvested across the ecosystem, including in decentralized finance protocols, validators and other partners. The tokens are not burned, so the program does not remove them from the total supply. Mysten Labs President Kevin Boon accepted the CEO role Friday, Oct. 16. Co-founder Evan Cheng is to become chief technology officer and lead an AI business unit.
Source: TokenPost
