Sui Network is on track to fulfill its promise to reward testers from its Bridge Incentive program. One of the major benefits of decentralized protocols is the associated incentivization. Is this set to have an impact on SUI price too?
Innovators build a protocol in a mutually beneficial relationship, call on developers or the community to try it out, and reward them for their time.
The Sui Bridge Incentive Program was introduced to test-proof the protocol before opening it to the public. This incentive announcement will ensure that Sui Bridge fulfills its end of the bargain and sustains the trust it maintains with its community.
The Sui Bridge Incentive Payout
As the protocol announced on X, program participants can claim their share on the Bridge portal. The protocol noted that since it unveiled the program, it has recorded 184,000 transactions. With the help of the testers, the Layer 1 blockchain said it “squashed many bugs.” This move confirmed that the bridge is now closer to the mainnet launch.
Bridges are important to achieving cross-chain interoperability. With Bridges, liquidity can flow across Decentralized Applications (DApps), bringing more value to users.
With a lot of funds passing through bridges, they have become perfect targets for hackers. Over the past few years, the industry has recorded many bridge exploits that have hinted at the need for proper testing. Some of the biggest DeFi hacks over the past year occurred on Axie Infinity’s Ronin Bridge, Nomad Bridge, and Wormhole Bridge, amongst others.
One of the reasons why Sui is focused on proper testing before launch is the number of scams and hacks in the space. The program’s focus was hinged on five unique areas. These include functionality, stress, security, usability, and governance.
The program registered over 10,000 and 24,000 unique Sui and ETH addresses, respectively. With more than 100 bugs reported, the protocol said it has earmarked over 98,000 SUI in rewards.
Impact on SUI Price and Adoption
At current market value, the total SUI reward is $81,751, a sum that might set the project on a major adoption curve. Despite being a relatively new industry, the number of developers in it has grown over the past five years.
Many are interested in protocols with a proactive incentive scheme for developers and the community. First, the Move Programming language behind Sui is considered one of the most functional in the market. With the commitment to building such infrastructure for its ecosystem, it is positioning itself as an attractive alternative to rivals like Aptos.
At the time of writing, the SUI price was $0.8351, down 8.24% in 24 hours. This gloomy performance mimics the general market trend, which has seen Bitcoin (BTC) and Ethereum (ETH) shed 1.7% and 3.41%, respectively.
Over the past week and month, SUI has jumped by 5.16% and 3.3%, respectively. This underscores its efforts to decouple from BTC. Once the impact of this Bridge is fully priced into the market, it might complement its growing user engagement to drive an unprecedented price rally.
Source: https://www.thecoinrepublic.com/2024/08/16/sui-unleashes-rewards-for-bridge-testers-whatll-sui-price-do/