every two weeks since 2023: the foundation-labeled SUI payouts

the short version

• 109 batches, 172,500,508 SUI, 118 recipients, from 2023-07-25 to 2026-10-10. still running after alphafi shut down.
• sent by 0x341fa71e… until feb 2025 (63 batches), then by 0x51f8fb27… (46 batches), which 0x341fa71e has topped up 31 times w 70,601,236 SUI.
• about two thirds, 112.5M SUI, lands in protocols' reward wallets: cetus pool rewards (the biggest single stream, 26M), navi, suilend, scallop, a bluefin-token rewards distributor, dex farms, typus. it reads as an ecosystem incentive program; nothing on chain names it. another 21.8M goes through relays this page doesn't follow to the end.
• alphafi was in it from may 2025 to sep 11 2026: 740,440 SUI to an alphafi wallet, then 2,221,825 SUI to alphalend's lending admin. the sep 25 batch, 90 minutes before alphafi's shutdown post, went out without it.
• alphafi's share reached alphalend's reward pools, as stSUI: the lending admin handed each payment to a team wallet, which minted stSUI w it & sent the stSUI straight back & the lending admin put 2,832,349 stSUI into alphalend rewards. team-linked wallets then claimed 37% of the stSUI rewards (14,027 wallets claimed in all).

who sends it

0x341fa71e… got its first SUI in sui's genesis transaction (apr 12 2023), so it holds one of the original allocations. analysts have labeled it the sui foundation since 2023; the foundation hasn't confirmed or denied it. it's also the wallet that staked 30M SUI w alphafi's validator (who paid).

from mar 10 2025 the batches come from 0x51f8fb27… instead, an operations wallet 0x341fa71e… funds in round-ish top-ups of 1M to 11M SUI:

back to the start

0x341fa71e…'s first months are big one-off transfers: 250M SUI twice on mainnet launch day (may 1 2023), then 94M, 60M, 40M & 310.6M (jun 16). those aren't this program. the first batch is 2023-07-25 16:45 (BTMGggGL…): 79,008 SUI to 3 wallets. through 2023 they came roughly weekly, small at first (100k to 400k) & 1M to 2.5M by december. from 2024 the main batch comes every 13 or 14 days, w the odd smaller one in between & that rhythm hasn't changed since. the last one i can see is 2026-10-10 01:39 (39tKmd2x…): 561,949 SUI to 11 wallets.

a "batch" here is one transaction paying SUI to 3 or more wallets, under 8M SUI in total. the handful of bigger multi-wallet transfers are listed separately below (not counted).

who gets it & what they do w it

none of these wallets carries a public label or a suins name. what each one is comes from the move calls it signs & where its SUI goes next, so "navi" below means "signs navi's incentive calls", not "navi confirmed it". 42 more wallets got under 100k each (1,917,672 SUI between them) & aren't listed.

the pattern among the reward wallets is the same one: SUI in, a liquid staking token minted (vSUI, sSUI) or the SUI deposited as-is, then a reward-fund call on the protocol. the biggest, via 0x47f4b8c7… & 0xaabf2fed…, is cetus: 0xaabf2fed calls rewarder_script::deposit_reward into cetus clmm's rewarder vault every two weeks, a day or so after each batch arrives (e.g. 1,006,780 SUI on 2024-03-26, GZMuJhK3…) & holds about 7,374 SUI today. navi's current one, 0xbd10c929…, stakes into vSUI & calls deposit_incentive_v3_reward_fund; suilend's, 0x2f9147e0…, mints sSUI & calls add_pool_reward.

alphafi's slot

first 0x6160b95f…, a wallet that signs alphalend's oracle & price-update calls: 16 payments, 740,440 SUI, may 5 to oct 26 2025. it minted 658,550 stSUI w the SUI & sent 555,399 of it to the lending admin, 81,609 to 0x5a9fac41…, 20,000 to cdfe2 & kept 88,559 as its own alphalend collateral.

then the lending admin, 0xa1eb94d1…, the wallet that runs alphalend's markets & oracle: 22 payments, 2,221,825 SUI, nov 9 2025 to sep 11 2026. every one went the same way. the lending admin sent the SUI, usually the exact amount, to a team wallet; the team wallet minted stSUI (alphafi's own liquid staking token) within minutes & sent the stSUI back to the lending admin within a minute of minting it.

the lending admin then put 2,832,349 stSUI into alphalend's reward pools & sent 5,361 stSUI anywhere else (w9273). by the numbers, alphafi's share of the payouts reached alphalend's users as stSUI rewards, the same way navi's & suilend's reached theirs.

what doesn't have an answer: why the minting went through team wallets instead of the lending admin minting stSUI itself. one side effect is that every payment grew stSUI, alphafi's own staking token, which stakes w validators by alphafi's own weights.

who collected the rewards

rewards in a lending market go to the people supplying it, in proportion. alphalend's biggest suppliers were often alphafi's own wallets (in the IKA market, a borrow-&-resupply loop the team ran in aug & sep 2025). every alphalend reward claim, all time (to oct 12 2026) & the share taken by the wallets the alphafi research has tied to the team:

the keeper claims on behalf of alphafi's vaults, so its 118,931 stSUI is mostly vault depositors' rewards; without it the team-linked share of stSUI claims is 33%. the IKA mostly came from 0xba081dec… (55.34M), plus 4M through the reward router 0x16056493…, not from the SUI batches; it's here because the same lending admin funded both.

where the IKA came from

0xba081dec… is two hops from IKA's mint. on jul 16 2025 at 14:25:36 IKA's publisher 0x868e164c… minted all 10B IKA (mint) & six seconds later sent 9.4B of it to 0x6aa498df… (7tooA4gS…), which split it into allocations four minutes later (H5aP37tp…). some of those allocation wallets funded 0xba081dec in round lots: 200M on jul 22 (3CkMzLNj…), then 100M & five lots of ~50M from six wallets inside 27 seconds on jul 27. 0xba081dec only ever pays protocols' reward admins: alphafi's lending admin, navi's, a suilend-style lender's & a few more. so it's IKA's own genesis supply paying for lending rewards. ika ran IKA bonus-yield & farm rewards at dapps across sui, so this reads as that budget; the chain just doesn't label which allocation it is.

the IKA that took a detour

the lending admin didn't put all of it straight into the pools. in aug & sep 2025 it passed 13,857,147 IKA to w9273, each time within hours of a delivery from 0xba081dec: 285,715 on aug 15; 9,000,000 on aug 25 at 05:47 (64bX1yQ8…), 12 hours after 9M arrived (EoUobdBC…) & posted as w9273's own alphalend collateral 7 minutes later; & 4,571,432 on sep 12 at 20:32 (7GBdaoFM…), 11 hours after 5M arrived (21wJgE4K…).

team wallets then fed IKA back to the lending admin in daily slices of 428,571 or 357,143 (3M or 2.5M a week, split over seven days) from aug 26 to sep 24 & the admin put each slice into the reward pools within minutes. in all, team wallets sent it 13,169,139 IKA:

so the team's top-ups roughly paid the detour back: 13.86M out to w9273, 13.17M back from team wallets, 688,008 IKA short. what team-linked wallets came out with, net: the 10,709,013 they claimed plus that 688,008, about 11.4M IKA, ~19% of the 59.34M sent for alphalend's rewards. & 9M of the reward IKA went into w9273's own collateral first.

every IKA move on the lending admin, 125 txs, by counterparty. "team-linked" is the wallets the alphafi research ties to the team. 0x86ea77da is on it because the fee wallet handed back 13 of its vault penalties (771,861 ALPHA), w862d because the lending admin itself first funded it. IKA is fungible, so "paid back" means the amounts, not the same coins.

what isn't counted

multi-wallet transfers out of the same two wallets that don't look like the program: much bigger & to wallets that mostly staked the SUI w validators. they're left out of every total above.