In a strategic move, Sui Network, a fast-growing layer 1 blockchain known for its innovative use of the Move programming language, has partnered with Franklin Templeton Digital Assets, a global leader in asset management with over $1.5 trillion in assets under management.
This collaboration is set to accelerate the growth of the Web3 ecosystem, drawing increased institutional interest and support for the Sui blockchain.
Partnership to boost web3 development
The partnership between Sui and Franklin Templeton Digital Assets aims to enhance the adoption and development of decentralized applications (dApps) on the Sui blockchain.
🚨 BREAKING🚨 We’re excited to partner with @FTDA_US!
Franklin Templeton Digital Assets has previously invested in the Sui ecosystem, and this new partnership will provide further benefit by seeking value creation opportunities to allow Sui builders to deploy novel technology…
Franklin Templeton has been involved in blockchain since 2018, operating node validators and developing blockchain investment strategies.
Their extensive experience and expertise in the space position them as a key player in helping Sui developers build and scale products on the blockchain.
As part of the partnership, Franklin Templeton will focus on enabling Web3 developers to leverage the advanced capabilities of the Sui blockchain.
This includes support for promising decentralized finance (DeFi) projects such as DeepBook, a decentralized order book for DeFi trading; Karrier One, a decentralized mobile network; and Ika, a tool for secure cross-chain interactions.
These projects illustrate the potential of the Sui blockchain to revolutionize industries ranging from finance to telecommunications.
Institutional investor interest in Sui Network
The Sui Network’s strategic partnership with Franklin Templeton also comes at a time when institutional investors are showing increasing interest in blockchain technology and decentralized finance.
Major players in the investment world, such as VanEck and Grayscale Investments, have already expressed strong support for the Sui ecosystem, providing a solid foundation for further growth.
The network has seen remarkable growth, with its total value locked (TVL) increasing from below $50 million to approximately $1.64 billion over the past year.
This surge in TVL highlights the growing trust and adoption of the Sui blockchain, particularly within the DeFi space. Additionally, the introduction of stablecoins like USDC and FDUSD further has enhanced liquidity, driving drives mainstream adoption of digital assets.
Grayscale Investments has also introduced the Grayscale Sui Trust, offering institutional investors exposure to the Sui network.
As of the latest report, the Sui Trust has amassed over $6 million in assets under management. This is a strong indicator of the increasing interest in Sui, which is now seen as one of the top-tier blockchain projects attracting both retail and institutional investors.
Sui token price on a strong bullish trend
The SUI token, the native token of Sui network, has been one of the standout performers in the cryptocurrency market over the last few months. SUI has surged by more than 350% since early September.
This rise in price is a clear indication that the market is bullish on the potential of Sui and its growing ecosystem.
The SUI price is currently hovering around $3.49, and it is entering the price discovery phase of the macro bull market.
However, the Relative Strength Index (RSI) recently surged above the 70% mark resulting in a retracement amidst the strong bullish momentum.
Therefore, while Sui is expected to continue its upward trajectory, particularly with the backing of institutional investors like Franklin Templeton Digital Assets, investors should be wary of the continuation of the current pullback.
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