Coinspeaker Sui (SUI) Network Signs Strategic Partnership with $1.5T Asset Manager Franklin Templeton Digital Assets
Sui SUI $3.47 24h volatility: 2.5% Market cap: $9.89 B Vol. 24h: $1.69 B , a fast-growing layer 1 blockchain that leverages the Move computer language, has announced a strategic partnership with Franklin Templeton Digital Assets to further enhance the growth and adoption of the web3 ecosystem. According to the announcement, Franklin Templeton Digital Assets will focus on enabling the Web3 developers to leverage the Sui blockchain.
Furthermore, Franklin Templeton Digital Assets has been running node validators since 2018 and gained the necessary knowledge to help builders deploy seamless product solutions. The team at Franklin Templeton Digital Assets noted that novel DeFi projects such as Deepbook, Karrier One, and Ika have made the Sui network a premier blockchain protocol.
The Sui network has seen its total value locked (TVL) grow exponentially in the past year from below $50 million to hover about $1.64 billion at the time of this report. Additionally, the Sui network has registered significant growth in its stablecoins market cap, especially due to its multi-chain compatibility.
The strategic partnership with Franklin Templeton Digital Assets will enable the Sui network to continue growing its DeFi space.
šØ BREAKINGšØ Weāre 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 technologyā¦
ā Sui (@SuiNetwork) November 22, 2024
Growing Support for Sui Network by Institutional Investors
As a highly potential L1 project with dozens of DeFi protocols, the Sui network has attracted more support from institutional investors. The Sui network has several products on offer but the most intriguing is the SuiPlay0X1, which is currently available for pre-orders at $599.
Earlier this month, investment firm VanEck launched a SUI-backed financial product to enable investors to tap on SUI seamlessly.
Additionally, Grayscale Investments has an investment vehicle dubbed Grayscale SUI Trust that enables investors to gain exposure to the Sui network.
As of this report, the Grayscale Sui Trust had more than $6 million in assets under management. Meanwhile, the Sui network recently welcomed the FDUSD stablecoin to further enhance its DeFi liquidity amid the mainstream adoption of digital assets and web3 protocols.
Market Impact
Since early September, SUI price has been one of the best-performing top-tier altcoins. As of this writing, SUI price trades at about $3.49, up over 350 percent in the last three months. As a result, the large-cap altcoin, with a fully diluted valuation of about $35 billion and a daily average traded volume of around $1.7 billion, is on the cusp of entering the much coveted parabolic phase of the bull market.
From a technical analysis standpoint, SUI bulls are in control after the Relative Strength Index (RSI) on the monthly time frame surged above the 70 percent level for the first time.
The strategic boost by institutional investors, led by Franklin Templeton Digital Assets, will aid the Sui bulls in the near term, amid the ongoing crypto cash rotation to altcoins.
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Sui (SUI) Network Signs Strategic Partnership with $1.5T Asset Manager Franklin Templeton Digital Assets
