Sui Network Partners with Franklin Templeton Digital Assets to Boost Web3 Growth
Sui #SUI, a growing layer 1 blockchain utilizing the Move programming language, has partnered with Franklin Templeton Digital Assets to promote the web3 ecosystem. This collaboration will enable Web3 developers to utilize the Sui blockchain effectively.
Franklin Templeton Digital Assets has operated node validators since 2018, gaining expertise to assist builders in deploying efficient product solutions. Notable DeFi projects on the Sui network, including Deepbook, Karrier One, and Ika, have established it as a leading blockchain protocol.
The total value locked (TVL) in the Sui network has increased significantly over the past year, rising from below $50 million to approximately $1.64 billion. Additionally, the stablecoins market cap has expanded due to multi-chain compatibility.
This strategic partnership is expected to further enhance the growth of the Sui network's DeFi space.
🚨 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…
— Sui (@SuiNetwork) November 22, 2024
Growing Support for Sui Network by Institutional Investors
The Sui network has garnered increased interest from institutional investors due to its potential as a layer 1 project with numerous DeFi protocols. A notable product is the SuiPlay0X1, currently available for pre-order at $599.
Investment firm VanEck recently launched a SUI-backed financial product, allowing seamless investment in SUI. Grayscale Investments also offers the Grayscale SUI Trust, providing exposure to the Sui network with over $6 million in assets under management.
Recently, the Sui network integrated the FDUSD stablecoin to boost DeFi liquidity amid increasing mainstream adoption of digital assets and web3 protocols.
Market Impact
Since early September, SUI has been one of the top-performing altcoins, trading at approximately $3.49, reflecting a rise of over 350 percent in three months. With a fully diluted valuation around $35 billion and a daily average trading volume of about $1.7 billion, SUI is nearing a parabolic phase in the bull market.
Technical analysis indicates that SUI bulls are currently dominant, with the Relative Strength Index (RSI) on the monthly timeframe exceeding 70 percent for the first time. The involvement of institutional investors, particularly Franklin Templeton Digital Assets, is expected to support SUI's upward momentum amid ongoing crypto shifts toward altcoins.