Sui (SUI) Network Signs Strategic Partnership with $1.5T Asset Manager Franklin Templeton Digital Assets

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As a seasoned crypto investor with over a decade of experience under my belt, I must say that the recent partnership between Sui Network and Franklin Templeton Digital Assets has caught my attention. Having witnessed numerous partnerships in the crypto space, this one seems particularly promising due to the focus on enhancing the Web3 ecosystem and enabling developers to leverage the Sui blockchain.

Sui

SUI
$3.47



24h volatility:
2.5%


Market cap:
$9.87 B


Vol. 24h:
$1.73 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.

Beyond this, Franklin Templeton Digital Assets has been managing node validators since 2018, accumulating expertise to assist creators in launching smooth product offerings. The team at Franklin Templeton Digital Assets recognizes that innovative DeFi projects like Deepbook, Karrier One, and Ika have elevated the Sui network to a leading blockchain protocol.

Over the past year, the worth locked on the Sui network has surged dramatically from a mere $50 million to approximately $1.64 billion as of this writing. Moreover, the Sui network has experienced substantial expansion in its stablecoin market capitalization, particularly because of its ability to work across multiple chains.

Partnering with Franklin Templeton Digital Assets strategically strengthens our ability to expand the decentralized finance (DeFi) sector within the Sui network.

🚨 BREAKING🚨 We’re excited to partner with @FTDA_US!

Previously, Franklin Templeton Digital Assets has invested within the Sui network. Now, this fresh collaboration aims to unlock additional advantages for both parties, focusing on discovering potential value-generating prospects that could enable innovating Sui developers to apply cutting-edge technologies more effectively.

— Sui (@SuiNetwork) November 22, 2024

Growing Support for Sui Network by Institutional Investors

With a great deal of potential as a L1 project featuring numerous DeFi protocols, the Sui network has been gaining significant interest from institutional investors. Among its various offerings, what really piques curiosity is the SuiPlay0X1, now open for pre-orders at $599.

In the first week of this month, VanEck introduced a financial tool backed by Switzerland’s currency, allowing investors to easily invest in Swiss Francs.

Besides this, Grayscale Investments operates a financial instrument named Grayscale SUI Trust, which allows investors to participate in the Sui network’s growth opportunities.

According to the latest figures, the Grayscale Sui Trust currently manages over $6 million worth of assets. Additionally, the Sui network has just added the FDUSD stablecoin, aiming to boost its DeFi liquidity as more people adopt digital assets and web3 technologies.

Market Impact

For approximately three months now, Suisei (SUI) has been among the top-performing major altcoins, with its price currently hovering around $3.49 – a rise of more than 350% during this period. Given its impressive performance, SUI is approaching the highly sought-after parabolic phase in the bull market. With a fully diluted market cap of roughly $35 billion and daily trading volumes averaging about $1.7 billion, this significant altcoin is poised for potential further growth.

Looking at the technical perspective, the strength of SUI appears dominant as its Relative Strength Indicator (RSI), when viewed over a monthly period, has climbed above 70% – a significant level – for the first instance.

As an analyst, I find myself observing a significant development in the cryptocurrency market: Institutional investors, headed by Franklin Templeton Digital Assets, are increasing their strategic investments. This move is expected to provide short-term support for Sui, as it aligns with the ongoing trend of crypto cash rotation towards altcoins.

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2024-11-22 19:57