Key takeaways
- Franklin Templeton’s partnership with Sui aims to overcome challenges in the DeFi space and drive growth in the ecosystem.
- Sui has achieved remarkable growth, with its token rising 380% and its TVL reaching $1.6 billion in less than a year.
Share this article
Franklin Templeton Digital Assets has formed a strategic partnership with Sui to support ecosystem builders and deploy new technologies on the Sui blockchain protocol.
The partnership comes as Sui gains traction in the DeFi sector, ranking as the 8th blockchain with the highest total value locked, surpassing Avalanche, Polygon, Hyperliquid and Aptos.
Since launching its mainnet in May 2023, Sui has seen over 675% growth in total value locked (TVL), reaching $1.6 billion from $200 million earlier this year.
Sui’s native token has gained over 380% this year, from $0.77 to $3.50, with a market cap of $10 billion.
“Sui was originally inspired by some of the challenges that Franklin Templeton Digital Assets is helping to solve, particularly those that exist today in decentralized finance,” said Jameel Khalfan, head of development at ecosystem.
Tony Pecore, senior vice president and director of digital asset management at Franklin Templeton, noted that blockchain technology has attracted the attention of technologists and economists over the past decade, but often faces challenges. technical limitations.
He said he was excited about the innovative work being done by the Sui team.
The partnership follows growing institutional interest in Sui, with Grayscale previously establishing the Grayscale SUI Trust.
Several stablecoins, including USDC, FDUSD, and AUSD, have also been launched on the platform.
Notable projects in the Sui ecosystem include Deepbook, a central DeFi limit order book, Karrier One, a decentralized mobile operator, and Ika, a parallel MPC network for cross-chain interactions.
Share this article
