Important takeaways
- Franklin Templeton’s partnership with Sui aims to overcome challenges in the DeFi space and boost ecosystem growth.
- Sui has achieved remarkable growth, with its token up 380% and TVL rising to $1.6 billion in less than a year.
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 eighth blockchain with the highest total value locked, surpassing Avalanche, Polygon, Hyperliquid and Aptos.
Since its May 2023 Mainnet launch, 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 surged more than 380% this year, rising from $0.77 to $3.50, with a market capitalization 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 in decentralized finance today,” said Jameel Khalfan, Head of Ecosystem Development.
Tony Pecore, Senior Vice President and Director of Digital Asset Management at Franklin Templeton, emphasized that blockchain technology has captured the attention of technologists and economists over the past decade but often faces technical limitations.
He expressed enthusiasm for 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 limit order book for DeFi, Karrier One, a decentralized mobile operator, and Ika, a parallel MPC network for cross-chain interactions.
