Sui partners with Franklin Templeton to boost DeFi growth, with Sui blockchain recording 675% TVL growth and price rallying 740% in 4 months. By Ronny Mugendi 2 hours ago
Highlights
- Sui blockchain recorded 675% TVL growth and 956% DeFi volume growth since its May 2023 mainnet launch.Sui blockchain recorded 675% TVL growth and 956% DeFi volume growth since its May 2023 mainnet launch.
- Franklin Templeton supports Sui with tokenomics research, node validation, and blockchain investment strategies.
- SUI price rallies 740% in four months as analysts predict potential surge to $18.
Sui Foundation has recently made an important partnership agreement with Franklin Templeton Digital Assets, which will help develop DeFi solutions on the Sui platform. This will give the Sui ecosystem developers support and additional guidance in enhancing blockchain solutions and products.
Franklin Templeton Joins Sui Foundation to Support Blockchain Projects
A recent blog post reveals that Franklin Templeton Digital Assets will partner with the Sui Foundation to support developers deploying and working on Sui. The partnership will increase the use of decentralized finance (DeFi) in the execution of various projects and the deployment of enhanced blockchain technologies.
Franklin Templeton brings years of experience in blockchain-based technology, including node validation and investment strategies. Its dedicated research team focuses on tokenomics and leverages data science for informed decisions. Key projects highlighted by the partnership include Deepbook, Karrier One, and Ika, which showcase the scalability and security of the blockchain.
Sui Blockchain Records Impressive DeFi Growth Metrics
The blockchain has demonstrated remarkable performance in the DeFi sector since its mainnet launch in May 2023. It recorded a 675% growth in total value locked (TVL) and a 956% increase in DeFi transaction volume. These metrics underscore the platform’s efficiency, enabled by its massive parallelization technology, low transaction latency, and consistently low gas fees.
Projects like Deepbook and Karrier One benefit from Sui’s advanced infrastructure, driving developer interest and ecosystem expansion. The partnership with Franklin Templeton will boost this growth trajectory further.
Can Price Soar to $18 After 740% Rally?
Additionally, the blockchain’s native token, SUI, has seen a 740% price increase in just four months, outperforming other Layer-1 blockchains like Solana. The token is currently trading at $3.51, with analysts predicting that the SUI price could reach $18 during this bull cycle, provided it breaks key resistance levels at $3.93. Market analysts note that the price rally was driven by the blockchain’s innovative capabilities and growing DeFi adoption.
Recently, the Sui Network faced a two-hour outage that temporarily halted block production. Validators encountered technical challenges, prompting the Sui team to deploy a fix swiftly. While the network resumed normal operations, the incident raised concerns among the community.
