Sui Foundation partners with Franklin Templeton to drive DeFi development. In four months, the Sui blockchain has seen 740% price increase and a 675% increase in TVL.
The Sui Foundation has recently entered into a significant partnership agreement with Franklin Templeton Digital Assets, which will assist in developing DeFi solutions on the Sui platform. This will provide the Sui ecosystem developers additional support and guidance to improve blockchain solutions and products.
Franklin Templeton joins Sui Foundation to provide support for blockchain projects
According to a recent blog post, Franklin Templeton Digital Assets will collaborate with the Sui Foundation to assist developers in deploying and working on Sui. The partnership will expand the utilization of decentralized finance (DeFi) in the execution of a variety of projects and the deployment of improved blockchain technologies.
Franklin Templeton has accumulated a wealth of experience in blockchain-based technology, encompassing investment strategies and node validation. Its research team is dedicated to tokenomics and employs data science to make informed decisions. Deepbook, Karrier One, and Ika are among the key projects the partnership has emphasized. These projects serve as examples of the blockchain’s security and scalability.
Sui Blockchain records impressive DeFi Growth Metrics
Since the introduction of its mainnet in May 2023, the blockchain has exhibited exceptional performance in the DeFi sector. It experienced a 956% increase in DeFi transaction volume and a 675% increase in total value locked (TVL).
These metrics emphasize the platform’s efficiency, facilitated by its low transaction latency, enormous parallelization technology, and consistently low gas fees.
Sui Foundation’s sophisticated infrastructure stimulates developer interest and ecosystem expansion, which is advantageous to initiatives such as Karrier One and Deepbook. The partnership with Franklin Templeton will further accelerate this growth trajectory.
Can the price increase to $18 following a 740% rally?
Furthermore, the native token of the blockchain, SUI, has experienced a 740% price increase in four months, surpassing other Layer-1 blockchains such as Solana.
Analysts anticipate that the SUI price could surpass $18 during this bull cycle, provided that it surpasses critical resistance levels at $3.93, and the token is currently trading at $3.51. According to market analysts, the blockchain’s innovative capabilities and the increasing adoption of DeFi drove the price rally.
Block production was temporarily suspended due to a two-hour outage on the Sui Network. The Sui team was compelled to deploy a remedy after validators encountered technical difficulties promptly. Although the network resumed its regular operations, the incident prompted apprehension within the community.
