Sui partners with Franklin Templeton to boost DeFi innovation and ecosystem growth

Key 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 surging to $1.6 billion in under 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 8th blockchain with the highest total value locked, surpassing Avalanche, Polygon, Hyperliquid, and Aptos.

Since its Mainnet launch in May 2023, Sui has recorded over 675% growth in total value locked (TVL), reaching $1.6 billion from $200 million earlier this year.

Sui’s native token has gained 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 Franklin Templeton Digital Assets is helping to solve, particularly those that exist within decentralized finance today,” said Jameel Khalfan, Head of Ecosystem Development.

Tony Pecore, Senior Vice President and Director of Digital Asset Management at Franklin Templeton, highlighted that blockchain technology has captured the attention of technologists and economists for the past decade but often faces technical limitations.

He expressed excitement about the innovative work being done by the Sui team.

The partnership follows growing institutional interest in Sui, with Grayscale earlier establishing the Grayscale SUI Trust.

Several stablecoins, including USDC, FDUSD, and AUSD, have also launched on the platform.

Notable projects in the Sui ecosystem include Deepbook, a DeFi central limit order book, Karrier One, a decentralized mobile carrier, and Ika, a parallel MPC network for cross-chain interactions.