Highlights:
- Franklin Templeton has partnered with Sui to support blockchain builders and drive innovation in decentralized finance.
- The TVL of Sui grew 675% in under a year reaching $1.6 billion making it a top contender in DeFi.
- Sui has integrated stablecoins like FDUSD and USDC to boost liquidity and enhance its growing DeFi ecosystem.
The Sui Foundation has announced a strategic partnership with Franklin Templeton Digital Assets. The goal of this collaboration is to support builders on the Sui blockchain. Additionally, the partnership targets to deploy innovative technologies on the Sui protocol. The partnership marks Franklin Templeton’s continued interest in blockchain solutions.
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Sui Partners with Franklin Templeton Digital Assets!@SuiNetwork has entered a strategic partnership with @FTDA_US to empower Sui ecosystem builders and deploy cutting-edge blockchain technologies.
This move highlights the growing interest from global investment giants,…
— Crypto Miners (@CryptoMiners_Co) November 22, 2024
The Sui ecosystem development head, Jameel Khalfan, spoke on the partnership between the two firms. Speaking to AlphaBit, Khalfan said Sui was inspired by the challenges Franklin Templeton is trying to tackle in the area of decentralized finance. Franklin Templeton’s Senior Vice President, Tony Pecore, praised the innovation exhibited by the Sui team.
Franklin Templeton has been active in deploying blockchain technology solutions, such as integrating its tokenization platform with Ethereum. The firm’s digital assets team deals with tokenomics analysis and data science.
Rapid DeFi Expansion on Sui
The ecosystem has grown quickly since it was launched in May 2023. The total value locked (TVL) of the ecosystem has increased by over 675%. The TVL grew from $201 million in January 1 to $1.63 billion in less than a year. Sui now ranks as the eighth blockchain with the highest TVL.
This places Sui ahead of platforms like Avalanche and Aptos. The native token of the network has increased by 547% this year. It is currently trading at $3.47 and it has a market capitalization of 9.88 billion. The rise can be attributed to factors such as Grayscale establishing the Grayscale SUI Trust earlier this year.
Stablecoin Integration Supports Growth of the Sui Ecosystem
The utility of Sui has expanded with the launch of USDC, FDUSD, and AUSD on the network. FDUSD recently integrated with Sui making it the second major stablecoin to join the network.
1/ Native $FDUSD is now available on @SuiNetwork 🌊
Enhancing FDUSD’s multi-chain compatibility, this move marks an expansion of FDUSD into broader applications, bolstering access, utility and liquidity.
Powerful opportunities await – let's dive in⬇️ pic.twitter.com/o4itrkTSZk
— First Digital Labs (@FDLabsHQ) November 20, 2024
The addition of FDUSD strengthens the liquidity and scalability of the platform. FDUSD’s design enables ultra-fast transactions and low fees, boosting its interoperability. This integration enhances Sui’s ability to attract developers and users alike.
Notable projects in Sui’s ecosystem include DeepBook, Karrier One, and Ika. DeepBook provides a decentralized order book for DeFi applications. Ika handles secure cross-chain communications while Karrier One concentrates on decentralized mobile communication. The unique object-centric design of Sui offers developers new tools for decentralized application development.
Network Outage Details
Sui recently faced a major network outage yesterday. A bug in the congestion control system caused validators to crash. Moreover, it stopped the block production and transaction processing. According to Sui Network, the issue stemmed from a specific type of transaction that affected the blockchain.
The execution cost of the transaction was zero hence causing a crash loop in all validators. The outage lasted for two hours. A code fix was quickly deployed to resolve the problem. The fix was implemented by the validators and the network resumed normal operation.
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