As a seasoned researcher with years of experience in the cryptocurrency market, I find the recent announcement by Grayscale regarding its Sui Trust opening to eligible accredited investors particularly intriguing. The Sui blockchain, with its unique architecture designed to boost web3 applications and address scalability issues, is indeed a promising player in the crypto space.
Grayscale has announced that its recently launched Sui Trust is now open to qualified investors.
On September 11th, the Digital Assets Manager declared that the Sui Trust is now open for investment by qualified, accredited investors.
In August, Grayscale introduced the Sui Trust and the Bittensor (TAO) Trust in tandem, pointing out that these funds expand their lineup, enabling sophisticated investors to invest in a variety of digital currencies through these offerings.
The Grayscale Sui Trust is accessible to qualified accredited investors interested in investing in $SUI, a sophisticated third-generation blockchain aimed at solving scalability and transaction fee issues. To find out more about the Grayscale Sui Trust, click below or contact us for further information.— Grayscale (@Grayscale) September 11, 2024
Sui TVL rises to $940 million
Sui is a blockchain network specializing in smart contracts that currently holds the 38th position among cryptocurrencies by market capitalization, boasting an impressive $2.4 billion value. Its architecture aims to accelerate the use of web3 applications, offering notable features like parallel processing, zkLogin, and transaction sponsorship.
As Sui continues to expand its influence within the decentralized finance and tangible asset sector, it’s TVL (Total Value Locked) has experienced a significant resurgence.
As an analyst, I’ve observed a remarkable recovery in Sui TVL. After plunging more than half its value from $1.08 billion in May 2024 to approximately $516 million in early August, data from DeFiLlama indicates that it has since rebounded and surpassed the $940 million mark. Despite this growth, Sui TVL remains relatively modest compared to Ethereum (ETH), which holds over 65% of the total value locked across all chains.
In this blockchain network, the native token SUI plays a crucial role. It’s employed in the proof-of-stake system to grant rewards and also serves as payment for gas fees, contributes to network utility, and facilitates governance. Unfortunately, since it dropped from peak prices of $1.10 in August, its value has found it challenging to rise significantly.
As I pen this down, Sui was trading at approximately $0.91, representing a slight 1.5% decrease in the last 24 hours. Yet, the past week has seen the altcoin’s value surge by over 10%.
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2024-09-11 22:10