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Grayscale Launches Sui Trust for Simplified SUI Token Exposure
Grayscale Investments has made a significant move in the cryptocurrency space by launching the Grayscale Sui Trust, which allows investors to gain exposure to SUI tokens without having to directly purchase and store them. This trust offers an attractive alternative for institutional investors seeking to tap into the growth potential of decentralized finance (DeFi) and blockchain technology.
As of now, the Grayscale Sui Trust has a net asset value of $65.52 per share, reflecting the rapid appreciation in SUI’s price. It’s worth noting that SUI has seen an astonishing 500% growth this year alone, catapulting it to the ninth-largest blockchain by total value locked (TVL) in its DeFi ecosystem.
Despite recent setbacks such as a decline in developer engagement and a decrease in SUI DeFi TVL from $730 million to $385 million, the dollar-based TVL has continued to grow. This growth is largely driven by the increasing price of SUI.
The launch of Grayscale’s Sui Trust marks an important milestone for institutional investors seeking access to this rapidly growing blockchain platform. However, it appears that the news has had a mixed impact on the market, with the SUI price experiencing a 12% drop over the past 24 hours to $4.13. The current market capitalization stands at $12.09 billion, accompanied by an astonishing increase in trading volume of 108.96%, reaching $3.1 billion.
Furthermore, it’s essential to note that developer activity on the SUI network has decreased. Commit activity fell to 950 in December from a high of 5,300 in May 2023. Additionally, the number of active core developers has also declined, falling from its yearly peak of 86 to 44.
Despite these challenges, the Grayscale Sui Trust appears to be displaying promising signs. The volume of stablecoins on the network has surpassed $377 million, indicating that user interest remains strong. This enthusiasm is reflected in decentralized exchanges like Cetus, Bluefin, and DeepBook, which are witnessing high transaction volumes.
It’s clear that the blockchain landscape is evolving at a rapid pace, and Grayscale’s move into this space will likely have a significant impact on the market.
Source: crypto-economy.com
