news 
Grayscale Launches Sui Trust for Simplified SUI Token Exposure
Grayscale Investments has announced the launch of its latest trust, the Grayscale Sui Trust (SUI), offering institutional investors a simplified way to gain exposure to SUI tokens. This new addition to Grayscale’s lineup provides a convenient alternative to directly purchasing and storing SUI tokens.
The trust is valued at $65.52 per share, reflecting the significant growth of the SUI token this year, which has seen an astonishing surge of over 500%. The success of SUI can be attributed to its decentralized blockchain system, allowing for peer-to-peer transactions recorded on a public ledger. As a result, SUI has climbed to become the ninth-largest blockchain by TVL in its DeFi ecosystem.
Despite challenges such as a decline in developer engagement and a decrease in SUI DeFi TVL from $730 million to $385 million, the trust’s dollar-based TVL continues to grow primarily due to the increasing price of SUI.
The launch of the Grayscale Sui Trust is significant as it paves the way for institutional investors to gain exposure to the rapidly growing SUI market. This move could potentially drive more capital into the DeFi space and boost the adoption of decentralized blockchain technologies.
It’s essential to note that the trust’s launch has not been without its impact on the market. The SUI price experienced a 12% drop over the past 24 hours, falling to $4.13 per token. Market capitalization currently stands at $12.09 billion, with trading volume reaching an astonishing 108.96%, amounting to $3.1 billion.
Additionally, the number of active core developers on the SUI network has decreased from a yearly peak of 86 to 44. Meanwhile, commit activity dropped significantly in December, down to 950 compared to the high of 5,300 in May 2023.
Despite these challenges, the Grayscale Sui Trust ecosystem remains strong and resilient. The volume of stablecoins on the network has now surpassed $377 million, while decentralized exchanges like Cetus, Bluefin, and DeepBook are witnessing exceptional transaction volumes, indicating ongoing user interest.
This new trust offers an accessible means for institutional investors to participate in the rapidly growing SUI market. As such, it remains crucial for DeFi enthusiasts to continue monitoring the situation closely, as this development could have far-reaching implications for the entire crypto space.
Please note that the views expressed in this article are those of the author and not necessarily those of Crypto Economy.
Source: crypto-economy.com
