Sui’s native token SUI surges in value following a strategic reserve deal with World Liberty Financial, a decentralized finance protocol affiliated with Donald Trump. This partnership marks a significant boost for SUI, which has accumulated various digital assets in its strategic token reserve.
The native token of Sui (SUI), a layer-1 blockchain, saw a significant surge after a strategic reserve deal with ‘We chose Sui for its American-born innovation combined with impressive scale and adoption.’ was stated by Zak Folkman, co-founder of World Liberty Financial (WLFI), a decentralized finance protocol affiliated with Donald Trump.
SUI token is a cryptocurrency and governance token of the Sui blockchain platform.
It was launched in 2022 as an open-source, decentralized, and programmable 'blockchain.'
The SUI token is used for various purposes such as staking, voting, and paying transaction fees on the network.
According to its whitepaper, the total supply of SUI tokens is capped at 10 billion.
As of now, it is listed on several major 'cryptocurrency exchanges.'
Key Components of the Strategic Reserve Deal
The agreement includes WLFI adding Sui assets to its crypto holdings and exploring product development opportunities. This move is seen as a major boost for SUI, which has already accumulated various digital assets in its strategic token reserve, including wrapped bitcoin, ether (ETH), Tron’s TRX, Chainlink’s LINK, as well as MOVE and ONDO tokens.
Sui is a layer-1 blockchain designed for scalability and usability.
Developed by CMRU (Chainmill Research Unit), it utilizes a novel architecture called the 'Virtual Machine' to achieve high throughput.
Sui's consensus mechanism, 'Move', is based on proof-of-stake and allows for energy-efficient validation of transactions.
The network aims to provide fast transaction times, low latency, and high scalability, making it suitable for decentralized applications (dApps).
Impact on the Market
The news of the deal led to a surge in SUI prices, with the native token jumping as much as 10% to near $3 before paring gains. Despite this, SUI remained one of the top performers in the market, increasing by about 13% in the past 24 hours and becoming the best-performing asset in the CoinDesk 20 Index.
World Liberty Financial’s Perspective
According to Zak Folkman, co-founder of World Liberty Financial, ‘We chose Sui for its American-born innovation combined with impressive scale and adoption.’ He further stated that collaborating with SUI was an obvious decision given their plans to support foundational DeFi assets in the coming months.
World Liberty Financial is a financial services company that provides investment and wealth management solutions to individuals and institutions.
Founded in the late 20th century, the company has grown to become a leading provider of financial services globally.
With a focus on asset protection, 'tax planning' , and 'estate preservation' , World Liberty Financial helps clients achieve their long-term financial goals.
The company's expertise spans various areas, including private banking, investment management, and retirement planning.
