Sui Partners with Franklin Templeton for Blockchain Development

The Sui Foundation announced a partnership with Franklin Templeton Digital Assets on November 22 to support blockchain development and enhance its ecosystem.

According to a press release shared with Cryptonews.com, Franklin Templeton has been actively investing in the Sui ecosystem. The partnership is focused on creating opportunities for developers to build solutions using the Sui blockchain protocol.

Strategic Partnership with Franklin Templeton

Franklin Templeton Digital Assets has previously engaged with the Sui ecosystem by supporting blockchain-based technologies and running node validators. The firm’s involvement included leveraging data analysis and industry insights to guide its development initiatives.

HOLY SHIT!!! 🚨🚨🚨$SUI JUST PARTNERED WITH $1.7 TRILLION FRANKLIN TEMPLETON!!! 🔥🔥🔥 pic.twitter.com/tDXCHhEPml

— Kyle Chassé / DD🐸 (@kyle_chasse) November 22, 2024

Based on the statement, the ecosystem has attracted a range of projects, including DeepBook, which is designed to function as a decentralized central limit order book for DeFi applications.

The release highlighted the integration of Franklin Templeton’s expertise in asset management with Sui’s blockchain infrastructure. This collaboration is expected to aid developers in deploying decentralized applications across various sectors, including finance and technology.

“Sui was originally inspired by some of the challenges Franklin Templeton Digital Assets is helping to solve, particularly those that exist within decentralized finance today,” said Sui Head of Ecosystem Development Jameel Khalfan.

“For the past decade, blockchain technology has captured public attention from technologists and economists alike, but often runs up against technical limitations. We are excited for what the Sui team is building,” said Franklin Templeton Director of Digital Asset Management Tony Pecore.

Sui Network Experiences Significant Crash

The Sui Network experienced its first major outage yesterday due to a bug in its recently upgraded congestion control code. The upgrade was intended to improve shared object utilization but instead caused a disruption that halted block production for over an hour.

Earlier today, Sui experienced its first network outage due to a bug in congestion control code, which had been recently upgraded to allow for better shared object utilization.

Sui contributors quickly deployed a fix restoring normal network activity in 2.5 hours. The rapid,…

— Sui (@SuiNetwork) November 21, 2024

According to an official statement, the network outage was resolved within three hours through a coordinated effort involving contributors and validator operators. The team identified and deployed a fix, restoring normal activity across the blockchain.