Grayscale has announced that its recently launched Sui Trust is now open to qualified investors.
Announcement of Sui Trust Launch
On September 11, Grayscale announced that the Sui Trust was now accessible to eligible accredited investors. The investment funds launched by Grayscale in August include funds for Sui and Bittensor (TAO), expanding its product range for investors, providing access to various cryptocurrencies.
Sui TVL Rise
Sui is a smart contracts blockchain network currently ranking as the 38th largest cryptocurrency by market capitalization, with $2.4 billion. The blockchain's architecture is designed to boost the adoption of web3 applications, including parallel execution, zkLogin, and sponsored transactions. The total value locked (TVL) on Sui has seen a notable rebound, after dipping more than 50% from highs of $1.08 billion in May 2024 to near $516 million in early August. According to data, Sui TVL has rebounded to above $940 million, making it the 10th largest chain by this metric.
SUI Token Usage and Price
The native Sui token is used in the proof-of-stake mechanism for rewards, as well as for gas fee payments, network utility, and governance. The SUI token's price struggled for upside after dropping from highs of $1.10 in mid-August. At the time of writing, Sui was trading at around $0.91, about 1.5% down in 24 hours but up more than 10% over the past week.
Grayscale's Sui Trust represents a significant development for investors interested in accessing cryptocurrencies and blockchain technologies like Sui.
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