Sui Price Rallies As Tencent Cloud Deepens Partnership With Mysten Labs
Highlights
- The Sui price gained notably after Tencent Cloud's latest announcement.
- The cloud storage platform seeks to boost its relations with Mysten Labs.
- It invited Sui developers to use the advanced tools on its platform.
The price of Sui (SUI), a pioneering Layer 1 blockchain platform, surged following the deepening partnership between Tencent Cloud and Mysten Labs. This collaboration marks a significant milestone in the Sui ecosystem. Moreover, the optimism grew as the Sui price recently hit its all-time high.
Tencent Cloud & Mysten Labs’ Partnership
Tencent Cloud, a leading cloud computing service provider, has extended its support for the Sui blockchain through its Blockchain RPC service. This strategic move aims to enhance the developer ecosystem for Sui by providing advanced tools and resources for building decentralized applications (dApps) on the platform.
Mysten Labs, renowned for its expertise in distributed systems, programming languages, and cryptography, plays a pivotal role in this collaboration. As the driving force behind critical infrastructure development for a more decentralized internet, Mysten Labs brings invaluable insights and capabilities to the table.
The Sui blockchain, characterized by its innovative Layer 1 architecture and the Move programming language, is often known as the “brainchild” of Mysten Labs. It offers unparalleled speed, privacy, security, and accessibility for digital asset ownership. Moreover, Sui represents a significant leap forward in blockchain technology.
Furthermore, it features such as parallel execution, sub-second finality, and rich on-chain assets. The partnership between Tencent Cloud and Mysten Labs underscores the growing momentum behind Sui as a preferred blockchain platform for developers. By leveraging Tencent Cloud’s high-performance servers and robust security components, developers can seamlessly deploy multi-chain nodes. In addition they can access various blockchain networks, including Ethereum, BSC, Solana, Polygon, Scroll, SUI, and Manta.
Also Read: Binance Adds Key Margin Pairs for DOGE, SHIB, PEPE, BOME, SUI, WLD; Rally Ahead?
Sui Price Rally
The surge in the Sui price reflects market optimism surrounding the platform’s potential to revolutionize decentralized application development and unlock new opportunities in the blockchain space. At press time, the Sui price was up by 1.03% to $1.99 on Thursday, March 28. Whilst, the crypto’s market cap stood at $2.48 billion.
In contrast, its 24-hour trade volume plunged 8.61% to $888.76 million. Earlier, on Wednesday, March 27, the Sui price hit a fresh all-time high of $2.18 but eventually slumped lower owing to the bearish market sentiments. However, it still maintains a monthly gain of nearly 20%.
Also Read: Solana Emerges As Ethereum Successor: Celestia COO
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