The native token of Sui (SUI) surged on Thursday on news that Trump-affiliated decentralized finance protocol World Liberty Financial (WLFI) stroke a "strategic reserve deal" with the layer-1 blockchain project.
Native token of the new layer-1 blockchain project Sui (CRYPTO: SUI) surged on Thursday on news that Trump-affiliated decentralized finance protocol World Liberty Financial (WLFI) has struck a "strategic reserve deal" with the project.
The agreement includes WLFI adding Sui assets to its crypto holdings, the announcement stated. The two projects will also explore "product development opportunities."
SUI soared as much as 10% to hit $2.98 before paring gains. Still it was up about 13% in the past 24 hours, being the best-performing asset in the broad-market CoinDesk 20 Index.
"We chose Sui for its American-born innovation combined with impressive scale and adoption," said Zak Folkman, co-founder of World Liberty Financial. “Given our plans to support foundational DeFi assets in the coming months, collaborating with Sui was an obvious decision."
World Liberty Financial 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.
The Trump-affiliated DeFi protocol is aiming to build a "decentralized financial system" that will provide "economic opportunity" for all Americans. The project is also planning to launch its own token later this year via a token generation event.
The former president has been a vocal critic of the Federal Reserve and the U.S. monetary system. Trump also sparked rumors of a potential 2024 presidential bid earlier this year.
Earlier this week, the founders of Aptos (CRYPTO: APT) and Render (CRYPTO: RNDR) also joined the advisory board of World Liberty Financial.
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