Sui soars nearly 12% after partnership with BytePlus

• BytePlus, the technology arm of ByteDance, will bring its services to Web3 through the Sui blockchain.
• Sui and BytePlus' partnership could give rise to innovative Web3 gaming and social apps.
• SUI has risen nearly 12% after the partnership announcement.

Sui's (SUI) price soared nearly 12% on Wednesday amid the wider crypto market dump. Sui's growth follows the announcement of a partnership between its parent company, Mysten Labs, and BytePlus, the enterprise technology arm of ByteDance, the company behind TikTok US.

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Sui Network to benefit from BytePlus technology

Sui announced in a blog post on Wednesday that its partnership with BytePlus would bring many of the latter's services and tools to web3 gaming and social platforms. The partnership, first revealed at Sui Connect Dubai by Eman Abio, Sui co-founder and Long Li BytePlus Regional Manager, will lead to "innovative new services and apps" within the Sui ecosystem, said Sui.

In an X post, the Layer 1 blockchain said, "BytePlus will explore data warehousing, content recommendation, content generation, and augmented reality in Web3 game platforms and socialFi projects in collaboration with MystenLabs."

Read more: Sui price extends losses, shrugging off creator's venture into Web3 gaming

Sui claims that its features of zkLogin, sponsored transactions, and a unique NFT technology combined with BytePlus' features such as ByteHouse, BytePlus Effects, and BytePlus Recommend, "could power groundbreaking new social apps (...) and increase exposure to key customers and partners including large game development companies."

Following the partnership announcement, the price of SUI soared 12% to reach $1.35 on Wednesday. The partnership may have influenced 435 smart money wallets to accumulate huge amounts of SUI, according to Scopescan.

Also read: SUI price could record a new peak as SUI incentivizes community access program

This comes on the heels of the Sui Basecamp event on April 10 and 11, where the Sui community discussed the Layer Blockchain's future.

Sui had also seen Hong Kong-based First Digital Trust expand its FDUSD stablecoin to its network earlier in the month.