Sui crypto gets $30M AI boost, but SUI slips toward $1

Sui Foundation has invested $30 million in DATA Network to help the AI project transition into Sui.

The agreement will close DATA Network’s self-supporting blockchain, at the same time bringing applications and DATA Network to Sui Network. However, after the news was announced, SUI dipped over 5%, coming dangerously close to the key $1 level. 

DATA Network prepares to move onto Sui

DATA Network creates a way for companies to locate materials for training artificial intelligence bots whilst also being able to detail where that information has come from and how it may be used.

Its Trace registry has recorded more than 250 million data contributions since launching in June. It now processes over three million receipts daily, according to the Sui Foundation.

Under the agreement, DATA Network and Trace will operate on Sui. Walrus, a data storage platform connected to Sui, will store information used by DATA Foundation’s applications.

With the $30 million investment, Sui will become DATA Network’s largest institutional investor. Surprisingly, neither the announcement of the acquisition nor the valuation and number of tokens acquired by Sui were provided.

Upon completion, no independent blockchain from DATA Network will be running anymore. Tokens will map to the new Sui blockchain on a one-to-one basis, meaning that a user who owns X tokens should be getting X tokens on the new chain instead.