Suilend Lending Protocol by Solend Team Officially Launched on the Sui Network

The Suilend lending protocol, underscoring trust in Sui’s technology, is Solend’s first foray outside the Solana ecosystem.

Today marks the formal debut of Suilend on the Sui Network, which is Solend’s first expansion outside the Solana ecosystem. In a move that deepens the Sui ecosystem even further, Solend, which has over $200 million in total value locked (TVL) across 170,000+ users and support for 70+ assets, now contributes its unmatched DeFi expertise and experience developing industry-leading lending protocols to the Sui ecosystem.

On the launch, Rooter, the pseudonymous Founder of Solend, said, “Developing on Ethereum and Solana felt like building a cathedral with chisels and hammers. That’s not to say you can’t build great things — cathedrals are some of the most beautiful human achievements. But we want to build rocket ships, and for that, you need advanced tools like laser cutters and welders. That’s what Sui and Move offer with better developer tools.”

The news comes soon after Bluefin, a rapidly growing DEX with monthly volumes above $100 million, revealed its 2024 plan and committed entirely to Sui over Arbitrum for its V2 development.

Participants in the DeFi space prioritize security. With the launch of Solend on Sui, the protocol is using one of Sui’s networks with industry-leading security. Solend leverages the built-in security measures that the Move language offers, which gives its smart contracts built-in safeguards, by launching on Sui. Furthermore, collaborations with top blockchain security companies, such as Zellic and Ottersec, involve thorough assessments of initiatives like Suilend to guarantee compliance with the strictest security guidelines.

For most transactions, Sui’s parallel processing will likewise be advantageous to Suilend. With a time-to-finality of about 480 milliseconds and a peak throughput of up to 297,000 transactions per second, Sui has the lowest latency in the market and enables horizontal growth.

“We are delighted to welcome a protocol with Suilend’s performance and success background to the Sui ecosystem,” said Greg Siourounis, Managing Director of the Sui Foundation. Sui’s blistering transaction speeds, infinite scalability, and pervasive efficiency are tailor-made for DeFi projects like Suilend, and we look forward to watching their continued growth and success on Sui.”

This calculated action is being taken since Sui recently exceeded the $500 million Total Value Locked (TVL) benchmark, solidifying its place among the world’s top 10 DeFi ecosystems. A remarkable $310 million in assets have moved from Ethereum to Sui through Wormhole in the last month alone, surpassing the total amount of blockchain transfers made during that time. This indicates the increasing confidence in the ecosystem’s DeFi capabilities.