Team Behind Top Lending Protocol Launches Suilend on Sui

[PRESS RELEASE – Grand Cayman, Cayman Islands, March 11th, 2024]

The Suilend lending protocol is Solend’s first venture outside of the Solana ecosystem underscoring confidence in Sui’s technology

Suilend, Solend’s first expansion outside the Solana ecosystem, officially launched today on the Sui Network. Solend, which boasts over $200 million in total value locked (TVL) across 170,000+ users with support for 70+ assets, now brings its unparalleled DeFi expertise and experience building industry-leading lending protocols to the Sui ecosystem in a move that adds to the quickly expanding depth of the Sui ecosystem.

Discussing 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 announcement follows hot on the heels of Bluefin, a burgeoning DEX with daily volumes exceeding $100 million, committing exclusively to Sui over Arbitrum for its V2 development and unveiling its roadmap into 2024.

Security is a distinct focus for participants in the DeFi space, and with the launch of Solend on Sui, the protocol is leveraging a network in Sui that has industry-leading security. By launching on Sui, Solend capitalizes on the inherent security features integrated into the Move language, which provides built-in protections for its smart contracts. Additionally, partnerships with leading blockchain security firms, Zellic and Ottersec, entail rigorous audits of projects like Suilend, ensuring adherence to the highest security standards.

Suilend will also benefit from Sui’s parallel processing for most transactions. Sui boasts the lowest levels of latency in the industry and facilitates horizontal scaling, achieving a peak throughput of up to 297,000 transactions per second and a time-to-finality of approximately 480 milliseconds.

“We are delighted to welcome a protocol with the background of performance and success of Suilend 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 strategic move comes as Sui recently surpassed the $500 million Total Value Locked (TVL) milestone, firmly establishing itself within the top 10 DeFi ecosystems globally. Over the past month alone, a staggering $310 million in assets has migrated from Ethereum to Sui via Wormhole, eclipsing all other blockchain transfers combined, signaling the growing trust in the ecosystem’s DeFi capabilities.