Solend has officially launched Suilend, its first expansion outside the Solana ecosystem, on the Sui Network. With over $200 million in total value locked (TVL) across 170,000+ users and 70+ assets, Solend brings its DeFi expertise and industry-leading lending protocols to the Sui ecosystem. This follows Bluefin’s commitment to Sui over Arbitrum for V2 development.
During the release, Rooter, the pseudonymous Founder of Solend, stated, “Developing on Ethereum and Solana felt like building a cathedral with chisels and hammers.” That’s not to imply you can’t create magnificent things; churches are among the most beautiful human efforts. But we want to manufacture rocket ships, which require modern instruments such as laser cutters and welders. That’s what Sui and Move provide with improved developer tools.
Solend, a DeFi protocol, is launching on Sui, leveraging its industry-leading security network. The protocol leverages the Move language’s built-in protections for smart contracts and partners with blockchain security firms Zellic and Ottersec for rigorous audits. Sui’s parallel processing for transactions offers the lowest latency in the industry, facilitating horizontal scaling and achieving a peak throughput of up to 297,000 transactions per second.
“We are delighted to welcome a protocol with the background of Suilend’s performance and success into the Sui ecosystem,” stated 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.”
Sui has surpassed the $500 million Total Value Locked (TVL) milestone, establishing itself among the top 10 DeFi ecosystems globally. Over the past month, $310 million in assets migrated from Ethereum to Sui via Wormhole.
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