Grand Cayman, Cayman Islands, March 11, 2024, Chainwire
The Suilend lending protocol is Solend’s first venture outside the Solana ecosystem, highlighting its trust in Sui’s technology.
Suilend, Solend’s first expansion outside of the Solana ecosystem, was officially released today on Sui Network. Supporting over 70 assets and boasting over $200 million Total Value Locked (TVL) across over 170,000 users, Solend now brings unparalleled DeFi expertise and experience building industry-leading lending protocols to the Sui ecosystem. The depth of the Sui ecosystem is expanding rapidly.
Discussing the launch, Rooter, Solend’s anonymous founder, said: “Developing on Ethereum and Solana felt like building a cathedral with a chisel and hammer. That doesn’t mean you can’t build something great. Cathedrals are one of the most beautiful human achievements. But since we want to build a rocket ship, we need advanced tools like laser cutter and welder. This is where Sui and Move provide better developer tools.”
This announcement follows Bluefin, a fast-growing DEX with daily trading volume exceeding $100 million, committing exclusively to Sui over Arbitrum for V2 development and revealing its roadmap to 2024.
Security is a clear focus for participants in the DeFi space, and with the launch of Solend on Sui, the protocol is leveraging Sui’s network with industry-leading security. By launching Sui, Solend leverages unique security features integrated into the Move language that provide built-in protection for smart contracts. Additionally, partnerships with leading blockchain security companies Zellic and Ottersec entail rigorous audits of projects like Suilend to ensure they adhere to the highest security standards.
Suilend also benefits from Sui’s parallel processing for most transactions. Sui boasts the lowest latency in the industry and facilitates horizontal scaling, achieving peak throughput of up to 297,000 transactions per second and final completion time of approximately 480 milliseconds.
“We are excited to welcome the protocol behind Suilend’s achievements and success to the Sui ecosystem,” said Greg Siourounis, Executive Director of the Sui Foundation. “Sui’s blazing transaction speeds, infinite scalability, and far-reaching efficiencies are tailor-made for DeFi projects like Suilend, and we look forward to watching their continued growth and success at Sui.”
This strategic move comes as Sui recently surpassed the $500 million Total Value Locked (TVL) milestone, firmly establishing itself in the top 10 DeFi ecosystems globally. In the past month alone, a staggering $310 million worth of assets have been migrated from Ethereum to Sui via Wormhole, exceeding all other blockchain transfers combined and signaling growing confidence in the ecosystem’s DeFi capabilities. .
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