Team Behind Top Lending Protocol Launches Suilend on Sui

Team Behind Top Lending Protocol Launches Suilend on Sui - Press Release - News

Grand Cayman, Cayman Islands, March 11th, 2024

The Exciting Expansion of Suilend: Solend’s First Step into the Sui Network

On this significant day in March 2024, Suilend, a groundbreaking lending protocol initiated by Solend, officially launched on the Sui Network. With an impressive total value locked (TVL) of over $200 million and a user base of more than 170,000, Solend’s unparalleled expertise in the decentralized finance (DeFi) sector is now set to revolutionize the Sui ecosystem.

A New Dawn for DeFi: Leveraging Advanced Tools and Technologies

Rooter, the pseudonymous Founder of Solend, shared his perspective on this strategic move: “Building on Ethereum and Solana felt like working with chisels and hammers. Don’t get me wrong, magnificent structures can be built using these tools; however, we aspire to create rocket ships, which require advanced tools like laser cutters and welders. That’s exactly what Sui and Move offer.”

Security: A Priority in the DeFi Space

In the fast-evolving world of decentralized finance, security remains a top concern. By joining forces with the Sui Network, Suilend takes advantage of its robust security features. The Move language, which underpins Sui’s smart contracts, offers built-in protections. Additionally, partnerships with renowned blockchain security firms like Zellic and Ottersec ensure that projects such as Suilend adhere to the most stringent security standards.

Unlocking the Power of Parallel Processing

Sui’s parallel processing for most transactions sets it apart from its competitors in the industry. With record-low keyboards, Sui enables horizontal scaling and boasts a peak throughput of up to 297,000 transactions per second and an approximate time-to-finality of just 480 milliseconds. This superior performance is the perfect fit for DeFi projects like Suilend, paving the way for their growth and success.

“We are thrilled to welcome a respected protocol like Suilend to the Sui ecosystem,” said Greg Siourounis, Managing Director of the Sui Foundation. “Sui’s lightning-fast transaction speeds, infinite scalability, and unparalleled efficiency make it an ideal platform for DeFi projects like Suilend. We look forward to witnessing their continued growth and success on Sui.”

Sui’s Growing DeFi Ecosystem: A Game Changer in the Blockchain World

This strategic expansion comes at an opportune moment, as Sui has recently surpassed the $500 million TVL milestone. As one of the leading DeFi ecosystems globally, Sui’s recent achievements include attracting a staggering $310 million in assets from Ethereum via Wormhole. This mass migration signifies an increasing trust in Sui’s DeFi capabilities, further solidifying its position as a keyboards-changer in the blockchain industry.