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Solend taps Sui for new DeFi lending protocol, Suilend

source-logo  cryptobriefing.com 12 March 2024 03:04, UTC

Sui's blockchain architecture is designed for scalability, which is essential for supporting the rapid growth of DeFi platforms.

The team behind Solend, a top lending platform on the Solana blockchain, announced today the launch of their new DeFi lending and borrowing protocol powered by the Sui blockchain. Named “Suilend,” the new project is built using the Move programming language, capitalizing on Sui’s high performance and advanced tooling capabilities.

Solend protocol is the ninth largest on Solana, with a total volume locked of $212 million, making it the leading lending protocol on the blockchain. It serves over 170,000 users who borrow and lend across over 70 asset types.

Since its launch 10 months ago, DeFi protocols on Sui have grown rapidly, now attracting over $500 million in total volume locked, as shared in Sui’s recent blog post. With the Suilend protocol, Solend’s team aims to leverage high throughput and quick settlement times, which is particularly beneficial for DeFi protocols.

Rooter, the pseudonymous founder of Solend, said that the team’s goal with Suilend is to build “rocket ships” using the advanced tools that Sui and Move provide.

“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,” said Rooter.

According to the project’s announcement on X, Suilend’s mainnet launch is currently accessible to beta pass holders.

cryptobriefing.com