TL;DR
- Suilend exits beta with over $30 million in TVL.
- Opens its lending platform to the general public.
- It benefits from the experience of the team behind Solend and the growth of the Sui network.
Suilend, the lending protocol developed by the Solend team, has successfully completed its beta phase and is now available to the general public.
This transition marks a significant milestone for Suilend as it expands beyond the Solana ecosystem to leverage the Sui network.
Since its beta launch on March 11, 2024, Suilend has attracted considerable attention, with over $30 million in total value locked (TVL) and a user base exceeding 3,000.
This success builds on the reputation and experience of the Solend team, known for its successful lending protocol on Solana, with $260 million in TVL and a community of 170,000 users.
The project’s growth trajectory has been remarkable, with rapid capital inflows every time deposit limits are increased, reflecting the confidence and enthusiasm of users.
This achievement is reinforced by the Sui network‘s recent milestones, such as surpassing $700 million in TVL and over $900 million in 7-day DEX volume, solidifying its position in the global DeFi landscape.
Greg Siourounis, Managing Director of the Sui Foundation, expressed satisfaction with Suilend‘s performance at Sui, highlighting the alignment with the interests of the broader Sui community.
Suilend strategic expansion aligns with the upward dynamics of Sui network growth
Suilend benefits greatly from the strong performance capabilities Sui offers, which include high transaction throughput and minimal latency.
These technical features are fundamental to guarantee efficient and reliable operation in Sui’s decentralized financial ecosystem, thus ensuring an optimal experience for all its users.
Suilend leverages the Pyth network for price data, ensuring reliable and accurate information from major exchanges and market makers.
This data aggregation supports smart contract applications, improving their functionality and reliability.
Suilend’s exit from its beta phase represents a new stage of growth and accessibility for its lending platform within the Sui ecosystem.
With strong initial traction and support from the Solend team, the project aims to replicate and surpass its previous achievements on Solana, contributing to the vibrant DeFi landscape on the Sui network.
