Top Lending Protocol Expands to Sui for First Launch Beyond Solana

adminDecember 21, 2023

Grand Cayman, Cayman Islands, December 20, 2023, Chainwire

Solend’s expansion will further strengthen Sui’s incredible DeFi momentum that has seen TVL. More than 500% growth From September.

Solend, the leading lending and borrowing protocol from Solana, today announced its imminent launch on the Sui blockchain, created by a team of technology leaders emerging from Facebook’s blockchain initiative. This new integration marks Solend’s first deployment on a blockchain other than Solana and highlights the team’s confidence in Sui’s technological strengths and its potential as a long-term partner to the Sui network.

Solend, Solana’s largest lending and borrowing product, boasts more than $140 million in total value locked (TVL) across more than 170,000 users and supports more than 70 assets. Solend also currently has over 20 developer integrations and is one of Solana’s most popular platforms for DeFi development. Expanding to Sui will introduce Solend’s powerful DeFi products to a new community of users and bring more builders into the Sui ecosystem.

Rooter, the pseudonymous founder of Solend, said: “We are by no means maximalists. I left that behind when I left Ethereum. We’re building Sui for the same reasons we decided to build Solana three years ago. Because Sui is doing something special. For Solana it was performance and for Sui it was developer experience. The current state of smart contracts does not reflect the industry’s aspirations. Moving will fix this problem. “The majority of the team is 100% focused on Solana, and we have created a sub-team dedicated to Sui.”

The Solend expansion news follows Bluefin, a rising DEX with over $100 million in daily trading volume, which announced that it will build V2 exclusively on Sui and unveil its product roadmap by 2024.

Protecting the assets entrusted to you is important for any growing DeFi platform, and Sui is committed to protecting its ecosystem. Sui’s security begins with security features built into the Move language itself, which add unique protections to Sui’s smart contracts. Sui also works with partners and leading blockchain security companies Zellic and Ottersec to support developers by verifying project identity. Code base. Solend’s code benefits from rigorous audits that ensure applications meet the highest security standards and are fully compatible with the Sui blockchain.

At the same time, top-level performance of the underlying network and easy accessibility for new users are also of utmost importance to DeFi application builders. From a performance perspective, Sui’s DeFi project benefits from using the network’s parallel processing for most transactions, providing unprecedented low latency and enabling horizontal scaling. It was the same technology stack that enabled Sui to benchmark peak throughputs of up to 297,000 TPS and final completion times of ~480 milliseconds, achieving the highest number of transactions processed per day on any blockchain network in just four months. always.

Likewise, for accessibility, Sui offers extremely easy DeFi protocol onboarding for new users through native zkLogin functionality that allows end users to authenticate with the same Web 2 social logins from Google, Twitch, and other services they are already familiar with. Any DeFi protocol built on Sui can integrate zkLogin, eliminating the need for new users to manage wallets and seed phrases, removing a major obstacle to mainstream use of DeFi protocols on Sui while remaining non-custodial.

“Solend has achieved a level of success unmatched by most projects in the industry, and we are thrilled to welcome them to the Sui ecosystem,” said Greg Siourounis, Executive Director of the Sui Foundation. “Sui is built on the core requirements of DeFi projects: scalability and efficiency. We look forward to building on Solend’s continued upward trajectory at Sui.”

The Solend team brings a wealth of experience in the Web2 and Web3 worlds, including members who previously worked at industry stalwarts Coinbase, Robinhood, Cruise, Twitch, and Two Sigma. Solend is backed by a strong group of investors including Dragonfly, Polychain, Race Capital, and Coinbase Ventures.