Leading lending protocol Solend has announced the launch of Suilend on the Sui Network, marking its first foray outside the Solana ecosystem.
This expansion leverages Solend‘s DeFi experience, where it has amassed over $200 million in total value locked (TVL) and supports more than 70 assets across its 170,000+ user base. The move to Sui indicates confidence in Sui’s advanced blockchain technology and its potential to enhance decentralized finance (DeFi) offerings.
Rooter, the pseudonymous founder of Solend, compared the development experience on Ethereum and Solana to building cathedrals with traditional tools, emphasizing the desire to build more advanced “rocket ships” with Sui’s developer tools.
This analogy supports the vision of Sui founder Evan Cheng who says the Ethereum language Solidity is not fit for purpose as a programming language for DeFi products and “will never be safe“. Instead, Sui built its own programming language (Move) from scratch, which Cheng says delivers the security, efficiency, and innovation that next-generation DeFi projects require.
The launch of Suilend on Sui closely follows the commitment of Bluefin, a decentralized exchange (DEX) with daily volumes over $100 million, to develop exclusively on Sui for its version 2 (V2), further enriching the Sui ecosystem’s offerings.
Sui DeFi Security A Step Ahead
A key focus of the Suilend launch is security, a critical concern in the DeFi space. By integrating with the Sui network, Suilend benefits from the Move language’s inherent security features, which offer enhanced protection for smart contracts. The protocol has also undergone thorough audits by leading blockchain security firms Zellic and Ottersec, ensuring it meets the highest security standards.
Suilend’s operation on Sui takes advantage of the network’s unique parallel processing capabilities, which significantly reduce latency and support horizontal scaling. Sui’s performance metrics, including a peak throughput of up to 297,000 transactions per second and a time-to-finality of around 480 milliseconds, are set to provide a robust foundation for Suilend’s operations.
The launch of Suilend on Sui comes as the network recently surpassed $500 million in Total Value Locked (TVL), ranking it among the top 10 DeFi ecosystems worldwide. The past month has seen an unprecedented $310 million in assets migrate from Ethereum to Sui through the Wormhole bridge, indicating increasing trust and interest in Sui’s DeFi capabilities.
