Grand Cayman, Cayman Islands, December 20, 2023, Chainwire
Solend’s expansion is expected to compound Sui’s remarkable momentum in DeFi, which has seen TVL grow by more than 500% since September.
Solend, the leading lending and borrowing protocol on Solana, today announced its imminent launch on the Sui blockchain, created by a team of technology leaders from Facebook’s blockchain initiative. This new integration marks the first deployment of Solend on a blockchain other than Solana and underlines the team’s confidence in the strength of Sui’s technology and the potential of the Sui Network as a long-term partner.
As the largest lending and borrowing product on Solana, Solend boasts over $140 million in total value locked (TVL) across over 170,000 users and supports over 70 assets. Solend also currently has over 20 developer integrations, making it one of Solana’s most prominent platforms for DeFi development. The expansion to Sui will introduce Solend’s robust DeFi offerings to a new community of users and attract even more builders to 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 on Sui for the same reason we decided to build on Solana three years ago: because they’re doing something special. For Solana it was performance, for Sui it was developer experience. The current state of smart contracts does not reflect the industry’s aspirations. Move fixes this problem. Most of the team is 100% focused on Solana, and we’ve created a sub-team dedicated to Sui.
The news of Solend’s expansion follows Bluefin, an ascending DEX with daily volume of over $100 million, announcing they will build their V2 exclusively on Sui and reveal their product roadmap until 2024.
It is essential for a growing DeFi platform to secure the assets entrusted to it, and Sui leaves no stone unturned to safeguard its ecosystem. Security on Sui starts with the security features built into the Move language itself, which add unique protection to smart contracts on Sui. Additionally, Sui supports its developers by working with partners and leading blockchain security companies, Zellic and Ottersec, to verify individual project details. codebases. Solend’s code will benefit from their rigorous audits which will ensure the application meets the highest security standards and is fully compatible with the Sui blockchain.
At the same time, for DeFi app creators, top-tier performance in the underlying network and easy access for new users are also paramount. From a performance perspective, DeFi projects on Sui benefit from the network’s use of parallel processing for the vast majority of transactions, which results in unprecedented latency and enables horizontal scaling. It’s this same technology stack that has allowed Sui to achieve peak throughput of up to 297,000 TPS and completion time of around 480 milliseconds, and in just its fourth month, achieve the most large number of transactions processed in a single day by any blockchain network. Never.
Likewise, for accessibility, Sui offers new users DeFi protocols that are extremely easy to integrate with its native zkLogin feature that allows end users to authenticate with the same Web 2 social logins from Google, Twitch and others that they already know. Any DeFi protocol built on Sui can integrate zkLogin, eliminating the need for new users to manage wallets and seed phrases and removing a huge barrier to widespread use of DeFi protocols on Sui, while remaining non-custodial.
“Solend has achieved a level of success unmatched by the vast majority of projects in our industry and we are delighted to welcome them to the Sui ecosystem,” said Greg Siourounis, Managing Director of the Sui Foundation. “Sui was created with the scalability and efficiency that DeFi projects need. We look forward to Solend’s continued upward trajectory on Sui.
The Solend team brings a wealth of experience in the world of Web2 and Web3, with members having previously worked at industry stalwarts Coinbase, Robinhood, Cruise, Twitch and Two Sigma. Solend is backed by a group of strong investors, including Dragonfly, Polychain, Race Capital and Coinbase Ventures.