Solend Goes Outside Of Solana With The Launch On Sui Network
Solend, a leading lending protocol, expands its reach beyond Solana with a debut on the Sui blockchain, unlocking new opportunities in the DeFi space.
In a significant development for the decentralized finance (DeFi) landscape, Solend, the prominent lending and borrowing protocol on Solana, has just announced its launch on the Sui Blockchain. This strategic move comes on the heels of Sui's remarkable DeFi momentum, marked by a staggering 500% increase in Total Value Locked (TVL) since September.
The Sui team, comprising seasoned IT industry experts who emerged from Facebook's blockchain program, has attracted Solend's attention as a reliable long-term partner. This marks a pivotal moment for Solend, as it steps beyond the confines of Solana for the first time, showcasing its confidence in Sui's technological prowess.
Solend, with over $140 million in TVL among a community of more than 170,000 members, is a powerhouse in the Solana ecosystem, covering a diverse range of assets. Boasting more than 20 developer integrations, Solend is a key player in Solana's DeFi development landscape. Now, by extending its reach to the Sui blockchain, Solend aims to tap into a broader user base and attract new builders to the expanding Sui ecosystem.
Rooter, the pseudonymous Founder of Solend, emphasized the team's open-minded approach, stating, "We’re not maximalists... We’re building on Sui for the same reason we decided to build on Solana three years ago: because they’re doing something special."
The decision to build on Sui is rooted in its commitment to developer experience, a sentiment echoed by other projects like Bluefin, a rising decentralized exchange (DEX) with a daily turnover exceeding $100 million. Bluefin recently declared its intention to build exclusively on Sui, citing the platform's developer-friendly environment and unveiling an ambitious feature plan extending into 2024.
For Solend, security is paramount, and the move to Sui ensures robust protection of its ecosystem. Sui's Move language introduces built-in security mechanisms for smart contracts, offering an extra layer of protection. Collaborations with top blockchain security firms, Zellic and Ottersec, ensure meticulous code audits, guaranteeing that Solend's code meets the highest security standards and seamlessly integrates with the Sui blockchain.
Sui's commitment to superior network speed and user-friendliness further enhances the appeal for DeFi application developers. Leveraging parallel processing for most transactions, Sui achieves historically low latency and allows for horizontal scaling. With an impressive peak throughput of up to 297,000 transactions per second and a time to finality of approximately 480 milliseconds, Sui sets a standard for efficiency in blockchain networks.
Greg Siourounis, Managing Director of the Sui Foundation, expressed enthusiasm, stating, "Solend has achieved a level of success that is unmatched by the vast majority of projects in our industry, and we are thrilled to welcome them to the Sui ecosystem."
Sui's zkLogin native feature simplifies onboarding for new users, allowing authentication through familiar Web 2 social logins like Google and Twitch. This innovative feature removes a significant barrier to the widespread adoption of DeFi protocols on Sui by eliminating the need for new users to manage wallets and seed phrases.
The Solend team, boasting experience from industry giants such as Coinbase, Robinhood, Cruise, Twitch, and Two Sigma, brings a wealth of expertise from both the Web2 and Web3 worlds. Backed by strong investors including Dragonfly, Polychain, Race Capital, and Coinbase Ventures, Solend's move to the Sui blockchain signals a new chapter in the evolution of DeFi, promising expanded opportunities and continued growth. As Solend pioneers this integration, the broader crypto community eagerly anticipates the positive impact on the DeFi landscape and the collaborative synergy between Solana and Sui.
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