Solend, the leading lending and borrowing protocol on Solana, has announced its upcoming launch on the Sui blockchain. This marks Solend’s first expansion onto a blockchain other than Solana and demonstrates their confidence in Sui’s technology and potential as a long-term partner. Solend currently has over $140 million in total value locked (TVL) and supports over 70 assets, making it one of Solana’s most prominent DeFi platforms.
The decision to integrate with Sui is driven by the team’s belief in the strength of Sui’s technology and its focus on providing a superior developer experience. Solend’s founder, Rooter, stated that they are building on Sui because it offers something special, just like Solana did three years ago. The team is dedicated to both Solana and Sui, with a sub-team specifically focused on Sui.
This expansion comes shortly after Bluefin, a rising decentralized exchange (DEX), announced that they will build their V2 exclusively on Sui. Bluefin currently has over $100 million in daily volume and has unveiled its product roadmap for the next few years.
Security is a top priority for Sui, and they have implemented various measures to safeguard their ecosystem. The Move language, which is embedded in Sui, provides unique protection for smart contracts. Additionally, Sui works with leading blockchain security firms to conduct rigorous audits of projects’ codebases. Solend’s code will undergo these audits to ensure it meets the highest security standards and is fully compatible with the Sui blockchain.
In terms of performance, DeFi projects on Sui benefit from parallel processing, resulting in low latency and enabling horizontal scaling. Sui has achieved impressive benchmarks, including a peak throughput of up to 297,000 transactions per second (TPS) and a time to finality of approximately 480 milliseconds. Furthermore, Sui offers easy onboarding for new users through its native zkLogin feature, which allows users to authenticate using familiar Web 2 social logins.
The Sui Foundation is excited to welcome Solend to their ecosystem and believes that Solend’s success is unmatched in the industry. The Solend team brings a wealth of experience from both the Web2 and Web3 worlds, with members having previously worked at Coinbase, Robinhood, Cruise, Twitch, and Two Sigma. Solend is backed by notable investors, including Dragonfly, Polychain, Race Capital, and Coinbase Ventures.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇰🇾 |
| Sentiment | very positive |
| Relevance Score | 1 |
| People | Rooter, Greg Siourounis |
| Companies | Polychain, Solend, Zellic, Solana, Coinbase Ventures, Sui blockchain, Sui Foundation, Ethereum, Ottersec, Dragonfly, Bluefin, Facebook’s blockchain initiative, Race Capital |
| Currencies | Sui, Thena, but there is no specific mention of any currencies or cryptocurrencies. therefore |
| Securities | None |
