Oct 31, 2024

Suilend launches SpringSui to accelerate liquid staking and yield opportunities on Sui Network Nickie Louise Posted On October 31, 2024 In today’s financial world, borrowing from traditional banks can feel like an uphill battle. With strict credit checks, lengthy application processes, and high interest rates, accessing capital is often a struggle for individuals and businesses. Now, decentralized finance (DeFi) is changing this story by making lending and borrowing faster, more accessible, and globally inclusive. Unlike banks, DeFi platforms operate on blockchain technology, removing the need for intermediaries and offering users a seamless, permissionless way to access funds. Leading this shift is Suilend , a top DeFi lending and borrowing platform. Today, Suilend announced the launch of SpringSui, a new standard for liquid staking tokens (LSTs) on the Sui network. This release opens up a range of financial opportunities—including yield-generating products and liquid staking—for more users on Sui. With the launch of Spring SUI (sSUI), Suilend’s first token under this framework, users now have an easier way to participate in staking while tapping into fresh liquidity and yield generation paths across the Sui network. In addition, the launch enables users to maximize their assets without the roadblocks of conventional finance. SpringSui expands on protocol-level upgrades SIP-31 and SIP-33, which introduce a new token standard aimed at scaling liquid staking tokens on Sui. The debut token sSUI lets users stake SUI while receiving an LST that represents their staked assets. This token can be traded or utilized across various DeFi platforms, from Suilend to others within the ecosystem. By bringing this option to users, sSUI not only opens up SUI staking to a broader group but also enhances ways to earn on the Sui network. While liquid staking has already taken off on PoS networks like Ethereum and Solana, it’s been slower to gain traction on Sui, where only a small fraction of native tokens are in LSTs. Suilend’s founder, Rooter, sees SpringSui as the start of a new chapter, one where liquid staking on Sui can thrive. “I think SpringSui will unlock a new era for liquid staking on Sui,” Rooter said, noting the demand for leveraged staking and how SpringSui will push this forward. Sam Blackshear, CTO of Mysten Labs, adds that “SIP-31 and SIP-33 are significant upgrades to Sui staking. Adding fungibility to staked tokens will improve the interoperability of existing use cases and enable some new ones. The Suilend team has done excellent work on both the theory and engineering behind these improvements.” SIP-33 also enhances the security around LST-backed collateral with an instant unstaking feature that helps mitigate depegging risks. Emma Zhong, a software engineer at Mysten Labs, remarks, “SIP-33’s instant unstaking feature improves the safety of LSTs by minimizing depegging risks. This upgrade represents a major step in boosting the safety, efficiency, and accessibility of staking products across Sui’s DeFi ecosystem.” As industry leaders take notice, the SpringSui standard is set to impact the Sui ecosystem significantly. Leading figures in DeFi, such as Kevin from Aftermath Finance, express enthusiasm, saying, “We’re excited to work with the Suilend team to make afSUI more streamlined, which unlocks our MEV-powered LST product.” To further adoption, Suilend has open-sourced the SpringSui framework for all Sui developers, making it easy for third-party developers to integrate it into their own LST solutions. This decision highlights Suilend’s commitment to making liquid staking on Sui more accessible to everyone, including developers aiming to create custom LSTs for specific communities. The result? Users gain more control over their liquidity, and developers have the flexibility to set their own fees and approaches for deploying LSTs on Sui. The launch of SpringSui is only the beginning. With a roadmap focused on expanding LST adoption, Suilend plans to roll out a new platform where anyone can create and manage their own LST, bringing even more choice and flexibility to users. Founded by the team behind Save Finance, Suilend continues to enhance capital efficiency for on-chain users in Sui’s decentralized money market. Through its lending and borrowing offerings, Suilend is making DeFi on Sui a smoother, more seamless experience—one where liquidity flows freely and yield generation is accessible to eeveryone. 0