Amid the rapidly growing momentum of Sui’s decentralized finance (DeFi), the leading lending protocol, Solend, has announced its expansion into the Sui blockchain. This move marks the first time Solend is venturing beyond the Solana blockchain, indicating the team’s faith in Sui’s technological prowess and potential for a long-term partnership. This development is a significant stride in the Solend expansion to Sui.
Understanding Solend’s Dominance in Solana
Solend, as the largest lending and borrowing platform on Solana, has an impressive total value locked (TVL) of over $140 million, spread across more than 170,000 users. It supports over 70 assets and has integrated with more than 20 developers, making it one of Solana’s most prominent platforms for DeFi development. The key highlights of Solend’s performance on Solana include:
- Over $140 million in TVL
- Support for more than 70 assets
- Over 20 developer integrations
- More than 170,000 users
Impact of Solend’s Expansion to Sui
With its expansion to Sui, Solend aims to bring its robust DeFi offerings to a new user community and attract more developers to the Sui ecosystem. The pseudonymous founder of Solend, Rooter, expressed that the team decided to build on Sui for the same reasons they chose Solana three years ago – they believe Sui is doing something special. The expansion of Solend to Sui comes as Bluefin, a rising decentralized exchange (DEX) with over $100 million in daily volume, announced its plans to build exclusively on Sui.
Security and Performance on Sui
Sui is committed to ensuring the security of its ecosystem, starting with the ‘Move’ language’s inherent security features, which provide unique protection for smart contracts on Sui. It also collaborates with leading blockchain security firms, Zellic and Ottersec, to audit projects’ individual codebases. Solend will benefit from these rigorous audits, ensuring that its application is fully compatible with the Sui blockchain and meets the highest security standards.
From a performance perspective, DeFi projects on Sui will benefit from the network’s use of parallel processing for most transactions, resulting in low latency and enabling horizontal scaling. This technology allowed Sui to benchmark a peak throughput of up to 297,000 transactions per second (TPS) and time to finality of ~480 milliseconds. Sui also offers easy onboarding for new users through its native zkLogin feature, which uses familiar Web 2.0 social logins, eliminating the need for new users to manage wallets and seed phrases.
With the Solend expansion to Sui, users can look forward to experiencing the robust offerings of Solend on a new platform. For those interested in tracking the performance of Solend on Sui, the cryptoview.io application provides a seamless way to monitor the latest developments in the crypto world.
As Solend continues to grow and evolve, the Sui ecosystem stands to benefit from the wealth of experience that the Solend team brings, having previously worked with industry giants like Coinbase, Robinhood, Cruise, Twitch, and Two Sigma. Backed by a strong group of investors, including Dragonfly, Polychain, Race Capital, and Coinbase Ventures, Solend is poised to continue its upward trajectory on Sui.
