As a seasoned researcher with a knack for deciphering the intricacies of blockchain technology, I find myself captivated by the burgeoning story of Suilend on the Sui blockchain. Having closely followed the trajectory of Solana’s Save protocol, it’s fascinating to witness the growth and evolution of another lending platform in a nascent ecosystem.
So far, the Sui blockchain hasn’t been a hot topic in discussions about market bull runs. However, its Decentralized Finance (DeFi) environment is showing steady growth, suggesting potential opportunities for one of its major protocols to thrive.
In February, Suilend, a platform enabling crypto lending and borrowing on the Sui network, successfully raised $2 million. Recently, they’ve secured an additional $4 million, as revealed by their anonymous founder Rooter to CoinDesk. This fresh funding will provide Suilend with the financial stability to navigate any potential market fluctuations.
According to Rooter, now is the moment to act, ensuring we have sufficient funds to sustain us for the following four years, should we encounter an extended bear market.
This recent funding round was primarily spearheaded by Tarun Chitra’s Robot Ventures, joined by numerous venture capital companies and private investors. The investment occurs just prior to Suilend’s anticipated launch of their new token, named SAVE.
Suilend ranks second in terms of total value locked (TVL) among DeFi protocols on this chain, according to DefiLlama. It holds the title of the largest lending protocol within the chain, boasting a TVL of approximately $470 million. Furthermore, its 30-day earnings of nearly $820,000 position it among the top revenue generators on this chain.
In simpler terms, the numbers we’re dealing with here are relatively small when put next to leading platforms on various blockchain ecosystems that offer fast and affordable transactions, such as Solana. A lending platform on Solana called Save (previously known as Solend, which was once Solana’s top lending protocol) has generated around half a million dollars in monthly earnings from a Total Value Locked (TVL) of $450 million.
Rooter isn’t focused on Sui’s present competition with Solana; instead, he champions Sui’s potential advantages that might lead to a larger market share in the future. For instance, he has noticed that development processes on Sui can progress “at a quicker pace” compared to other platforms.
As an analyst, I’m excited to share that, thanks to our recently launched liquid staking token project and the upcoming addition of an automated market maker, we’ll soon be able to expand our shipping capacity within our core lending suite on Sui.
Suilend’s LST design is informed by the missteps Rooter and Solend endured firsthand. Its “infinitely liquid” design means holders don’t wait through unstaking delays to unlock the tokens underlying their LST, he said. Issues with a Solana LST’s multi-day unlock once caused chaos at Solend.
He expressed doubt, saying, “It’s uncertain if we could have completed the development of three protocols within a year under the Solana network.
Read More
- SUI PREDICTION. SUI cryptocurrency
- Jennifer Love Hewitt Made a Christmas Movie to Help Process Her Grief
- LDO PREDICTION. LDO cryptocurrency
- Harvey Weinstein Transferred to Hospital After ‘Alarming’ Blood Test
- Critics Share Concerns Over Suicide Squad’s DLC Choices: Joker, Lawless, and Mrs. Freeze
- Destiny 2: A Closer Look at the Proposed In-Game Mailbox System
- Original Two Warcraft Games Are Getting Delisted From This Store Following Remasters’ Release
- „People who loved Dishonored and Prey are going to feel very at home.” Arkane veteran sparks appetite for new, untitled RPG
- Selena Gomez Responds to Eugenio Derbez’s Criticism of Her ‘Emilia Pérez’ Performance: ‘I Did the Best I Could With the Time I Was Given’
- China Box Office: ‘To Gather Around’ Dethrones ‘Venom: The Last Dance’
2024-12-05 23:54