After raising $6 million, Suilend plans to provide new cryptocurrency finance services on Sui.
Bull market hype hasn't yet exploded from the Sui blockchain. However, its DeFi ecosystem is growing, which makes room for one of its most important protocols.
As of yet, the Sui blockchain has not exploded into the bull-run debate. However, its DeFi ecosystem is moving upward to the right, which presents a chance for one of its largest protocols to profit.
According to its pseudonymous founder Rooter, Suilend, which enables cryptocurrency lending and borrowing on Sui, raised $2 million in February and recently closed on an additional $4 million, CoinDesk reported. According to him, Suilend will be able to withstand any changes in the market thanks to the financial source.
"If there is a long bear market, now is the time to do it and make sure we have capital to last for the next four years," Rooter said.
Numerous venture firms and angel investors participated in the most recent round, which Tarun Chitra's Robot Ventures led. It occurs a few days before Suilend's new token, SAVE, is introduced.
Suilend is the chain's largest loan protocol, with about $470 million of TVL, and its second-largest DeFi protocol by total value locked, or TVL, as determined by DefiLlama. It is also one of the top earners in the network with a 30-day income of around $820,000.
Comparing such figures to the best venues on other ecosystems with quick and inexpensive layer-1 blockchains, such as Solana,
When compared to the best venues on other ecosystems on quick and inexpensive layer-1 blockchains, such as Solana, where Suilend originated, those figures are negligible. Save (previously Solend, which was Solana's top lending protocol) is an associated lending protocol on Solana that generates $500,000 in revenue each month from $450 million in TVL.
However, Rooter seems unconcerned about Sui's present standing in relation to Solana. He promotes Sui's relative advantages, which may eventually allow it to get a larger market share. He has discovered, for instance, that software development may go "a few times faster" on Sui.
Rooter stated, "We're actually able to ship more" on Sui, referring to an automated market maker and liquid staking token project that was just introduced and will soon be added to its core loan suite.
The mistakes Rooter and Solend personally experienced served as the basis for Suilend's LST design. He said that because of its "infinitely liquid" architecture, holders can access the tokens that underlie their LST without having to wait through unstaking delays. Solend was once in disarray because to problems with a Solana LST's multi-day unlock.
"Building three protocols in a year — I don't know if that would have been possible for us to do on Solana," he stated.
Bull market hype hasn't yet exploded from the Sui blockchain. However, its DeFi ecosystem is growing, which makes room for one of its most important protocols.
As of yet, the Sui blockchain has not exploded into the bull-run debate. However, its DeFi ecosystem is moving upward to the right, which presents a chance for one of its largest protocols to profit.
According to its pseudonymous founder Rooter, Suilend, which enables cryptocurrency lending and borrowing on Sui, raised $2 million in February and recently closed on an additional $4 million, CoinDesk reported. According to him, Suilend will be able to withstand any changes in the market thanks to the financial source.
"If there is a long bear market, now is the time to do it and make sure we have capital to last for the next four years," Rooter said.
Numerous venture firms and angel investors participated in the most recent round, which Tarun Chitra's Robot Ventures led. It occurs a few days before Suilend's new token, SAVE, is introduced.
Suilend is the chain's largest loan protocol, with about $470 million of TVL, and its second-largest DeFi protocol by total value locked, or TVL, as determined by DefiLlama. It is also one of the top earners in the network with a 30-day income of around $820,000.
Comparing such figures to the best venues on other ecosystems with quick and inexpensive layer-1 blockchains, such as Solana,
When compared to the best venues on other ecosystems on quick and inexpensive layer-1 blockchains, such as Solana, where Suilend originated, those figures are negligible. Save (previously Solend, which was Solana's top lending protocol) is an associated lending protocol on Solana that generates $500,000 in revenue each month from $450 million in TVL.
However, Rooter seems unconcerned about Sui's present standing in relation to Solana. He promotes Sui's relative advantages, which may eventually allow it to get a larger market share. He has discovered, for instance, that software development may go "a few times faster" on Sui.
Rooter stated, "We're actually able to ship more" on Sui, referring to an automated market maker and liquid staking token project that was just introduced and will soon be added to its core loan suite.
The mistakes Rooter and Solend personally experienced served as the basis for Suilend's LST design. He said that because of its "infinitely liquid" architecture, holders can access the tokens that underlie their LST without having to wait through unstaking delays. Solend was once in disarray because to problems with a Solana LST's multi-day unlock.
"Building three protocols in a year — I don't know if that would have been possible for us to do on Solana," he stated.
