The Sui Network now offers Suilend, a blockchain-based loan protocol with a total value locked (TVL) of more than $200 million. Suilend is venturing outside of the Solana ecosystem for the first time with this step.
Using blockchain technology, Sui Network is a platform that recently had a total value lock (TVL) of more than $500 million. Since Suilend brings its expertise and experience in building stablecoin protocols into the Sui ecosystem, Sui acquiring Suilend is seen as a significant step forward for the DeFi area on Sui.
It’s a wise decision for Suilend to join the Sui community because Sui offers secure operation. Smart contract security is incorporated into the Sui platform language right out of the box, and projects like Suilend are audited by security firms like Zellic and Ottersec.
Sui also has the ability to process transactions quickly, allowing the system to handle a high volume of transactions in a matter of seconds. But it also has the lowest latency in the sector, and because of its horizontal scaling, its scale can process up to 297,000 transactions per second.
Greg Siourounis, Managing Director of the Sui Foundation, stated, “We are delighted to welcome a protocol with the background of performance and success of Suilend to the Sui ecosystem.” “Sui’s unceasing transaction speeds, boundless scalability, and ubiquitous efficiency are ideal for DeFi projects such as Suilend, and we eagerly anticipate their sustained expansion and prosperity on Sui.”
With ongoing and growing activities, the upcoming launch is expected to strengthen Sui’s position of authority in the DeFi ecosystem.