Solend, the leading DeFi protocol on Solana, is set to launch on the Sui blockchain. To date, Solend has only deployed on the Solana blockchain. The new integration is a demonstration of the protocol’s faith in Sui’s technology and the Sui network’s ability to be a reliable long-term collaborator.
Solend supports more than 70 assets and has more than 170,000 users, making it the biggest lending and borrowing product on Solana. At the time of writing, its total value locked (TVL) was $144 million. Sui’s remarkable DeFi momentum is exemplified by the growth of its TVL, which has expanded by more than 500% since September, and its ecosystem will benefit from Solend’s expansion.
With over 20 developer integrations, Solend has established itself as one of the leading DeFi development platforms on Solana. Therefore, integrating Sui will attract even more developers to the Sui ecosystem and expose Solend’s powerful DeFi services to a broader user base.
The Solend team comprises of members who have worked for industry heavyweights like Two Sigma, Coinbase, Robinhood, Cruise, with extensive experiences in Web2 as well as Web3 platforms. Notably, however, although Solend has formed a sub-team devoted to Sui, the majority of the team is still focused with Solana.
The Solend infrastructure and why Sui is a good match
Solend’s Founder, Rooter, says that performance was the main factor in their decision to build on Solana. On the other hand, the decision to choose Sui is informed by the platform’s excellent developer experience. Partnering with industry-leading blockchain security companies like Zellic and Ottersec, Sui helps developers by verifying the integrity of their projects’ source code. Their thorough tests will help Solend’s code stay up to date with the latest security requirements and work seamlessly with the Sui blockchain.
The security of assets entrusted to a developing DeFi platform like Sui’s is of the utmost importance, and the company is prioritising this. The foundation of Sui’s security is the Move language’s built-in security features, which provide an extra layer of safety for smart contracts on the platform. Also, DeFi projects running on Sui have a higher level of experience because the network processes most transactions in parallel, which means they have record-low latency and can scale horizontally.
When it comes to accessibility, Sui provides DeFi protocols with its native zkLogin capability, making it easy to onboard new users. By integrating zkLogin into any DeFi protocol that builds on Sui, new users no longer have to worry about managing wallets and seed phrases. This removes a significant barrier to the widespread adoption of DeFi protocols on Sui, without requiring custodial services.