Suilend Launches New Crypto-Finance Services on Sui After Securing $6 Million Funding
The Sui blockchain hasn't yet made a big splash in the bull-run conversation. However, its DeFi ecosystem is on the rise, allowing one of its key protocols to leverage this momentum.
Suilend, a platform that facilitates crypto borrowing and lending on Sui, initially raised $2 million in February and has recently completed an additional $4 million funding round, as confirmed by its founder, Rooter. This capital will help Suilend adapt to future market fluctuations.
"It's the time to do it and ensure we have funds for the next four years, in case of a prolonged bear market," Rooter stated.
The latest funding round, led by Tarun Chitra of Robot Ventures, involved several venture firms and angel investors. This comes just ahead of the unveiling of Suilend's new token, named SAVE.
As the second-largest DeFi protocol on Sui, Suilend boasts nearly $470 million in total value locked (TVL) and generated about $820,000 in revenue over the past month.
In contrast, these figures are modest compared to prominent players in other ecosystems, particularly on faster and cheaper layer-1 blockchains like Solana, where Suilend originally started. An associated lending protocol on Solana, now known as Save, has accumulated $500,000 in monthly revenue with $450 million in TVL.
Despite these comparisons, Rooter remains optimistic about Sui's future development potential, citing the faster software development pace as a key advantage.
"We're actually able to ship more on Sui," Rooter remarked, highlighting a recently launched liquid staking token project and an automated market maker set to enhance its core lending capabilities.
Suilend's liquid staking token design addresses some of the challenges faced by earlier protocols, ensuring holders can access underlying tokens without delay, unlike previous multi-day unlocks that caused issues at Solend.
"Creating three protocols in a year wouldn't have been feasible for us on Solana," declared Rooter.
