NAVI Protocol

DeFi

Spring

Read

Suilend, a decentralized finance lending and borrowing platform, has launched a new liquid staking standard for layer 1 blockchain network Sui.
The DeFi platform announced the launch of SpringSui on Oct. 31, noting in a press release sent to crypto.news that the new standard aims to accelerate the growth of liquid staking tokens on Sui (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/sui/">SUI</a>).
According to the Suilend team, SpringSui builds on the recent SIP-31 and SIP-33 upgrades, which introduced a new token standard for liquid staking tokens on the layer 1 network. Following the deployment of SpringSui, Suilend has <a href="https://x.com/suilendprotocol/status/1851957579381117162" target="_blank" rel="noopener noreferrer nofollow">unveiled</a> its first LST – Spring SUI.
Spring SUI will strengthen Sui’s staking ecosystem by allowing more web3 users to participate, while also supporting both liquidity and yield generation. These opportunities are available on Suilend and other decentralized finance protocols.
You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/sui-up-over-10-analyst-eyes-6-if-this-happens/"> SUI up over 10%, analyst eyes $6 if this happens </a>
According to Rooter, founder of Suilend, the growth of liquid staking tokens benefits from leveraged staking, an area SpringSui is designed to enhance.
“I think SpringSui will unlock a new era for liquid staking on Sui,” Rooter commented.
Notably, the liquid staking market on Ethereum (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/ethereum/">ETH</a>) has grown to 41%, with <a rel="noopener noreferrer nofollow" href="https://crypto.news/ether-fi-outpaces-competitors-in-the-booming-liquid-staking-sector/">Ether.fi among key drivers</a>. Elsewhere, LSTs account for about 6.6% of the staking market on Solana (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/solana/">SOL</a>). Comparatively, its only 1.8% on Sui amid a slow take off.
To accelerate this market’s growth on Sui, Suilend has open-sourced the SpringSui Standard, making the framework accessible to the entire Sui ecosystem.
Aftermath, a prominent liquid staking token provider on Sui, is among the first to adopt the new framework for its product offerings.
According to DeFiLlama, the total value locked in Sui protocols is currently $1.47 billion. NAVI Protocol holds the largest share with $436 million, while Suilend is second with $277 million.
Meanwhile, the <a href="https://defillama.com/categories" target="_blank" rel="noopener noreferrer nofollow">combined TVL</a> of the liquid staking market is nearly $48.2 billion.
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/solanas-liquid-staking-ecosystem-flourishes-amidst-bncreased-adoption/"> Solana’s Liquid staking ecosystem flourishes amidst increased adoption </a>

Suilend launches SpringSui to accelerate liquid staking on Sui

crypto.news

Other articles published on Oct 31, 2024

What Factors Affected Bitcoin’s Recent Price Drop?

Bitcoin Market Momentum Shifts as Active Addresses Signal Golden Cross

Could This Altcoin Compete with Solana and Polkadot? Details Inside

Is Solana the Season’s Breakout Star? 30% Growth Potential as It Outpaces Ethereum

RabBitcoin Price Prediction: RBTC Plunges 13% As Pepe Unchained Presale Closes On $24 Million

London teen faces charges for raising crypto for Al Qaeda

Join our free newsletter for daily crypto updates!