Suilend is a prominent lending and borrowing protocol built on the Sui network. Developed by the experienced team behind Save (formerly Solend), a leading lending/borrowing platform on Solana, Suilend aims to replicate Save’s success and become the premier lending/borrowing platform within the Sui ecosystem. While Suilend has yet to launch its native token, it currently offers a reward system for active borrowers and lenders on the platform.
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How Suilend Works
Suilend operates similarly to other lending/borrowing platforms. Users can collateralize their assets to borrow funds. Here’s a breakdown of the process:
Step 1: Connect Your Wallet. Navigate to suilend.fi and connect your Sui-compatible wallet, such as Coin98 Super Wallet or OKX Wallet.
Step 2: Deposit and Borrow. Select the asset you wish to deposit as collateral and click “Deposit.” Then, choose the asset you want to borrow in the “Borrow” section. If you choose not to borrow, you’ll earn interest on your deposited assets.
Collateral and Borrowing on Suilend
Suilend’s interface is user-friendly, making it accessible to newcomers. However, users should understand two key metrics:
Loan-to-Value Ratio (LTV): This represents the maximum percentage of collateral value that can be borrowed. A 70% LTV allows borrowing up to 70% of the collateral’s value. Exceeding the LTV due to market fluctuations can trigger liquidation. To mitigate risk, maintaining a lower LTV (e.g., 50%) is recommended.
Deposit APR and Borrow APR: These are the annual percentage rates earned on deposits and paid on borrowed assets, respectively. A higher Deposit APR than Borrow APR can result in profitable borrowing.
Suilend’s Competitive Advantages
Several factors contribute to Suilend’s strong position in the Sui ecosystem:
High Transaction Speed and Low Fees: Leveraging Sui’s infrastructure, Suilend offers fast and cost-effective transactions.
Experienced Team: The team’s prior success with Solend on Solana instills confidence in Suilend’s development and potential.
Diverse Asset Support: Addressing the limited asset availability on Sui, Suilend collaborates with Wormhole to offer wrapped versions of major assets like ETH, SOL, and USDC.
Competitive Interest Rates: Suilend boasts attractive Deposit APRs, often exceeding Borrow APRs. Its borrowing rates (1-5%) are also significantly lower than many competitors (2-15%).
Team, Investors, and Partners
Team
Suilend’s development team, also responsible for Save, remains anonymous, primarily identified by their X (formerly Twitter) handles, such as @oxrooter (CEO) and @0xodia (Technical Lead).
Investors and Partners
Currently, Suilend has not publicly disclosed any funding rounds or investors. This information will be updated as it becomes available. Key strategic partners include prominent Sui ecosystem projects like Pyth Network and Bluefin.
Similar Projects
While Suilend is unique in its position on the Sui Network, other projects in the broader DeFi landscape offer comparable services:
Vesu: A lending/borrowing protocol on Starknet, Vesu allows permissionless lending and borrowing of any Starknet asset.
Kinza Finance: Operating on BNB Chain, opBNB, and Ethereum, Kinza Finance incorporates the ve(3,3) model into its lending/borrowing platform.
