Suilend, a decentralized finance lending and borrowing platform, has introduced a new liquid staking standard for the layer 1 blockchain network Sui
On October 31, the DeFi platform launched SpringSui, a new standard intended to expedite the growth of liquid staking tokens on Sui. This announcement was made in a press release that was sent to crypto. News..
As per the Suilend team, SpringSui continues the recent SIP-31 and SIP-33 enhancements, which introduced a new token standard for liquid staking tokens on the layer 1 network. Suilend has introduced its inaugural LST, Spring SUI, after the deployment of SpringSui.
Spring SUI will enhance Sui’s staking ecosystem by facilitating the participation of a greater number of web3 users and the generation of liquidity and yield. These opportunities are accessible through Suilend and other decentralized finance protocols.
SpringSui is intended to improve the development of liquid staking tokens, which is facilitated by leveraged staking, as per Rooter, the founder of Suilend.
“I believe SpringSui will usher in a new era of liquid staking on Sui,” Rooter stated.
Ether.fi is one of Ethereum’s primary generators of the liquid staking market, which has expanded to 41%. In other regions, LSTs comprise approximately 6.6% of the staking market on Solana. In contrast, Sui is experiencing a gradual takeoff, with a mere 1.8% growth.
Suilend has made the SpringSui Standard open-source to expedite this market’s development on Sui, ensuring that the framework is accessible to the entire Sui ecosystem.
Aftermath, a prominent liquid staking token provider on Sui, is among the first to incorporate the new infrastructure into its product offerings.
DeFiLlama estimates that the current cumulative value of Sui protocols is $1.47 billion. Suilend is the second-largest shareholder with $277 million, while NAVI Protocol retains the largest share with $436 million.
In the interim, the liquid staking market’s combined TVL is roughly $48.2 billion.
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