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 (SUI).
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 unveiled 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.
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 (ETH) has grown to 41%, with Ether.fi among key drivers. Elsewhere, LSTs account for about 6.6% of the staking market on Solana (SOL). 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 combined TVL of the liquid staking market is nearly $48.2 billion.
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