Suilend Unveils SpringSui, a New Liquid Staking Standard for Sui (SUI) Layer 1 Blockchain Network

Suilend, a decentralized finance lending and borrowing platform, has launched a new liquid staking standard for layer 1 blockchain network Sui.

DeFi platform Suilend has introduced a new liquid staking standard for layer 1 blockchain network Sui (SUI) to boost the growth of LSTs on the chain.

Decentralized finance lending and borrowing platform Suilend has launched a new liquid staking standard for layer 1 blockchain network Sui.

With the new standard, dubbed SpringSui, the DeFi platform aims to accelerate the growth of liquid staking tokens on Sui (SUI).

Suilend announced the launch of SpringSui on Oct. 31, revealing in a press release shared with 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 bolster Sui’s staking ecosystem by enabling 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 is aided by leveraged staking, an area SpringSui is designed to enhance.

“I believe SpringSui will unlock a new era for liquid staking on Sui,” commented Rooter.

Currently, the liquid staking market on Ethereum (ETH) stands at 41%, with Ether.fi being a key driver. Meanwhile, LSTs comprise around 6.6% of the staking market on Solana (SOL), while it’s 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.