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Suilend launches points campaign following a successful beta with over $40 million in TVL.Grand Cayman, Cayman islands, May 7th, 2024, Chainwire
Suilend launches points campaign following a successful beta with over $40 million in TVL.
Suilend, the pioneering lending protocol developed by the Solend team, is launching a points campaign to reward users for depositing assets on the platform.
During the points campaign, Suilend will distribute 10 million points daily to its users. These points will be recorded on the Sui blockchain as non-transferable, non-claimable tokens. Additionally, the team will set aside points and bounties to reward users who actively contribute to Suilend. Contributions can range from writing threads and creating memes to promoting the project in ways that benefit the entire Suilend community.
Suilend is currently the fastest-growing lending platform on Sui. Since launching on March 11, 2024, Suilend has attracted over $40 million in total value locked (TVL). In the process, it has paid $160k in interest to over 5,000 users.
"We're very impressed with Suilend's record-breaking growth. Due to user demand, we're having to raise deposit limits almost every week. We're pleased to be leading the fastest-growing protocol in Sui DeFi," stated Rooter, the pseudonymous founder of Suilend.Suilend marks the first venture of Solend outside the Solana ecosystem, utilizing the Sui Network for expansion. The Solend team, noted for their successful lending protocol on Solana with a total value locked (TVL) of $265 million and a strong user base of 170,000, applies their considerable expertise in lending to the Sui blockchain. This move signifies a strategic widening of their operations, leveraging their deep knowledge in the lending space.
Greg Siourounis, Sui Foundation Managing Director said, “The Suilend team brought extensive experience and expertise to Sui. Suilend’s growth on Sui has been an astounding demonstration of skill not only in creating an engaging and attractive DeFi platform, but also in communicating the benefits of the platform to the Sui community. Suilend continues to be an amazing addition to the Sui DeFi ecosystem garnering growing attention from the community.”Suilend takes advantage of the Sui Network's outstanding performance features, which include parallel processing for most transactions, very low latency, and a scalable framework. With a remarkable capacity of up to 297,000 transactions per second and a transaction finality time of around 480 milliseconds, Sui sets new standards for efficiency and scalability in the DeFi.
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