DeFi lending and borrowing platform Suilend has announced the release of SpringSui, a new standard for liquid staking tokens (LSTs) on the Sui network. This standard includes the launch of Spring SUI (sSUI), the first LST under this new framework. sSUI will enable more Web3 users to participate in staking while increasing liquidity and yield generation opportunities on the Sui network.
SpringSui builds on SIP-31 and SIP-33, protocol-level upgrades that introduce a new token standard designed to accelerate the growth of LSTs on Sui. The first token deployed using this framework, sSUI, has been developed by Suilend to demonstrate SIP-33’s capabilities.
sSUI allows users to stake SUI and receive a LST representing their staked assets, which can be used on Suilend and other DeFi platforms. sSUI democratizes access to SUI staking while expanding yield-generating opportunities on the Sui network.
Liquid staking has become a major sector on Proof of Stake (PoS) networks like Ethereum and Solana, but it has been slower to take off on Sui, where only 1.18% of native tokens are staked in LSTs, compared to 6.6% on Solana and 41% on Ethereum.
Rooter, founder of Suilend, shared his vision: “I think SpringSui will unlock a new era for liquid staking on Sui. The primary driver of growth for LSTs is leveraged staking, which will be turbocharged by SpringSui.”
Sam Blackshear, CTO of Mysten Labs, commented: “SIP-31 and SIP-33 are significant upgrades to Sui staking. Adding fungibility to staked tokens will improve the interoperability of existing use cases and enable some new ones. The Suilend team has done excellent work on both the theory and engineering behind these improvements.”
SIP-33 enhances the security of LST-backed collateral by addressing the risks of depegging through its instant unstaking feature. Emma Zhong, Software Engineer at Mysten Labs, commented: “SIP-33’s instant unstaking feature improves the safety of LSTs by minimizing depegging risks. This upgrade represents a major step in boosting the safety, efficiency, and accessibility of staking products across Sui’s DeFi ecosystem.”
SpringSui’s release marks a major leap forward for the Sui ecosystem, and industry leaders are taking notice. Kevin, Co-Founder and CTO of Aftermath Finance, shared his excitement: “We’re excited to work with the Suilend team to make afSUI more streamlined, which unlocks our MEV-powered LST product.”
BL, Co-founder and CTO of Studio Mirai, added: “We’re excited to partner with Suilend for the launch of SpringSui. SpringSui gives us the tools and means to deploy a custom LST specifically for the Studio Mirai community. We’re looking forward to exploring the potential of community-driven LSTs and providing users with more control over their liquidity.”
To accelerate the adoption of the SpringSui Standard and promote liquid-staking on Sui, the framework has been open-sourced and is available to all Sui developers. Developed by Suilend team member 0xripleys, who also created SIP-31 and SIP-33, the SpringSui Standard will benefit the entire Sui ecosystem. Leading LST provider Aftermath has already committed to adopting the SpringSui standard as part of its product offering.
Suilend’s roadmap highlights LST adoption as a core focus, and the launch of SpringSui is a major milestone in achieving that goal. To further this effort, Suilend will launch a new platform that allows anyone to create and manage their own LST. LST operators will have the flexibility to set their own fees, fostering a dynamic and customizable approach to LST deployment on Sui.
With SpringSui, Suilend is enhancing its DeFi services, providing more ways for users to generate yield on Sui, and encouraging third-party developers to build innovative LST solutions that will allow liquidity to flow freely across the ecosystem.
About Suilend
Suilend, developed by the team behind Save Finance, is a decentralized lending and borrowing platform that enhances capital efficiency for users on the Sui Network. It operates as a fully decentralized money market, driving DeFi innovation within the Sui ecosystem. Through Suilend, on-chain users can deposit SUI and borrow assets like stablecoins, enabling them to seamlessly engage with the rapidly expanding Sui ecosystem.
Learn more: https://suilend.fi/
This post was last modified on Oct 31, 2024, 12:15 GMT 12:15