TL;DR
- Suilend launches sSUI, the first liquid staking token (LST) based on the SpringSui standard.
- Only 1.32% of SUI assets are in liquid stake, compared to 7% on Solana and 41% on Ethereum.
- User security is a priority, with Ottersec and Zellic audits scheduled.
Suilend, a leading decentralized finance (DeFi) platform, has introduced its new product called sSUI, the first liquid staking token (LST) designed under the innovative SpringSui standard.
This launch, which will take place on October 31, 2024, aims to transform the staking landscape on the Sui blockchain by offering instant liquidity and reducing takeoff risks, common problems in volatile market conditions.
Today we're excited to announce the launch of sSUI – the future of liquid staking on Sui.
Currently, liquid-staked SUI assets only represent 1.32% of all staked SUI assets compared to 7% on Solana and 41% on Ethereum.
SpringSui will change that.
Let's talk about how… pic.twitter.com/7KSM1xNdkN
— Suilend (@suilendprotocol) October 31, 2024
According to the original source of this information, Suilend highlighted that currently only 1.32% of all SUI assets are in liquid staking, which contrasts markedly with 7% on Solana and 41% on Ethereum.
This data underlines the growth potential that still exists for the Sui network in this asset segment.
SpringSui is characterized by its focus on security and functionality.
Previously, liquid staking tokens could experience takeoffs during times of low liquidity or high volatility, often resulting in unwanted liquidations for users.
To address this issue, the Suilend team has developed the SIP-33, which allows for instant redemption of tokens, thus offering an effective solution to the liquidity problems faced by investors.
This advancement not only improves the security of the system but also increases user confidence in staking within the Sui ecosystem.
Suilend has also collaborated with renowned launch partners such as Aftermath and Studio Mirai, who have committed to adopting the new SpringSui standard.
Aftermath, which currently manages over 24 million SUIs on its contract, plans to migrate its afSUI product to this new framework in the coming weeks.
This move will not only benefit the partner companies, but will also attract more users to the Sui platform, contributing to its development and expansion.
Towards greater adoption of Sui
Suilend has designed the SpringSui initiative with the Sui developer community in mind, as the standard is available as an open source resource.
This will allow other teams to develop their own liquid staking products, thus expanding the reach and utility of the Sui network.
The opening of this standard seeks to encourage greater collaboration between developers and generate a more robust ecosystem.
Furthermore, Suilend has emphasized that user safety is its top priority.
The platform has undergone a rigorous security audit by Ottersec, and is in the process of undergoing a further audit by Zellic.
These efforts are a testament to Suilend’s commitment to providing a safe and secure environment for investors wishing to participate in liquid staking.
With increasing competition in the DeFi space, the launch of SpringSui and sSUI represents a significant opportunity for Sui to position itself as a major player in the liquid staking space.
As more users and developers adopt this new standard, the proportion of SUI assets in liquid stake is expected to increase, approaching levels seen on networks like Solana and Ethereum.
In this way, Suilend and its innovative SpringSui framework could play a crucial role in the evolution and growth of the Sui DeFi ecosystem in the future.
