Coinspeaker Crypto Lender Suilend Rolls Out SpringSui on Sui Network to Promote Liquid Staking
With liquid staking rapidly gaining popularity in the crypto industry, Suilend, a decentralized finance (DeFi) protocol specializing in lending and borrowing digital assets, has launched SpringSui on the Sui blockchain to accelerate the adoption of the liquid staking tokens (LSTs) on the protocol.
According to a press release, the product introduces a new framework for LSTs designed to make staking more accessible while boosting liquidity and yield opportunities on the Sui network.
Latest Upgrade on Sui Paves Way for SpringSui Development
The new infrastructure was accompanied by an LST called Spring SUI (sSUI). According to Suilend, users who stake the token will be rewarded with an LST representing their staked assets. The digital asset
can then be used in various DeFi applications on Sui and other blockchains. The crypto lender said that this approach is aimed at making staking on Sui easier and more profitable, offering users a new way to earn yield on their assets while retaining liquidity.
SpringSui was developed with the help of recent upgrades on the Sui network, specifically SIP-31 and SIP-33. These updates introduced a new token standard that strengthens liquid staking on Sui by enhancing the fungibility and security of staked tokens. For example, SIP-33 includes an instant unstaking feature that minimizes the risk of LST depegging, making it safer and more efficient for users to interact with LST-backed collateral.
Suilend’s founder, Rooter, believes the new LST framework will significantly impact the entire Sui ecosystem.
“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.” He further stated that the new LST framework aligns with Suilend’s broader goal of enhancing DeFi capabilities on the Sui network, particularly for institutional and retail investors looking to expand their staking opportunities.
An Open-Source Framework to Encourage Innovation
To ensure a robust and community-driven ecosystem, Suilend partnered with various DeFi players and opened the SpringSui framework to all Sui developers. According to the crypto lender, leading LST providers, such as Aftermath Finance and Studio Mirai, are already working with the protocol to integrate the new framework into their products. Once integrated, SpringSui will allow them to develop specialized LSTs for their respective user bases.
Kevin, Co-founder and CTO of Aftermath Finance, said the framework will “unlock” the platform’s “MEV-powered LST product”. BL, Co-founder and CTO of Studio Mirai shared the same sentiment, adding that “SpringSui gives us the tools to deploy a custom LST specifically for the Studio Mirai community”.
Suilend disclosed that the launch of SpringSui is designed to encourage broader adoption of the Sui network. The product offers developers the infrastructure to create their own LSTs, which allows them to set fees according to their individual models.
The open-source framework is expected to drive further innovation in Sui by empowering both developers and users to control their liquidity more effectively.
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Crypto Lender Suilend Rolls Out SpringSui on Sui Network to Promote Liquid Staking
