According to the official announcement, Suilend's native token SEND will launch on December 12, and you can now check your eligibility for airdrop!
I. Project Introduction
Suilend is a quite popular DeFi project on Sui recently, with nearly $400 million locked (2024/11), providing lending and borrowing services for various assets such as SUI, USDC, USDT, ETH, SOL, etc.
Meanwhile, Suilend, along with its ecological projects such as SpringSui providing liquidity staking services, Steamm integrating lending and market-making, and the Sui NFT leader project Rootlets, has built a DeFi moat for the entire Suilend project, adding much color to Sui.
Ecosystem: Sui
Established: 2023
II. Financing Situation
February 1, 2024: Suilend completes $2 million financing.
December 6, 2024: Suilend completes $4 million financing. The latest round is led by Tarun Chitra's Robot Ventures, with numerous venture capital firms and angel investors participating.
III. Token Economics
SEND is Suilend's governance token, currently known to be used for project governance voting, with the following token distribution:
1. Community allocation is 65%, detailed as follows:
Community fund pool is 10%: used to provide DEX liquidity and support community-initiated projects.
Incentive allocation is 15%: used in Suilend, SpringSui, and Steamm, which will eventually replace the SEND points system on Suilend.
Suilend Mdrop (mature airdrop) is 20%: including SEND points and early users. The Mdrop maturation period is 3 months, with an initial penalty of $1.
The ecosystem Mdrop (mature airdrop) is 5%: including its NFT series Rootlets and Capsule, as well as partners such as Prime Machin, Bluefin Leagues, Bluefin SEND Traders, Aftermath Eggs, DoubleUp Citizens, Kumo, FUD, AAA, OCTO, and TISM, major holders will also receive airdrops. The Mdrop maturation period is 3 months, with an initial penalty of $1.
SAVE Mdrop (mature airdrop) is 15%: holders of the SAVE token (Save Finance on Solana, originally SLND) can obtain it by exchanging 1 SLND for 1 SAVE and 0.15 SEND. The Mdrop maturation period is 1 year, with an initial penalty of $1.5.
2. Core team allocation is 15%: one eighth (1.875%) will follow the Mdrop model in the first 6 months, with an initial penalty of $2; then the remaining share will be linearly unlocked over a total of 42 months. The total unlocking period is 4 years.
3. Investor allocation is 20%: one quarter (5%) will follow the Mdrop model in the first 6 months, with an initial penalty of $2; followed by linear unlocking over 18 months. The total unlocking period is 2 years.
IV. Summary
In summary, Sui is about to enter the airdrop season, during which Suilend's SEND accounts for the vast majority of airdrops to the community, and the introduction of the Mdrop model will benefit the future development of this token. In the long run, we should continue to pay attention to this innovative and powerful Suilend and its SEND.
