Suilend, a decentralized financial lending and borrowing platform, has launched a new liquid staking standard for the Sui layer 1 blockchain network.
The DeFi platform announced the launch of SpringSui on October 31, noting in a press release sent to crypto.news that the new standard aims to accelerate the growth of liquid staking tokens on Sui (SUI).
According to the Suilend team, SpringSui builds on the recent SIP-31 and SIP-33 upgrades, which introduced a new token standard for liquid staking tokens on the Layer 1 network. Following the deployment of SpringSui , Suilend unveiled its first LST – Spring SUI.
Spring SUI will strengthen Sui’s staking ecosystem by allowing more Web3 users to participate, while supporting both liquidity and yield generation. These opportunities are available on Suilend and other decentralized financial protocols.
According to Rooter, founder of Suilend, the growth of liquid staking tokens benefits from leveraged staking, an area SpringSui is designed to improve.
“I believe SpringSui will usher in a new era for liquid staking on Sui,” commented Rooter.
Notably, the liquid staking market on Ethereum (ETH) has reached 41%, with Ether.fi among the main drivers. Elsewhere, LSTs represent approximately 6.6% of the staking market on Solana (SOL). By comparison, it’s just 1.8% on Sui amid a slow takeoff.
To accelerate the growth of this market on Sui, Suilend has made the SpringSui Standard open source, making the framework accessible to the entire Sui ecosystem.
Aftermath, a leading provider of liquid staking tokens on Sui, is among the first to adopt the new framework for its product offerings.
According to DeFiLlama, the total value locked in Sui protocols is currently $1.47 billion. NAVI Protocol has the largest share with $436 million, while Suilend comes in second with $277 million.
Meanwhile, the combined TVL of the liquid staking market stands at nearly $48.2 billion.
