Suilend launches SpringSui to accelerate liquid staking on Sui

Suilend, a decentralized finance lending and borrowing platform, has launched a new liquid staking standard for its layer 1 blockchain network Sui.

The DeFi platform announced the launch of SpringSui on October 31, stating 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 that introduce a new token standard for liquid staking tokens on the layer 1 network. Following the deployment of SpringSui, Suilend introduced its first LST, Spring SUI.

Spring SUI will strengthen Sui’s staking ecosystem by allowing more web3 users to participate, while also supporting both liquidity and yield generation. These opportunities exist in Suilend and other decentralized finance protocols.

According to Suilend founder Rooter, the growth of liquid staking tokens benefits from leveraged staking, which SpringSui is designed to develop.

“I think SpringSui will unlock a new era for liquid staking in Sui,” Rooter said.

In particular, the liquid staking market in Ethereum (ETH) rose 41%, with Ether.fi among the key factors. Elsewhere, LSTs make up approximately 6.6% of the staking market on Solana (SOL). In Sui, with a relatively slow take-off, the rate is only 1.8%.

To accelerate the growth of this market in Sui, Suilend has open-sourced the SpringSui Standard, making the framework accessible to the entire Sui ecosystem.

Aftermath, one of Sui’s leading liquid staking token providers, is an early adopter of the new framework for its product offerings.

According to DeFiLlama, the total value locked in Sui protocols is currently $1.47 billion. While NAVI Protocol takes the largest share with 436 million dollars, Suilend ranks second with 277 million dollars.

Meanwhile, the total TVL of the liquid staking market stands at approximately $48.2 billion.