Suilend, a DeFi platform based in Singapore, has introduced a new framework known as SpringSui, which aims to improve liquid staking on the Sui blockchain. SpringSui presents the first liquid staking token ($LST) on Spring SUI (sSUI). Suilend also plans to offer Web3 users the ability to stake SUI and obtain sSUI tokens based on its whitepaper.
SuiLend’s SpringSui Boosts Sui Staking Liquidity
SpringSui is developed based on two improvement protocols, SIP-31 and SIP-33, which improve the Sui network’s staking framework. In staking, they address important aspects of liquid staking by enabling the fungibility of the staked tokens and boosting their security against getting depegged. SIP-33 strengthens the safety and functionality of LSTs through the integration of instant unstaking.
The introduction of SpringSui marks a significant advancement for Sui’s staking ecosystem. Only 1.18% of native tokens are currently held in LSTs below the levels seen on other networks like Solana and Ethereum. With sSUI, users gain a flexible option for participating in staking while accessing liquidity for other DeFi applications on Sui. Suilend’s founder, Rooter, highlighted the potential for SpringSui to propel LST adoption by supporting leveraged staking, aiming to establish a thriving ecosystem for SUI holders.
Industry Partners and Open-Source Standard
Suilend has gained backing from notable partners in the industry. Kevin, CTO of Aftermath Finance, and BL from Studio Mirai have both confirmed plans to deploy custom LSTs using SpringSui. This open-source framework, created by Oxripleys of Suilend, will also allow developers across the Sui network to build, customize, and manage their LSTs, further accelerating the standard’s adoption.
Suilend includes implementing LST in many areas and engaging the community’s individuals. According to its white paper, SpringSui envisions creating new opportunities for Liquid Staking development to thrive by providing developers with a full set of control over LST fees and deployment settings. The new platform will accommodate yield-generation prospects to help Sui users optimize their stake while increasing ecosystem liquidity.
