What Suilend does

Suilend is a decentralized finance (DeFi) protocol built on the Sui blockchain, operating as an integrated suite of three products: Suilend (lending protocol), SpringSui (liquid staking), and STEAMM (Superfluid AMM). Launched in March 2024 by the team behind Save (formerly Solend on Solana), the protocol has become the largest lending protocol and #1 DeFi protocol on Sui, reaching $1 billion in combined total value locked (TVL) and 50,000+ monthly active wallets by January 2025. The platform serves crypto users on Sui who want to earn interest on deposits, borrow against collateral, execute leverage longs and shorts, swap tokens, liquid stake SUI through SpringSui, and provide liquidity via STEAMM. The SEND governance token, introduced in December 2024 via a pioneering mdrop mechanism, grants holders DAO voting rights and potential revenue-sharing.

The technical architecture uses Sui's blockchain infrastructure with proprietary components including Account NFTs (dynamic NFTs representing user deposit and borrow positions), a Superfluid AMM that deploys up to 80% of idle LP liquidity into Suilend for additional yield, dynamic interest rate curves based on pool utilization, and one-click preset Strategies that automate minting, borrowing, looping, and unstaking. The protocol offers a TypeScript SDK for developers and integrates Wormhole Connect for cross-chain bridging from Ethereum and Solana into Sui.

Suilend's revenue model is transaction-fee based: a 20% interest rate spread on borrow interest (with 80% passed to depositors as yield), a 20% protocol fee on STEAMM swap fees, and a 0.02% fee on SpringSui unstaking. Distribution is fully self-serve via suilend.fi, with marketing driven through Discord, Twitter/X, gamified SEND points and Capsules NFT campaigns, and wallet/exchange partnerships (Sui Wallet, Backpack, Bybit). The protocol is backed by Robot Ventures, Delphi Ventures, DeFi Alliance, Mechanism Capital, and Karatage, along with angel investors Mert, Balaji, and DCFGod. The service is restricted in the US, China, Hong Kong, Singapore, Canada, France, the UK, and several sanctioned jurisdictions.

Name

Suilend

Legal name

Suilend

Website

https://suilend.fi

Company type

Private

Founded year

2024

Operating status

Operating

Headcount range

1–10 employees

Short description

Suilend is a DeFi protocol on the Sui blockchain offering an integrated suite of lending, liquid staking (SpringSui), and a Superfluid AMM (STEAMM). It serves crypto users on Sui, generating revenue from interest rate spreads and protocol fees.

Ownership category

akta.pro rank

Product category

Decentralized Finance (DeFi) Lending Protocol

NAICS

Securities and Commodity Exchanges (52321)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Decentralized Lending Protocols (DeFi Money Markets) (FSADAFAB)

akta.pro secondary industry

Liquidity Management & Market-Making Protocols (FSADAMAH)

Keywords

• DeFi lending protocol
• Liquid staking
• Automated market maker
• Crypto borrowing platform
• Sui blockchain DeFi

GTM type

B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Infrastructure, Marketing or Sales, Operations

Revenue model

1. Interest Rate Spread: Suilend earns revenue by taking a 20% cut (interest rate spread) from the borrow interest rate paid by borrowers. The remaining 80% is distributed to depositors as their yield. This is the primary revenue stream from the lending protocol.
2. STEAMM Protocol Fees: STEAMM charges a 20% protocol fee on swap fees. For example, from a 0.3% fee tier, 80% (0.24%) goes to liquidity providers and 20% (0.06%) is reserved as protocol fee.
3. sSUI Unstaking Fee: A 0.02% fee is charged when unstaking sSUI back to SUI through Suilend Strategies. No borrow fees or management fees are charged.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

Suilend is the largest lending protocol on the Sui blockchain, enabling users to deposit assets to earn interest, borrow against collateral, leverage long or short positions, swap tokens, and use one-click preset leverage strategies. The platform combines three integrated products: Suilend for lending/borrowing, SpringSui for infinite liquid staking of SUI via the sSUI token, and STEAMM, a Superfluid AMM that routes idle LP liquidity into Suilend lending markets for additional yield.

Product overview

Suilend operates as Sui's DeFi Suite - a comprehensive platform offering lending (Suilend), liquid staking (SpringSui), and a Superfluid AMM (STEAMM). The core Suilend protocol is the largest lending platform on Sui, supporting earn, borrow, leverage, short, swap, liquid stake, and provide liquidity functions. SpringSui provides infinite liquid staking for SUI with instant unstaking. STEAMM, launched in February 2025, is a Superfluid AMM that deposits idle liquidity to Suilend for additional yield. Additional features include one-click Strategies, SEND governance token, Rootlets NFTs, Account NFTs, and a Wormhole-powered bridge.

Differentiator

Problem solved

Functional benefit

Brands

• SpringSui: Infinite liquid staking solution for SUI on the Sui blockchain
• STEAMM
• SEND
• Rootlets

Products and services

• Suilend Lending Protocol Core lending and borrowing protocol on the Sui blockchain where users deposit assets to earn variable yield, borrow against collateral in main and isolated markets, and execute leverage long or short positions. Targeted at Sui DeFi users.
• SpringSui Liquid Staking Liquid staking protocol for SUI that issues sSUI representing staked SUI plus staking rewards. Supports instant unstaking with no waiting period. Targeted at SUI holders seeking staking yield while retaining liquidity for DeFi composability.
• STEAMM (Superfluid AMM) Automated Market Maker supporting Constant Product, Oracle, and Stable pool types. Routes idle LP liquidity into Suilend lending markets to earn swap fees plus lending yield simultaneously. Targeted at liquidity providers and token projects launching on Sui.
• Suilend Strategies One-click leverage and yield strategy product offering preset DeFi strategies (e.g., sSUI/SUI looping, stratSUI/SUI, USDC sSUI/SUI looping) that automate mint, borrow, loop, unstake, and compound steps. Targeted at Sui DeFi users wanting leveraged or looped positions without manual multi-transaction workflows.
• Suilend Bridge Built-in cross-chain bridge powered by Wormhole Connect supporting USDC, USDT, WETH, and SOL transfers from Ethereum and Solana to Sui. Targeted at users onboarding capital from other chains into the Suilend DeFi suite.
• SEND Token Governance token for the Suilend DAO enabling holders to vote on protocol decisions and access potential revenue-sharing. Distributed via the mdrop mechanism. Targeted at active Suilend protocol users and DAO participants.

Quantifiable outcome

• $1 billion Total Value Locked achieved
• +1 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles1 record

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature6 records

Partnerships

Six partnerships are on record, tiered core and minor.

• WormholecoreTechnology or IntegrationPowered by Wormhole Connect for cross-chain bridging. Supports bridging assets from Solana, Ethereum, and other chains to Sui via Wormhole's cross-chain messaging protocol.
• SpringSuicoreStrategic or Co-development PartnerIntegrated liquid staking protocol for infinite liquid staking via sSUI. Part of the Suilend DeFi Suite, enabling users to liquid stake SUI directly through Suilend with instant unstaking.
• STEAMMcoreStrategic or Co-development PartnerIntegrated Superfluid AMM protocol that deposits idle liquidity to Suilend for additional yield. Allows LPs to earn both trading fees and lending yields simultaneously.
• Backpack WalletminorGTM or Marketing PartnerWallet partnership for exclusive deposit campaigns. Top 1,000 net new depositors via Backpack shared $10,000 in SEND rewards in May 2025 campaign.
• Sui WalletminorGTM or Marketing PartnerFeatured dApp partnership with official Sui Wallet by Mysten Labs. Exclusive deposit campaigns for Sui Wallet users with capsule NFT rewards.
• BybitminorGTM or Marketing PartnerExchange partnership for SEND trading campaigns. New users could earn 40 SEND + capsules/rootlets, existing users could earn up to 1500 SEND for trading SEND.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• MarginFi: Lending protocol on Solana offering similar deposit/borrow functionality with leveraged positions. Direct competitor in the cross-chain lending market and feature overlap with Suilend Strategies.
• Kamino Finance: Solana's leading integrated lending + liquidity marketplace, combining lending markets with automated LPs. Closest comparable to Suilend's integrated lending + STEAMM AMM approach on a competing chain.
• Solend (Save): The largest lending protocol on Solana, built by the same team that founded Suilend. Direct comparable product (over-collateralized lending) on a competing high-throughput L1.
• Cetus Protocol: Leading DEX and concentrated-liquidity AMM on Sui. Direct comparable and primary on-chain competitor to STEAMM within the same Sui ecosystem.
• Marinade Finance: Leading liquid staking protocol on Solana, offering the mSOL LST. Direct comparable to SpringSui's liquid staking function for SUI on Suilend's sister chain.

Broad incumbents

• Aave: The largest decentralized lending protocol across multiple chains (Ethereum, Polygon, Arbitrum, etc.). Broad incumbent that competes on the same core primitive (over-collateralized lending) at significantly greater scale.
• Compound Finance: Pioneer DeFi lending protocol on Ethereum. Established broad incumbent offering similar deposit/borrow mechanics, representing the gold-standard competitive benchmark for lending protocols.
• Jupiter Aggregator: Largest DEX aggregator on Solana, routing liquidity across multiple AMMs. Broad incumbent competitor that similarly aggregates trading flows on a high-throughput L1 comparable to Sui.

Others

• Wormhole: Cross-chain messaging and bridging protocol that powers Suilend's bridge integration. Ecosystem-enabling infrastructure partner rather than a direct competitor, but its roadmap materially shapes Suilend's cross-chain reach.

Emerging players

• Bluefin: Emerging on-chain perpetuals DEX built on Sui. Adjacent competitor targeting the leverage/derivatives use cases that Suilend addresses via its leveraged long/short functionality.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks3 records

Key highlights7 records

Customer concentration

• Xx.com/suilendprotocol
• LinkedInlinkedin.com/company/suilend

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries1 record

Funding overview

Funding rounds2 records

Investors10 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Suilend