suilend

The Sui ecosystem lending protocol Suilend officially announced that the DeFi development team Bluewater Labs will acquire Suilend and its ecological products SpringSui and STEAMM (AMM), and will take over its subsequent development and operational work. In addition, Bluefin co-founder Zabi will serve as the new CEO of Suilend.The announcement stated that after the acquisition is completed, Suilend will continue to operate as an independent platform, retaining its own brand, product direction, and underlying infrastructure. During the transition period, the team will adopt a security-first strategy, and users will not need to take any action; all current protocol functions such as deposits, lending, staking, and trading will continue to operate as usual.

SuiLend posted on platform X stating that all functions of the platform are currently operating normally, including deposits, loans, withdrawals, and repayments, and user funds are secure.At the same time, the team is closely monitoring the progress of the previous Volo Protocol security incident and will continue to release subsequent updates.

According to KOL Crypto Fearless, SuiLend, as the largest lending protocol on the Sui chain, has an annual revenue of 12.35 million USD and a TVL of hundreds of millions of USD. However, its token $SEND has seen a 92% decline after repurchasing over 3 million USD in 9 months, leaving its market cap at only 13 million USD. The project has been classified as ST (serious risk) by Bybit, and the community questions whether the repurchase involves insider trading, becoming a disguised way for the team to offload tokens. In the previous IKA liquidation incident, SuiLend forcibly deducted 6% of the principal from users while retaining the insurance fund, further damaging community trust. The project mainly relies on monthly subsidies of several million USD from the Sui Foundation to maintain operations.

Sui ecosystem lending protocol Suilend announced on platform X that the Elixir team has repaid all USDC debts, and the previously isolated lending market withdrawal function has been restored.SuiLend previously stated that it is closely monitoring the significant loss issue of Stream Finance, with its $93 million loss being the largest single risk exposure belonging to Elixir's deUSD.

Sui Ecosystem Lending ProtocolSui lend stated on platform X that it is closely monitoring the significant loss issue of Stream Finance. It is reported that the largest single risk exposure of its $93 million loss belongs to Elixir's deUSD, which lent $68 million USDC to Stream, accounting for approximately 65% of deUSD's total reserves.SuiLend added that the deposit and withdrawal functions for the Elixir market on its platform have been suspended, and it has contacted the Elixir team to request loan repayment. Other lending markets of SuiLend remain unaffected and are still secure.

ChainCatcher news, according to Suilend's announcement, the price of IKA surged from $0.04 to $0.47, with some loans being liquidated at high valuations, resulting in a market gap of approximately $379,000.The loss has been borne by IKA depositors, with each depositor's balance reduced by about 6%. Currently, IKA lending has been suspended, and the funds in other markets on the platform are safe.

ChainCatcher news, according to monitoring by Shield, the Cetus hacker has deposited 10 million USD SUI into Suilend, possibly intending to lend out stablecoins.

ChainCatcher message, the Sui ecosystem lending protocol Suilend posted on platform X 1 hour ago stating: "Due to issues with a third-party custody service provider, we are currently experiencing an interruption. Our team is actively investigating this issue and working to resolve it as soon as possible. Funds are safe as this is just a front-end issue."Regarding this issue, Suilend has just released an update stating: "We have identified the problem and are actively seeking a solution." Upon checking, the Suilend front-end has not yet been restored.

ChainCatcher news, according to official sources, the Sui ecosystem lending protocol Suilend has announced that its TVL has exceeded 600 million USD.

ChainCatcher news, the Sui ecosystem lending protocol Suilend announced on platform X that the SEND token has been launched at 13:00 Beijing time on December 12.Suilend further stated that 40% of the SEND supply will be distributed through the mdrop mechanism: 20% will be rewarded to SEND point holders and early users; 5% will be allocated to the Sui ecosystem community; 15% will be allocated to SAVE holders on Solana.

ChainCatcher news, according to CoinDesk, the decentralized lending protocol Suilend announced the completion of a $4 million financing round, led by Robot Ventures, with participation from several venture capital firms and angel investors. Previously, the project raised $2 million in February of this year. Suilend founder Rooter stated that this financing will help the team maintain operations during a potential long-term bear market and ensure ample funding for the next four years.Suilend is the second largest DeFi protocol on the Sui chain, with a total value locked (TVL) of nearly $470 million, and it is also the largest lending protocol on the chain. In the past 30 days, its revenue has approached $820,000. Additionally, Suilend plans to launch its new token SAVE in the coming days, while continuing to expand its core product suite, including the recently launched liquid staking token project and the upcoming automated market maker (AMM).

ChainCatcher message, Sui ecosystem lending protocol Suilend announced that SEND will be launched on December 12, and the allocation checker is now online.Early users of Suilend before the launch of Points in May 2024 will receive 2% of SEND, with Suilend points accounting for 18% of SEND; Rootlets will receive 3.333% of SEND, distributed in three airdrops of 1.111% each.

ChainCatcher news, according to official sources, the Sui ecosystem lending protocol Suilend has announced its tokenomics plan. The total supply of the SEND token is 100 million, distributed using an innovative Mdrop (mature airdrop) mechanism.The specific allocation plan is as follows: 65% for the community, which includes 20% for Suilend Mdrop, 5% for ecosystem Mdrop, and 15% for SAVE Mdrop; 15% for project incentives; 15% for team shares; 20% for investor shares; and 10% for treasury reserves.The project team stated that they will launch the AMM project Steamm, which is deeply integrated with Suilend, in the first quarter of 2025, further improving the DeFi ecosystem layout. Investor tokens will be released linearly over 2 years, while team tokens will adopt a 4-year linear release mechanism.

ChainCatcher news, the Sui ecosystem lending platform Suilend announced on X that the deposit limit for native ETH has been increased to 2000 nbETH (approximately 6 million USD).

ChainCatcher news, the Sui ecosystem lending project Suilend announced that it is expected to launch its native token SEND in December, with more details on the tokenomics, release date, and release mechanism to be announced soon.

ChainCatcher news, Sui network ambassador Matteo hinted in a post on X that the token for the Sui ecosystem lending project Suilend may be launched within the next 60 days.

ChainCatcher message, the Sui ecosystem lending platform Suilend announced on social media that starting today, 100% of the points will be allocated to borrowing activities. Deposits will no longer earn points, and instead, 10 million Suilend points will be allocated daily to borrowing activities.

ChainCatcher news, the Sui ecosystem lending platform Suilend revealed on X that it will announce important news on August 12.In addition, the platform has raised the SOL deposit limit to 10,000 SOL (approximately 1.4 million USD).

ChainCatcher news, the Sui ecosystem lending protocol Suilend announced on social media the launch of the Swaps feature, allowing users to exchange assets such as SUI, USDT, USDC, ETH, etc. on Sui, with a fee of 0%.