Sui-centric DeFi lending and borrowing service Suilend the shared details of the release of SpringSui, a new standard for liquid staking tokens (LSTs). This standard includes the launch of Spring SUI (sSUI), the first-ever liquid staking token on Move-based Sui (SUI).
Spring SUI (sSUI), new-gen LST on Sui (SUI), introduced by Suilend
Suilend, a DeFi lending protocol on top of the Sui (SUI) blockchain, introduces a liquid staking standard for this fast-growing network. Dubbed SpringSui, the standard is set to accelerate LSTFi development on Sui (SUI) and unlock new options for liquidity management.
Synthetic token Spring SUI (sSUI), the first liquid staking asset on Sui (SUI), kicks off as a result of SpringSui’s implementation.
sSUI will enable more Web3 users to participate in staking while increasing liquidity and yield generation opportunities on the Sui network.
SpringSui builds on SIP-31 and SIP-33, protocol-level upgrades that introduce a new token standard designed to accelerate the growth of LSTs on Sui. The first token deployed using this framework, sSUI, has been developed by Suilend to demonstrate SIP-33’s capabilities.
Rooter, founder of Suilend, is excited about the prospects of the new protocol and the opportunities it unlocks for investors and traders:
I think SpringSui will unlock a new era for liquid staking on Sui. The primary driver of growth for LSTs is leveraged staking, which will be turbocharged by SpringSui.
Just like other LST frameworks, SpringSui allows users to stake SUI and generate rewards proportionally to their deposits in 100% noncustodial apps.
More opportunities for DeFi growth on Sui (SUI)
Sam Blackshear, CTO of Mysten Labs, the development team behind Sui (SUI) blockchain, appreciates the accomplishments of Suilend in bringing liquid staking to Sui (SUI):
SIP-31 and SIP-33 are significant upgrades to Sui staking. Adding fungibility to staked tokens will improve the interoperability of existing use cases and enable some new ones. The Suilend team has done excellent work on both the theory and engineering behind these improvements.
sSUI democratizes access to SUI staking while expanding yield-generating opportunities on the Sui network.
Liquid staking has become a major sector on proof-of-stake (PoS) networks like Ethereum and Solana, but it has been slower to take off on Sui, where only 1.18% of native tokens are staked in LSTs, compared to 6.6% on Solana and 41% on Ethereum.
As such, locking liquidity on Sui (SUI) might potentially be more attractive to “early birds.”
