Suilend, a DeFi lending and borrowing platform, has launched SpringSui, a new framework for liquid staking tokens (LSTs) on the Sui network. This launch introduces Spring SUI (sSUI), the first LST within this framework, enabling more Web3 users to participate in staking while expanding Sui’s liquidity and yield-generation opportunities.
SpringSui is built on the protocol upgrades SIP-31 and SIP-33, which define a new token standard aimed at accelerating LST growth on Sui. Through sSUI, Suilend demonstrates the potential of SIP-33 by creating a token that users can leverage across Suilend and other DeFi platforms, democratizing SUI staking and enhancing yield-generating options on the Sui network.
While liquid staking is well-established on networks like Ethereum and Solana, its adoption on Sui has been slower, with only 1.18% of tokens in LSTs, compared to 6.6% on Solana and 41% on Ethereum. Rooter, Suilend’s founder, expressed his optimism:
“SpringSui is set to unlock a new era for liquid staking on Sui. Leveraged staking, a key growth driver for LSTs, will thrive with SpringSui.”
Sam Blackshear, CTO of Mysten Labs, praised the initiative:
“SIP-31 and SIP-33 bring major enhancements to Sui staking. Making staked tokens fungible will improve interoperability and introduce new use cases. The Suilend team has excelled in both theoretical and technical execution.”
SIP-33’s instant unstaking feature minimizes depegging risks, enhancing LST-backed collateral security. Emma Zhong, Software Engineer at Mysten Labs, added:
“SIP-33’s instant unstaking feature significantly boosts LST security by reducing depegging risks. This upgrade is essential for advancing safety and efficiency within Sui’s DeFi ecosystem.”
SpringSui’s release is seen as a key milestone for Sui, capturing the attention of industry leaders. Kevin, Co-Founder and CTO of Aftermath Finance, shared:
“We’re thrilled to collaborate with Suilend to streamline afSUI, which powers our MEV-driven LST product.”
BL, Co-founder and CTO of Studio Mirai, noted:
“Partnering with Suilend on SpringSui allows us to develop a tailored LST for the Studio Mirai community, enhancing user control over liquidity.”
To foster adoption, the SpringSui framework is open-sourced, allowing all Sui developers to participate. Created by 0xripleys, who also developed SIP-31 and SIP-33, this standard is set to benefit the entire Sui ecosystem, with prominent LST provider Aftermath already planning to adopt it.
SpringSui’s launch is a significant step in Suilend’s roadmap to promote LST adoption. To support this goal, Suilend will offer a platform for users to create and manage their own LSTs, with flexible fee structures for deployment. Through SpringSui, Suilend is enhancing its DeFi offerings on Sui, inviting developers to create innovative LST solutions and facilitating seamless liquidity movement across the network.
