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DeFi Lender Suilend Could Launch Token in December

Although Suilend did not admit to rumors of an incoming token launch, its founder retweeted a post about a token debut in December.

Avatar image of Mishael Nwani Mishael Nwani•October 14, 2024

The decentralized lending platform Suilend could be launching a native token in December. An X user gave a hint of the update on October 14th.

At the time of writing, Suilend had yet to confirm if the token launch would occur. Still, the project’s pseudonymous founder, Rooter, retweeted the X user’s post, giving substance to the rumor of an impending token debut.

Wen Suilend Token?

The project behind the Solana-based decentralized lender Save (formerly Solend) launched Suilend on the layer-1 Sui blockchain in March 2024. Like its Solana-focused counterpart, Suilend aims to bring decentralized lending and borrowing to Sui users.

Since its debut, Suilend has quickly become one of the leading DeFi lending platforms on the Sui blockchain. According to on-chain data from DeFiLlama, the Sui-based lending protocol has accumulated a total value locked (TVL) of $191.28 million, making it the third-largest DeFi project on the Sui network.

A potential native token launch for the Suilend ecosystem will bring additional utility to the project. Like most DeFi protocols, Suilend may airdrop tokens to users based on their accumulated points. Users receive these points based on how well they engage with the project.

Save, on its part, has a native token with the ticker SLND. Following its rebranding in July, the Solana-based project introduced three additional tokens to expand its ecosystem. These tokens are SUSD (a stablecoin), saveSOL (a liquid staking token), and Dumpydotfun (a memecoin).

Meanwhile, recent reports show that Suilend has focused on growing its ecosystem. Last week, the project added support for the native USDC. The integration allowed users and developers to directly interact with the stablecoin instead of using its bridged version (Wormhole-wrapped USDC). Since then, 16.4 million USDC has been deposited into the DeFi lending protocol.

Mishael Nwani

Mishael Nwani is an avid crypto enthusiast with nearly four years of experience in the industry. Since 2022, he has covered topics across cryptocurrencies, NFTs, artificial intelligence, and financial markets.