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DeFi Lender Suilend to Launch Native Token SEND in December

Suilend’s latest announcement comes a week after rumors spread that a native token may be underway before the end of the year.

Avatar image of Mishael Nwani Mishael Nwani•October 22, 2024

Suilend, a decentralized lender built on the layer-1 Sui blockchain, has officially revealed plans to launch its native token, dubbed SEND, in December. News about the token launch comes only a week after word was released that the project is launching a native cryptocurrency before the end of the year. Suilend’s founder, Rooter, attested to the rumor, solidifying the claim.

Details of the Token Debut

Suilend explained that details, such as the tokenomics, launch date, and launch mechanics for the upcoming SEND token, will be rolled out in the future. Still, the project shared insights into how users can maximize their earnings from the upcoming airdrop.

Like most DeFi projects, Suilend will airdrop SEND tokens to its users who have accumulated points during the season. Each user will receive SEND holdings equal to their accumulated points, obtained based on their engagement with the protocol.

As the token airdrop date inches closer, the DeFi lender has offered double the usual points for the remainder of the season. Of the 20 million points to be distributed daily, 10 million will be allocated to deposits and 10 million to borrows. Suilend added that points will be distributed to users depositing and borrowing crypto assets like SUI, USDC, USDT, ETH, and SOL.

Suilend added in its announcement that the token will also serve as the lifeblood for its affiliated liquid staking protocol, SpringSui. While SEND will be the token for SpringSui, the project is also preparing to launch a liquid staking token (LST) dubbed sSUI.

It appears that Suilend will also integrate SEND into another protocol. However, the DeFi lender has redacted that information in its latest announcement.

Meanwhile, Suilend has recently made several moves to grow its ecosystem, such as integrating the native USDC into its ecosystem. This paved the way for developers and users to interact directly with the actual stablecoin and not a wrapped version. Today, the DeFi lending protocol has a total value locked (TVL) of $209.24 million.

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.