SpringSui, a New Standard for Liquid Staking Tokens (LSTs) on Sui (SUI), Introduced by Suilend
- DDDOriginal
- 2024-11-01 00:00:13836browse
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.
DeFi lending and borrowing service on Sui (SUI), Suilend, shared details on the release of SpringSui, a new standard for liquid staking tokens (LSTs) on the network. This standard also includes the launch of Spring SUI (sSUI), which is touted to be the first-ever liquid staking token on Move-based Sui (SUI).
Suilend introduces SpringSui: a new standard for liquid staking on Sui (SUI)
Suilend, a decentralized finance (DeFi) lending protocol on Sui (SUI), is introducing a liquid staking standard for the fast-growing network. Called SpringSui, the standard is set to accelerate the development of LSTFi on Sui (SUI) and open up new possibilities for liquidity management.
Today we're excited to announce the launch of sSUI - the future of liquid staking on Sui.
Currently, liquid-staked SUI assets only represent 1.32% of all staked SUI assets compared to 7% on Solana and 41% on Ethereum.
SpringSui will change that.
Let's talk about how… pic.twitter.com/7KSM1xNdkN
The implementation of SpringSui also introduces a synthetic token called Spring SUI (sSUI), which is the first liquid staking asset on Sui (SUI).
sSUI will allow more Web3 users to participate in staking, increasing liquidity and opportunities for yield generation on the Sui network.
SpringSui builds on SIP-31 and SIP-33, which are protocol-level upgrades that introduce a new token standard designed to accelerate the growth of LSTs on Sui. The first token to be deployed using this framework, called sSUI, was developed by Suilend to showcase the capabilities of SIP-33.
Suilend founder Rooter 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.”
Similar to other LST frameworks, SpringSui allows users to stake SUI and generate rewards proportionate to their deposits in 100% noncustodial applications.
More opportunities for DeFi growth on Sui (SUI)
Sam Blackshear, CTO of Mysten Labs, the development team behind Sui (SUI) blockchain, commented on the achievements of Suilend in bringing liquid staking to Sui (SUI):
“SIP-31 and SIP-33 are important 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 opens up access to SUI staking for more users while expanding opportunities for yield generation 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 be an attractive proposition, especially for early adopters.
The above is the detailed content of SpringSui, a New Standard for Liquid Staking Tokens (LSTs) on Sui (SUI), Introduced by Suilend. For more information, please follow other related articles on the PHP Chinese website!