What is Suilend (SEND)?

Quick Facts

  • Token: SEND — native utility and governance token of Suilend
  • Blockchain: Sui Network
  • Protocol launch: March 2024
  • Token launch: December 2024 via a novel 'mdrop' mechanism
  • Core product: Decentralized lending, liquid staking, and AMM suite
  • Team origin: Built by the team behind Save (formerly Solend) on Solana
  • Backers: Robot Ventures, Delphi Ventures, Mechanism Capital, DeFi Alliance

Introduction

Suilend is the largest DeFi lending protocol on the Sui blockchain, offering a comprehensive suite of financial services including lending, borrowing, liquid staking, and automated market making. SEND is its native utility and governance token, launched in December 2024 to align long-term incentives between users, builders, and the broader community.

The protocol rapidly established itself as the #1 DeFi protocol on Sui after launching in March 2024, bringing battle-tested money-market mechanics to the Move-based Sui ecosystem.

History & Background

Suilend was built by the same team behind Save (formerly known as Solend), one of the top lending protocols on Solana. Led by the pseudonymous founder Rooter, the team made a strategic expansion to Sui, attracted by the blockchain's advanced architecture and the Move programming language's superior tooling.

The protocol launched in March 2024 and quickly grew to become the dominant lending platform on Sui. In December 2024, the SEND token was introduced via a pioneering 'mdrop' distribution mechanism, rewarding long-term participants and community contributors.

How Suilend Works

At its core, Suilend is a non-custodial lending and borrowing protocol. Users deposit assets into lending pools to earn algorithmically determined interest rates. Borrowers can access liquidity by providing over-collateralized positions, with smart contracts automating all transactions.

The protocol operates two categories of pools: main asset pools — which undergo rigorous due diligence — and isolated pools for newer or more volatile tokens. This structure manages risk while still supporting a wide range of assets.

Beyond lending, Suilend's DeFi suite includes:

  • SpringSui — an open-source liquid staking standard where users stake SUI and receive sSUI tokens usable across DeFi, with instant unstaking.
  • STEAMM — a superfluid automated market maker (AMM) that integrates deep liquidity with lending for enhanced capital efficiency.

Tokenomics

SEND is the governance and utility token powering the entire Suilend DeFi suite, covering Suilend, SpringSui, and STEAMM. Tokens were distributed through the innovative mdrop mechanism, which rewarded users who had accumulated Suilend Points by depositing assets prior to the launch.

SEND holders can participate in governance decisions — including protocol upgrades, interest rate adjustments, and new asset listings — through the upcoming Suilend DAO. The token also positions holders to benefit from potential revenue-sharing, directly linking the protocol's financial performance to token ownership.

Circulating supply ? 100.00 million SEND
Total supply ? 100.00 million SEND
Max supply ? 100.00 million SEND
Updated 11h ago

Ecosystem & Use Cases

SEND serves as the connective tissue across Suilend's expanding DeFi ecosystem. Key use cases include:

  • Governance: Voting on proposals that shape protocol direction
  • Yield incentives: Boosting APYs for active lenders and liquidity providers
  • Liquid staking: SpringSui enables SUI stakers to retain liquidity while earning staking rewards
  • Developer integrations: An open SDK allows other dApps to integrate lending, staking, and AMM functionality

Team, Governance & Community

Suilend is led by Rooter, the pseudonymous founder of Solend, supported by a team of approximately 15 members — including engineers with backgrounds at Morgan Stanley, Bell Labs, and IBM. The protocol has undergone thorough security audits by Zellic and OtterSec.

Governance is transitioning toward a fully community-driven Suilend DAO, with SEND holders taking an active role in shaping protocol decisions.

Advantages

  • Proven team with a successful track record building Solend on Solana
  • Integrated DeFi suite combining lending, liquid staking, and AMM in one platform
  • Non-custodial design — users always control their funds via smart contracts
  • High-performance base layer leveraging Sui's speed and low-latency architecture
  • Audited smart contracts by leading blockchain security firms

Risks & Challenges

  • Smart contract risk inherent to all DeFi protocols, despite audits
  • Ecosystem dependency — protocol growth is tied to Sui blockchain adoption
  • Governance concentration in early stages before the DAO is fully decentralized
  • Liquidation risk for borrowers if collateral values drop sharply
  • Competitive landscape as DeFi on Sui continues to attract new protocols

Long-Term Vision

Suilend aims to become a full-spectrum DeFi hub on Sui, expanding beyond lending into perpetual DEXs, launchpads, and additional financial primitives. By combining a battle-tested team, deep ecosystem integrations, and the SEND governance token, the protocol is building a comprehensive financial layer for the next generation of Web3 users on Sui.

Frequently Asked Questions

SEND is the governance and utility token of the Suilend protocol. It allows holders to vote on governance decisions, earn boosted yields, and potentially share in protocol revenue.

Suilend was built by the team behind Save (formerly Solend), led by the pseudonymous founder Rooter. The team includes around 15 members with backgrounds from institutions such as Morgan Stanley and Bell Labs.

SEND launched in December 2024 via a novel 'mdrop' distribution mechanism that rewarded long-term users who had accumulated Suilend Points by depositing assets on the platform.

The mdrop is a pioneering token distribution method introduced by Suilend. It allocated SEND tokens to users based on their historical participation and depositing activity, rewarding long-term community contributors rather than simple airdrop recipients.

SpringSui is Suilend's open-source liquid staking standard on Sui. Users stake SUI and receive sSUI tokens that can be used freely across DeFi, with instant unstaking and mechanisms to maintain peg stability.

STEAMM is Suilend's superfluid automated market maker (AMM). It integrates liquidity provision with lending functionality to maximize capital efficiency for liquidity providers and traders.

Suilend has undergone security audits by Zellic and OtterSec, two leading blockchain security firms. The protocol is also non-custodial, meaning users retain control of their funds through smart contracts at all times.

The Suilend DAO is a planned decentralized governance structure where SEND token holders can vote on key protocol decisions such as upgrades, interest rate settings, and new asset listings. It is designed to give the community direct ownership over the protocol's future.