Suilend TVL Surpasses $500 Million after Airdrop

The money market is now the largest DeFi protocol on the Sui blockchain.

Suilend, a lending platform on the Sui blockchain, has surpassed $500 million in total value locked (TVL), making it the largest decentralized finance (DeFi) platform on the network, according to DeFiLlama data.

SpringSUI, Suilend’s native liquid staking platform, and its ecosystem liquid staking tokens (LSTs) played a major role in this milestone, contributing $290 million in TVL.

Suilend launched its native SEND token two weeks ago with an airdrop for early users. It currently trades at a $200 million valuation, according to Coingecko.

Suilend also generated $13.3 million in annualized revenue, placing it among the top ten lending protocols in DeFi, behind Avalon, Kamino, Venus, Compound Finance, Morpho, Spark, JustLend, and Aave.

Activity has been on the rise since the airdrop, with the platform currently hosting 75,800 active wallets from just 5,000 in May.

“These achievements are just the beginning. With the upcoming launch of @steammfi [AMM], we’re excited to expand Sui's DeFi Suite and continue delivering for our community,” Suilend’s official account wrote on X.