Suilend, a leading lending dapp on the Sui blockchain, saw its total value locked (TVL) surpass the $120 million mark on September 17 to set a new record.
In mid-August, we reported that the lending platform was surging to $75 million in TVL. It has gained nearly 60% since then, making it one of the best performers among Sui dapps.
Suilend is a lending platform developed by the team behind Save, a Solana-based lending protocol formerly known as Solend.
Ethereum-based USDC is the most deposited token on the app, with a share of nearly 48%. The SUI token comes next with 45%. USDC’s TVL surpassed that of SUI last week.
USDC lenders target an annual percentage rate (APR) of over 11%, of which 0.9% is the interest and more than 10% is the reward paid in SUI. The USDC pool has nearly 70 million tokens.
The SUI pool generates an annual return of 5.8%, holding $58.5 million worth of tokens.
On September 17, Suilend announced that the Sui blockchain was about to launch Circle’s USDC on its layer 1, and the lending dapp would add support for the Sui-based stablecoin version from day one. Therefore, Sui will become the 15th blockchain network hosting USDC, which has a total market cap of $35 billion as of this writing.
Meanwhile, Suilend has been one of the main drivers behind Sui’s TVL growth. The blockchain’s DeFi liquidity value has doubled since the beginning of August, reaching $730 million. It hit a record $751 million in TVL at the end of May and may break this level within days if its dapps continue to grow at a similar pace.
All of the top 7 dapps on Sui have registered monthly gains, with AlphaFi and Suilend being the best monthly performers in percentage terms.
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