The Solend team, known for their DeFi lending protocol on Solana, has launched Suilend, marking their first venture beyond the Solana ecosystem. Suilend utilizes the team's DeFi expertise differently, leveraging the Move programming language and the advanced tools offered by Sui.

Solend ranks ninth among the largest DeFi protocols on Solana, boasting a total value locked (TVL) of $212 million. As the leading lending protocol, it facilitates borrowing and lending for over 170,000 users across more than seventy assets.

Suilend operates on a modern blockchain network designed for upgradability and rapid transaction settlements. Since its launch, DeFi protocols on Sui have experienced significant growth, with a combined TVL exceeding $500 million.

Rooter, the founder of Solend, emphasized the need for more advanced products beyond Ethereum and Solana, citing the innovative capabilities provided by Sui and Move.

Currently, the new protocol is active and poised to integrate with Sui's array of DeFi options, offering users a diverse range of choices.