Maximizing DeFi Opportunities: A Strategic Guide to Suilend Protocol

Suilend is the premier DeFi protocol in the Sui ecosystem, launched in March 2024. It enables users to earn rewards by depositing assets and taking out loans. As of now, Suilend holds the top position in terms of Total Value Locked (TVL) within the Sui ecosystem, boasting a TVL of $734 million. Read our article for more details about the Sui blockchain and its technologies.

Suilend Market Position

The total TVL of the Sui ecosystem has reached $2.23 billion, with over 60% concentrated in two flagship projects: Suilend and NAVI Protocol (TVL: $700 million). These projects, exclusive to the Sui network, highlight its strategic significance in the DeFi world and the high level of user interest. For an overview of the NAVI Protocol, refer to the project breakdown from SimpleSwap.

Suilend leverages the unique capabilities of the Sui blockchain, including high transaction speeds, low fees, and scalable architecture. This makes it an attractive choice for both individual users and developers.

How to Make a Deposit on Suilend Protocol

The Suilend platform supports deposits in various assets, including SUI, sSUI, USDT, USDC, and more. Below is a step-by-step guide to depositing SUI tokens.

Current annual percentage rate (APR) for SUI deposits is 4.28%, comprising:

• 1.89%

Interest from the deposited asset.

• 2.39%

Rewards in the form of sSUI tokens.

sSUI is a reward token widely utilized across the Sui ecosystem. It represents a stable asset that users receive as an additional incentive for deposits, which can be employed for various operations within the Sui ecosystem.

Step-by-Step Guide to Depositing on Suilend Protocol

• Prepare and Connect Your Wallet

If you don’t already have a wallet supporting SUI, create one. Suilend is compatible with several popular wallets, such as OKX Wallet, Martian Wallet, Sui Wallet, Suiet, Morphis Wallet, and others. Ensure your wallet supports SUI to participate in the Suilend platform.

• Fund Your Wallet with SUI Tokens

To make a deposit on Suilend, fund your wallet with SUI tokens. Use a cross-chain exchanger like SimpleSwap to quickly convert other cryptocurrencies into SUI and top up your wallet.

• Access the Suilend Website

Visit the official Suilend website and connect your wallet to the Sui network. The homepage dashboard displays current deposit information and available assets. Deposits can be made not only in SUI but also in other supported assets.

• Make a Deposit

After connecting your wallet and selecting SUI in the dashboard, a dialog box will appear. Enter the amount of SUI tokens you wish to deposit. Click Deposit and confirm the transaction in your wallet. The platform will process your request, and your assets will be deposited into Suilend, allowing you to start earning based on the current APR.

• Receive an NFT and Confirm Your Deposit

Upon confirming the transaction, your account on Suilend will be represented by a unique NFT, viewable in the NFT section of your wallet. This NFT serves as proof of your deposit and entitles you to rewards.

Important: Do not burn this NFT! It is your key to accessing your deposit, and destroying it will make it impossible to retrieve your funds.

• Withdraw Your Deposit

You can withdraw your SUI tokens at any time. After reconnecting your wallet and selecting SUI in the dashboard, switch to the WITHDRAW tab, enter the amount, and click Withdraw. Confirm the transaction in your wallet, and your SUI tokens will immediately return to your wallet.

Suilend Rewards Program and SEND Token

Suilend incentivizes user engagement through a unique rewards system. Participants who deposit assets earn SEND points, which can be converted into SEND tokens.

The SEND token plays a pivotal role in both user activity and ecosystem development. SEND is the core element of the Sui DeFi Suite, encompassing lending, infinite liquidity staking (SpringSui, Steamm), and an innovative superfluid AMM.

By depositing funds on the platform, users not only earn deposit income but also contribute to the growth of the Sui ecosystem. Every action, from deposits to platform interactions, reflects user activity on the Sui blockchain and increases the likelihood of receiving additional rewards in the future.

Summary

Suilend is more than just a tool for earning — it’s an opportunity to become an integral part of the Sui ecosystem. With its intuitive interface, flexible deposit terms, and innovative reward system, the Suilend platform is suitable for both newcomers and seasoned users.

Rewards in sSUI tokens can be utilized for operations within the Sui ecosystem, offering additional earnings. SEND tokens enable participation in the Sui DeFi Suite, including lending and liquidity staking.

Suilend isn’t merely a platform for depositing assets; it’s a comprehensive ecosystem that allows every user to engage with the rapidly evolving world of DeFi.