Suilend (SEND)

Overview

Suilend is a decentralized lending and borrowing protocol on the Sui blockchain. People deposit crypto assets into shared pools, where other users can borrow them by providing collateral. Depositors earn interest paid by borrowers. The protocol’s token, SEND, connects to the wider group of products built by the Suilend team, including SpringSui for liquid staking and STEAMM for token swaps and liquidity pools. (docs.suilend.fi)

It helps to separate the products from the token. Suilend is the lending application; SEND is a Sui-based crypto asset with its own supply and distribution plan. A person can use lending features without treating SEND as the asset they must borrow or deposit. The team has described SEND as a way for holders to take part in a planned decentralized autonomous organization, or DAO, that would help guide the project. (docs.suilend.fi)

History & Team

From Solana to Sui

Suilend was launched in March 2024 by the team behind Solend, a lending protocol on Solana later renamed Save. It was the team’s first project outside Solana. Rooter, the pseudonymous founder of Solend, is identified with the launch of Suilend. The team brought its lending experience to Sui and built the new application using Sui’s Move programming language. (sui.io)

The product family grew in stages. SpringSui followed as a liquid-staking system for SUI. SEND was introduced in December 2024, after the lending protocol was operating. STEAMM, an automated market maker tied to Suilend’s lending pools, launched in beta in February 2025. This order matters: the token was introduced to an existing set of DeFi products, rather than serving as the starting point for the lending application. (docs.suilend.fi)

Suilend names Robot Ventures, Delphi Ventures, DeFi Alliance, Mechanism Capital, and Karatage among its backers. It also identifies individual supporters including Mert, Balaji, and DCFGod. Backing and team experience provide context for the project’s origins; the day-to-day operation of lending still depends on its software, pool settings, and activity on Sui. (docs.suilend.fi)

Technology & How It Works

Lending pools and changing interest rates

Suilend runs through smart contracts: programs that carry out agreed rules on a blockchain. A user supplies an asset such as SUI or USDC to a pool. Borrowers draw from that pool after depositing enough collateral, which is crypto pledged to support a loan. The borrowed asset can differ from the asset used as collateral. Borrowers owe interest over time, and that interest funds depositors’ earnings after a portion is set aside for the protocol. (docs.suilend.fi)

Rates change with utilization, the share of a pool’s supplied assets that has been borrowed. When little of a pool is in use, borrowing rates tend to be lower. When more is borrowed, rates rise to encourage deposits and balance demand. Suilend’s documentation describes an algorithmic rate curve and shows how the depositor’s rate depends on the borrowing rate, utilization, and the protocol’s share of interest. (docs.suilend.fi)

Collateral has its own rules. Each supported asset has settings that affect how much can be borrowed against it. Suilend uses price information from Pyth or Switchboard to calculate the value of deposits and loans. If a position reaches its liquidation threshold, a third-party liquidator can repay part of the loan and receive collateral according to the protocol’s rules. This process is how the lending system responds when a loan becomes too large relative to its backing. (docs.suilend.fi)

Accounts and isolated markets

Suilend represents a user’s lending account with a dynamic NFT on Sui. The NFT reflects the account’s deposits and borrows, and ownership of it controls the associated position. This makes the account an on-chain object that can move between wallets without first closing every deposit and loan. (docs.suilend.fi)

The protocol also separates some assets into isolated markets or positions. These settings let the team define lending terms for assets with different characteristics instead of placing every token under the same rules. For example, Suilend’s documentation says an isolated borrowed asset must be the only asset borrowed in that address. Such limits add steps for users, but allow the protocol to offer a wider range of assets with tailored borrowing conditions. (docs.suilend.fi)

Tokenomics & Utility

Supply and distribution

SEND has a stated total supply of 100 million tokens. The published allocation assigns 65% to the community, 20% to investors, and 15% to the team. Within the total supply, the plan set aside 40% for distribution through an “mdrop”: 20% for points holders and early users, 5% for ecosystem communities, and 15% for holders connected to the team’s SAVE token on Solana. (docs.suilend.fi)

The mdrop uses mSEND as an intermediate claim token. An eligible recipient redeems an allocation for mSEND and then claims SEND. The original schedule charged a fee in SUI for claiming before an allocation matured; that fee declined over a set period. The periods differed by allocation type: three months for points and ecosystem distributions, six months for team and investor allocations, and twelve months for SAVE allocations. The published unlock plan also spread investor tokens over two years and team tokens over four years. (docs.suilend.fi)

What SEND is for

SEND’s stated role is to connect holders with the development of the Suilend product family. The team has described holder participation in a planned SEND DAO and potential revenue sharing. These are described plans, so the token’s published allocation is clearer than the eventual scope of voting or any revenue-sharing arrangement. SEND has also appeared in ecosystem distributions tied to early use and community activity. (docs.suilend.fi)

SEND is distinct from SUI, the blockchain’s native token. SUI pays network transaction fees, including fees for actions involving SEND. SEND is also distinct from sSUI, the liquid-staking token issued through SpringSui. Keeping those roles separate makes it easier to understand which asset a particular action uses. (sui.io)

Ecosystem & Use Cases

The lending market is the center of Suilend’s ecosystem. Depositors can put supported assets to work in lending pools, while borrowers can access another asset without first selling their collateral. The application also presents swaps and preset Strategies. Strategies combine steps such as depositing, borrowing, and adjusting a position into a single interface, while showing users the actions and sources of yield involved. (docs.suilend.fi)

SpringSui adds liquid staking. When users stake SUI through its system, they receive sSUI, which represents staked SUI and can be used elsewhere in the Sui ecosystem, including Suilend. Staking rewards are reflected in how much underlying SUI an sSUI token represents. SpringSui also describes an instant unstaking mechanism for converting sSUI back to SUI. (docs.suilend.fi)

STEAMM handles another common DeFi activity: swapping tokens through liquidity pools. Its design connects those pools to Suilend so that unused pool assets can be supplied to lending markets while remaining part of the swap system. STEAMM supports several ways to set swap prices and includes a tool for launching tokens and creating their first pools. Together, these products link lending, staking, and trading within one Sui-focused group of applications. (docs.suilend.fi)

Advantages & Challenges

Suilend’s connected products give users several ways to work with assets on Sui through related interfaces. Its dynamic rates respond to borrowing demand, while isolated markets give different assets their own settings. Account NFTs offer a way to move a lending position between wallets. The team publishes smart-contract audit information, including reviews by Zellic and OtterSec in 2024 and formal verification work by Certora in February 2026. (docs.suilend.fi)

The same design brings complexity. Depositors and borrowers need to understand changing rates, collateral thresholds, and how a liquidation changes an account. Isolated positions place limits on which assets can be borrowed together. STEAMM and SpringSui add separate pool and staking mechanics to learn. For SEND holders, another open part of the project’s development is how the planned DAO’s voting powers and any revenue-sharing model are put into practice. (docs.suilend.fi)

Where to Buy & Wallets

SEND is available on Gate and MEXC. Both platforms announced SEND spot trading pairs, and Gate maintains a SEND trading page. Platform access depends on the exchange and the user’s location. SEND can also be obtained through Sui-based token swaps where a route for the asset is available. (gate.com)

SEND can be held in a wallet that supports Sui tokens, such as Slush or Suiet. Slush replaced the earlier Sui Wallet name and provides browser and mobile options. A Sui wallet also needs some SUI to pay for on-chain actions, such as transferring SEND or interacting with Suilend. The project publishes SEND’s Sui coin type, which identifies the token on the network. (sui.io)

Regulatory & Compliance

Rules affecting SEND and services built around it depend on where an offer, exchange, or service operates and on the details of that activity. In the United States, the Securities and Exchange Commission explains that a crypto asset’s offer or sale can fall under securities law when it forms part of an investment contract. That assessment turns on the terms and promises involved, including whether buyers expect profit from the essential work of others. In the European Union, the Markets in Crypto-Assets framework sets requirements for covered crypto-asset activities and for providers offering crypto-asset services. These frameworks describe how activities are assessed; they do not, by themselves, establish a single legal classification for every use of SEND. (sec.gov)

Suilend’s lending activity does not align with conventional Shariah principles for interest-based lending. Borrowers pay interest, depositors receive interest-funded earnings, and the protocol retains a share. Islamic finance generally treats interest on loans as riba, which is prohibited. That conclusion concerns the lending model; a full religious assessment of any particular SEND holding or transaction would depend on its terms and use. (docs.suilend.fi)

Future Outlook

Suilend’s future development centers on how its products fit together and how SEND holders participate in decisions. Lending markets provide the base; SpringSui brings staked SUI into use across DeFi; and STEAMM links token swaps with lending pools. The team has set out plans for DAO governance and potential revenue sharing, which would give SEND a more defined role if implemented. The lasting value of that role will depend on the powers and processes ultimately given to holders, as well as continued use of the applications. (docs.suilend.fi)

Summary

Suilend began as a Sui lending protocol built by the team behind Solend and expanded into a connected set of lending, liquid-staking, and swapping tools. SEND is the token associated with that ecosystem. Its supply and distribution are published, while its planned governance role ties the token’s longer-term purpose to the development of the Suilend product family. (sui.io)