Suilend Protocol has unveiled sSUI, a liquid staking token (LST) built using the SpringSui Standard to solve liquid staking.
Author: Sahil Thakur
Published On: Fri, 01 Nov 2024 04:37:11 GMT
Suilend Protocol has unveiled sSUI, a liquid staking token (LST) built using the SpringSui Standard. According to the team, this launch aims to transform SUI staking with features like instant unstaking and increased liquidity. Currently, liquid-staked SUI makes up only 1.32% of staked assets on Sui, compared to higher percentages on Solana and Ethereum. Suilend hopes sSUI will bridge this gap.
sSUI’s architecture builds on the SpringSui Standard, which lets other projects deploy liquid staking tokens (LSTs) without permission and free of cost. Users stake their SUI and receive sSUI tokens, which can be redeemed instantly for the underlying SUI through SIP-33, SpringSui’s instant unstaking mechanism. This feature ensures sSUI’s liquidity even in volatile markets, unlike other tokens that face depegging risks. The value of sSUI increases as staking rewards accumulate, providing users a secure way to maintain asset liquidity while earning rewards.
Staking rewards for sSUI come from network staking, validator performance, and fees:
Suilend mitigates risks through rigorous contract audits and dynamic reallocation to top-performing validators. This safeguards users’ assets and protects against potential vulnerabilities in smart contracts. Suilend also encourages users to assess validator reliability to further secure their staked assets.
With sSUI, Suilend aims to boost liquid staking on Sui. The token increases staked asset utility within the ecosystem, allowing users to stake, earn rewards, and still access liquidity. As a result, sSUI promises to drive broader adoption of liquid staking across the Sui network.
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