Sui Lending Protocols Compared: NAVI vs Suilend vs Scallop

Short answer: On 8 October 2026, two protocols dominate lending on Sui: NAVI, with $170.8M of TVL, and Suilend, with $168.0M, according to DefiLlama. Current Finance, a newer lender built on isolated markets, is third at $62.0M. Scallop, once one of Sui's biggest money markets, holds $10.5M.

All four set interest rates by utilisation and all four price collateral with Pyth. Where they differ is in how they separate risky assets, which token they pay out as incentives, and their security record. This guide compares them on figures you can check, then explains who each one suits.

One note on the numbers. DefiLlama counts lending TVL as assets supplied minus assets borrowed, so the total deposited in each protocol is higher than its TVL. We show both below.

Sui lending protocols at a glance

TVL and borrowed figures are from DefiLlama on 8 October 2026, Sui chain only. Adding the two columns gives approximate total deposits: about $249M on NAVI, $245M on Suilend, $134M on Current and $13M on Scallop.

How far Sui lending has shrunk

Before you compare protocols, look at the market as a whole. A year ago, on 8 October 2025, DefiLlama put NAVI at $641.6M of TVL and Suilend at $701.0M. Both peaked on 28 July 2025, at $660.9M and $749.6M. Today each is down by roughly three quarters. Scallop peaked earlier, at $195.4M in November 2024, and has fallen 87% in the past year alone.

DefiLlama puts the whole Sui chain at about $520M of TVL on 8 October 2026, so these four lenders account for most of what is locked in Sui DeFi. That matters for users in two ways. Smaller pools mean a large withdrawal can push utilisation up fast, and incentive budgets that looked generous at $700M of deposits look very different at $170M.

Not every lender shrank. Current Finance first appeared on DefiLlama in April 2026 at about $8M and was at a record high this week. AlphaLend went the other way: it held $151.2M a year ago and now shows effectively zero.

NAVI

NAVI describes itself as a full DeFi platform on Sui. It runs lending, the Volo liquid staking token vSUI, and the Astros swap aggregator.

How the markets work. NAVI's borrow page now has two modes. By Market is the classic shared model: you supply several assets and borrow against the combined balance, with one health factor. By Pair uses isolated single-pair markets, each with its own margin, and offers higher loan-to-value on blue-chip pairs. NAVI's "Prime" vaults are built on this, for example a SUI market that accepts vSUI and haSUI as collateral at 83–90% LTV, according to its Prime vault docs.

Rates. A standard kinked model: a base rate plus a gentle slope until optimal utilisation, then a steep "jump" slope above it. Suppliers earn the borrow rate times utilisation, minus a reserve factor (interest rate model).

Oracles. NAVI runs its own oracle that combines Pyth and Supra feeds and rejects any price older than 15 seconds (oracle docs).

Token. NAVX has a 1 billion maximum supply. To earn NAVX emissions on deposits and borrows, you must lock NAVX liquidity-pool tokens worth at least 2.5% of your deposit, according to the NAVX tokenomics.

Security. NAVI lists audits by OtterSec and MoveBit. DefiLlama's hacks database has no entry for NAVI's lending markets. It does record a $3.5M loss at Volo Vault, a product in NAVI's group, on 21 April 2026, classified as a private key compromise.

The largest assets in NAVI's TVL are enzoBTC, haSUI and vSUI, so it is heavily used for liquid staking tokens and Bitcoin collateral.

Suilend

Suilend launched in March 2024. Its team also runs SpringSui, the liquid staking standard behind sSUI, and STEAMM, an AMM that lends out idle pool liquidity.

How the markets work. Most TVL sits in the main market, which lists blue-chip assets that pass Suilend's risk framework. Riskier assets are handled two ways. An isolated asset must be the only asset you borrow from that address. Isolated markets are separate markets with their own rate curves and LTVs, so a problem there can't spread to the main market (isolated markets).

Rates. A dynamic utilisation curve. Suilend says the protocol keeps an interest rate spread, usually 20% of the borrow rate (how yield works).

Oracles and risk. Pyth and Switchboard. Suilend's risk page is unusually candid: it says past bad debt in the main pool was covered by top-ups from its insurance fund, and that losses in uninsured isolated pools can be socialised across depositors.

Token. SEND has a 100M total supply, with 65% to the community (SEND tokenomics).

Security. Audits by Zellic and OtterSec in March 2024, plus a Certora formal verification report in February 2026 (audit page). DefiLlama's hacks database lists no incident for Suilend.

sSUI is by far its largest asset, followed by SUI and USDSUI.

Scallop

Scallop was one of Sui's first money markets and is now much smaller than its rivals. We cover its history in depth in our Scallop deep dive, so here are the points that matter for a comparison.

How the markets work. Three asset tiers. Main assets carry a 0.3% borrowing fee. Emerging assets, such as WAL, DEEP and CETUS, can be used as collateral with a lower weight. Isolated assets need roughly 200% collateral, can't be borrowed alongside anything else in the same obligation, and carry a 1% fee (fees). Scallop also caps daily outflows per pool.

Rates. A "trilinear" model with three slopes rather than the usual two (interest rates).

Oracles. Scallop's oracle page says it currently relies solely on Pyth. Multi-oracle checks with Switchboard and Supra are on its roadmap.

Token. SCA, which you can lock as veSCA to boost borrow incentives by up to 4x. See what is veSCA.

Security. Audits by Zellic, OtterSec, MoveBit and Asymptotic. DefiLlama's hacks database records a $142,000 loss on Scallop Lend on 26 April 2026, classified as a reward logic flaw.

Current Finance and the rest

Current Finance is the fastest-growing lender on Sui this year. It is built entirely on isolated markets, and its Multiply and Margin products use flash loans to build looped and leveraged positions from the same pools. That explains an unusual figure: its borrowed total ($72.4M) is higher than its TVL ($62.0M), because so much of the supply is looped. Its rate curve has two kinks and three slopes. It prices collateral with Pyth, using the exponential moving average as the anchor for LTV and liquidations and the spot price as an early-warning signal. USDC and svBTC are its largest assets, and its incentives currently run through a points programme.

Bucket Protocol is a different design: a collateralised debt position (CDP) protocol where you lock collateral and mint the BUCK stablecoin. Its V1 and V2 contracts held about $25M between them on 8 October 2026, per DefiLlama. It fits users who want a stablecoin loan rather than a pooled money market.

How to choose a Sui lending protocol

• Depth first. NAVI and Suilend have roughly 20 times Scallop's deposits. If you plan to supply or borrow size, deeper pools mean rates that move less when someone else enters or exits.
• LST collateral. If you hold haSUI or vSUI, NAVI has the most of both. If you hold sSUI, Suilend is its home market. Our Sui liquid staking comparison covers the tokens themselves.
• Contained risk. If you want each position walled off, look at NAVI's by-Pair markets, Suilend's isolated markets or Current. A shared pool is more flexible but one bad asset can affect everyone's terms.
• Looping. Current and NAVI both offer one-click multiply tools. Leverage magnifies liquidation risk, so read how DeFi liquidations work first.
• Incentives. Rewards in NAVX, SEND or SCA change often and depend on lock-ups or boosts. Judge a market on the base rate and treat token rewards as a bonus that can disappear.

Whichever you pick, check the utilisation rate before depositing. At 100% utilisation, withdrawals fail until borrowers repay or new deposits arrive, as Suilend's risk page spells out.

Where JewelSwap fits

JewelSwap isn't a lending protocol on Sui. It runs leveraged yield farms that borrow through Scallop: each farm deposits your collateral, borrows against it at a typical 65% collateral weight and supplies the borrowed asset back to Scallop, for about 2.86x leverage. Those farms carry Scallop's protocol and oracle risks as well as liquidation risk. JewelSwap also issues the JWLSUI liquid staking token and offers NFT-collateralised lending on Sui. You can find all of it at sui.jewelswap.io.

Frequently asked questions

What is the biggest lending protocol on Sui?

NAVI and Suilend are almost tied. On 8 October 2026 DefiLlama showed NAVI at $170.8M of TVL and Suilend at $168.0M, with about $78M and $77M borrowed respectively. Current Finance was third at $62.0M.

What is NAVI Protocol?

NAVI is a DeFi platform on Sui offering lending and borrowing, the Volo vSUI liquid staking token and the Astros swap aggregator. Its lending has a shared-pool mode and isolated single-pair markets, uses an oracle built on Pyth and Supra, and pays incentives in its NAVX token.

What is Suilend?

Suilend is a Sui lending protocol launched in March 2024. It has a main market for blue-chip assets plus isolated assets and isolated markets for riskier ones. The same team runs SpringSui (sSUI) and the STEAMM AMM, and its token is SEND.

Is Scallop still a good place to lend on Sui?

Scallop still works and has been audited by four firms, but it is much smaller than it was, at $10.5M of TVL on 8 October 2026. Smaller pools mean rates can swing more. DefiLlama also records a $142,000 reward logic incident on Scallop Lend in April 2026.

Which oracles do Sui lending protocols use?

All four main lenders use Pyth. NAVI combines Pyth with Supra in its own oracle, Suilend uses Pyth and Switchboard, Current uses Pyth's moving-average price, and Scallop currently relies on Pyth alone.

Why is DefiLlama TVL lower than total deposits?

For lending protocols DefiLlama reports supplied assets minus borrowed assets. Add the borrowed figure back to estimate total deposits.

Keep reading

• Scallop on Sui: a deep dive into the money market
• Best DeFi platforms on Sui in 2026
• Best Sui wallets in 2026
• Sui liquid staking compared
• How to check a DeFi protocol is safe

This article is educational and isn't financial advice. TVL, borrowed totals and asset mixes are from DefiLlama as of 8 October 2026; protocol mechanics, audits and token details are from each protocol's documentation as checked on the same date. Rates and incentives change constantly. JewelSwap operates Scallop-based farms on Sui mentioned in this article.