What Is Suilend? Sui Lending, SEND Token and SpringSui

Suilend is a lending and borrowing protocol on Sui that also runs the SpringSui liquid staking standard and the SEND token. It launched on Sui mainnet in March 2024 and, as of October 2026, is one of the two largest money markets on the network.

Suilend at a glance

Attribute	Detail
Category	Lending and borrowing, plus liquid staking (SpringSui)
Chain	Sui
Native token	SEND (100,000,000 total supply)
Launched	March 2024 (mainnet); SEND token December 2024
Key products	Suilend lending (main and isolated pools), SpringSui and sSUI, STEAMM AMM, SEND
TVL	About $172M in Suilend lending, with roughly $79M borrowed; about $69M in SpringSui (DefiLlama, October 2026)
Audits / security record	Zellic and OtterSec (2024), Certora formal verification (February 2026); losses in two isolated markets in 2025, contained to those markets
Website	suilend.fi
Integrated with JewelSwap	No (not integrated)

What is Suilend?

Suilend went live on Sui mainnet in March 2024. Its team had built a lending protocol before, so Suilend arrived with an experienced crew and a familiar pool-based design. It grew quickly: Suilend's own documentation cites about $1B of combined TVL across Suilend and SpringSui in January 2025.

Today Suilend markets itself as a DeFi suite rather than a single lender. Alongside the money market it runs SpringSui, a framework for issuing liquid staking tokens, and STEAMM, an automated market maker that entered beta in February 2025. As of 10 October 2026, DefiLlama puts Suilend lending at about $172M, almost exactly level with NAVI Protocol, with SpringSui adding about $69M more.

For a side-by-side look at the main Sui lenders, see our Sui lending protocols comparison.

How Suilend works

1. Supply. You deposit assets into a pool and earn the variable rate paid by borrowers.
2. Borrow. Deposits act as collateral. Each asset has its own LTV and liquidation threshold, and your account's threshold is a weighted average of your collateral.
3. Price feeds. Suilend uses Pyth and Switchboard oracles to value collateral and trigger liquidations.
4. Liquidation. When a position crosses its threshold, third-party liquidators can repay 20% of the loan and receive a 5% bonus on that amount.
5. Isolated pools. Newer or riskier tokens go into isolated pools with deposit caps. In uninsured pools, any shortfall is socialised across all depositors rather than falling on the last person to withdraw.

Our guide to DeFi loan liquidations walks through what a 20% partial liquidation means in practice.

Key features

• SpringSui (sSUI). Stake SUI and receive sSUI, a value-accruing LST that can be redeemed for SUI instantly in a single transaction.
• LST standard. SpringSui is designed so other teams can launch their own LSTs on the same framework.
• Isolated markets. Riskier assets are walled off from the main pool, which limited the damage in the 2025 incidents described below.
• Leverage tools. The app supports leveraged long and short positions, swaps and liquidity provision from one interface.
• STEAMM. Suilend's own "superfluid" AMM, which entered beta in February 2025 and extends the suite into trading.

SEND token

SEND has a total supply of 100 million and launched in December 2024 through Suilend's "mdrop" mechanism. Per Suilend's documentation, 65% goes to the community, 20% to investors and 15% to the team. Mdrops account for 40% of supply: 20% for points holders and early users, 5% for ecosystem communities and 15% for SAVE holders. Mdrop recipients get mSEND, which converts to SEND with a penalty, paid in SUI, that falls over time. Investor allocations vest over two years and team allocations over four.

The documentation describes SEND as the governance token for a planned Suilend DAO, with holders standing to benefit from potential revenue sharing. Treat those as stated intentions and check the current state before relying on them.

Risks and track record

Suilend has not suffered a contract exploit, according to its documentation and DefiLlama. It has had two market-level losses, both in isolated pools:

• IKA market, September 2025. IKA's price jumped from about $0.04 to $0.47, some loans were liquidated at high valuations and the market was left with a gap of roughly $379,000. Depositors in that market absorbed it, with balances falling by about 6%. IKA lending was suspended.
• Elixir market, November 2025. Deposits and withdrawals in the Elixir isolated market were paused after Stream Finance reported a major loss affecting assets tied to its xUSD token. Suilend said all other markets were unaffected.

Both cases show isolation working as designed, and also the cost: depositors in a risky isolated pool can take losses. SpringSui adds its own risks, including smart-contract bugs, failures in the instant-unstake mechanism and validator underperformance.

Is Suilend integrated with JewelSwap?

No. JewelSwap has no live integration with Suilend or SpringSui.

SpringSui's sSUI is an alternative to JewelSwap's JWLSUI, and the designs differ. sSUI is a single appreciating token with instant redemption. JWLSUI uses two tokens: JWLSUI is minted 1:1 against SUI (backing can reach up to 1.1x via protocol-owned liquidity), and staking it gives SJWLSUI, which appreciates. Unbonding takes 10 days and the claim is a transferable NFT, and a Gauge lets stakers vote on validator delegation. Our Sui liquid staking comparison covers the trade-offs.

For borrowing-driven yield, JewelSwap's leveraged yield farms on Sui borrow from Scallop rather than Suilend.

Suilend vs other Sui apps

NAVI Protocol is Suilend's closest peer, with a similar deposit base and its own LST (vSUI via Volo). Scallop is smaller but has a long track record on Sui and powers JewelSwap's leveraged farms. On the staking side, sSUI competes with haSUI and vSUI; as of October 2026 SpringSui is the largest Sui LST on DefiLlama.

Related Sui apps

• Sui — the layer-1 blockchain and the hub of this directory.
• NAVI Protocol — Suilend's main lending rival.
• Scallop — Sui money market behind JewelSwap's leveraged farms.
• Haedal (haSUI) — a competing Sui liquid staking token.
• Volo (vSUI) — NAVI-owned liquid staking with instant unstaking.
• Cetus — Sui's main concentrated-liquidity DEX.

Learn more on the JewelSwap blog

• Sui lending protocols compared — Suilend, NAVI and Scallop side by side.
• Sui liquid staking compared (2026) — sSUI, haSUI, vSUI and JWLSUI.
• DeFi loan liquidations explained — what happens when collateral falls.
• Scallop, the Sui lending protocol — the lender used by JewelSwap's farms.

Frequently asked questions

Is Suilend safe?

No DeFi protocol is risk-free. Suilend is audited by Zellic and OtterSec, formally verified by Certora and has no recorded contract exploit, but depositors in its IKA isolated market took a loss of about 6% in September 2025. Borrowers also face liquidation risk.

What is the SEND token used for?

SEND is Suilend's token, with a 100 million supply launched in December 2024. Suilend's documentation describes it as the governance token for a planned DAO, with holders standing to benefit from potential revenue sharing.

Is Suilend integrated with JewelSwap?

No. JewelSwap has no live integration with Suilend or SpringSui. On Sui, JewelSwap offers JWLSUI liquid staking and leveraged yield farms that borrow from Scallop.

JewelSwap Sui Ecosystem directory · educational, not financial advice. Data as of October 2026. Browse all Sui apps.