founder of @save_finance and @suilendprotocol. ex @coinbase engineer, builder, shitposter.
Suilend, SEND
- Tweets 15,694
- Following 2,488
- Followers 24,611
- Likes 45,797
just hit 20k followers! 🥳
after three years and countless hours on this app, I'm grateful for all of you who made this journey so special!
to celebrate, I'm giving away an uncommon capsule! instructions in the next tweet.
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true, solend is working on an airdrop for saga owners 👀
There are going to be a ton of air drops for @Solana @solanamobile Saga owners over the next 12 months
h/t @kankanivishal
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I knew @notthreadguy was cringe but I didn't know he was cringe cringe
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BREAKING: vitalik dumps his visa shares immediately following the announcement that visa plans to use solana
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comment with your address for a chance to win a suilend beta pass NFT!
(helps if you add a message to prove you're human)
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using ethereum + metamask after using solana + @phantom feels like using web2 after using web3
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lmao you can tell that trump doesn't really give a shit about the bitcoin reserve.
he's just doing it because he made a campaign promise and trusts his advisors.
Margo Martin
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"Has SUI really shown a quarter of the potential of Solana?"
My thoughts as someone who built early on both Solana and Sui (@save_finance early 2021, @suilendprotocol early 2024):
1. Developer Experience: Solana is famous for a DevEx that feels like "chewing glass." There's no question that building on Sui is better.
Solana is low level, there are endless build issues, and debugging is hard. You need to learn Rust, Anchor, and Solana all at the same time. Simply setting up the environment is challenging, as things don't work out of the box.
Sui Move is intuitive and abstracts low level chores like deserializing bytes. Higher transaction size limits reduce constraints often encountered on Solana. Tooling is well maintained and "just work."
2. User Experience: Sui is incredibly performant with fast and cheap transactions. Transactions often work more smoothly and consistently than Solana. Sui is at least on par if not better.
Sui is an R&D powerhouse with groundbreaking innovations like Mysticeti and Pilotfish. Transaction throughput is only going to get better from here.
3. Ecosystem: While not as numerous as Solana, Sui has great deal of quality builders. But more importantly, Sui builders are incredibly passionate. This is the most powerful signal of an ecosystem. Devs are bound to flock to Sui due to the upside potential and DevEx, then get Sui-pilled after building.
On market action—the Ethereum foundation is notorious for huge selling. Solana had multiple unlock FUD, especially with FTX. If anything, the fact that SUI pumped despite such big sales is incredibly bullish, since it shows how much demand there is.
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just found an old wallet with $107k of unclaimed JUP with hours to go before expiry
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this was not a black swan event.
and it’s barely a tail event. at this point, LST depegs are run-of-the-mill, happening every couple of weeks.
in this thread I cover what happened, why good trades go bad, and how LST risk management should be approached.
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some of you may have seen the drama with marginfi, but don't know the backstory of solend vs marginfi.
let me catch you up...
starting during the bear market, we were on the receiving end of multiple attacks. there's no shortage of examples, so I'll highlight just a few.
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solend survived the collapse of FTX, UST, 3AC, an attempted smart contract hack, an oracle manipulation attack, a whale crisis, and SOL falling from over $250 to under $10 in one year.
and we're still here building.
solend is one of most resilient teams in all of crypto.
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me resisting the urge to launch a $BUYBACK featurecoin to commemorate the launch of the SEND buyback dashboard
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we just witnessed the first big exploit on sui.
I've been in countless war rooms the last few years due to outages and exploits on solana. so I can tell you that what I saw from sui today was impressive.
sui price may be down but sui tech is as good as ever.
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Sui stands out among a sea of chains. Why?
1. Move is ambitious
2. Mysteceti is state-of-the-art
3. The core devs are world-class
Let's dig in.
1. Smart contract development has always felt like building cathedrals with chisels and hammers... until Move came along. Cathedrals are beautiful! But we're entering the space age. To build rocket ships, you need modern tools. Sui's obsession with developer experience is a welcome blessing. (In fact, our star engineer who worked with both Solana and Sui has said he doesn't want to go back to working with chisels and hammers 😭)
2. Mysteceti breaks records for latency and throughput. This makes the UX of dapps on Sui unparalleled. No long wait times. No high fees. No failed transactions. I'm no consensus expert, but Mysteceti's design has been praised by some who are (@gakonst and @IOHK_Charles). That said, I don't need to be a consensus protocol expert — the proof is in the pudding: Sui is the only chain that works even better than Solana. Try it for yourself!
3. The Sui core team is made up of incredibly smart and talented people. It's the perfect blend of academics and engineering, like if Ethereum and Solana had a baby with the best traits of both. They can do peer-reviewed research AND ship a high quality implementation in a short timeframe. Few can do both so well.
Most chains you see today will be zombie chains in 3 years. But not Sui. Sui is proving itself to be a leader, and I wouldn't be surprised to see it become the go-to chain for dapps of all kinds.
R🐽t
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I haven’t used bitcoin for 4 years
I haven’t used ethereum for 4 months
I haven’t used solana for 4 hours
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dear rootlets,
some of you may see life-changing gains this cycle from the sui ecosystem.
I hope you don't turn into rolex-buying, lambo-driving new money flexers.
remember where you came from. remember there are less fortunate people.
hard work is a prerequisite to success. but luck is also needed. so don't get full of yourself.
stay humble.
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thought I'd share the thinking behind @suilendprotocol publicly since people have been asking
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100% refund.
on sui, users come first.
Sui Foundation is providing Cetus with a secured loan as part of a plan to quickly compensate user losses in full. The Cetus team will use these loan proceeds together with assets from their treasury to cover losses from the stolen funds that have been bridged out of the Sui network. This loan will allow Cetus to cover losses beyond what Cetus could fund on their own. These funds apply only to cover the bridged assets, and are separate from the frozen funds subject to the onchain community vote.
These are extraordinary measures taken to protect the Sui community. Taken together with the onchain community vote proposal, a full recovery is possible. Sui Foundation stands strong in its efforts to support its members.
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just bought the last @DegenApeAcademy below 100 and the first one above 100 SOL.
still got some firepower left! what's next??
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metaplex literally stealing 1 million SOL?
theft: the action of taking another person's property without permission and without intending to return it.
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4/ After the 6-month window, any remaining TM accounts will be resized and the excess SOL will be contributed to the Metaplex DAO, further empowering the community to shape the future of the protocol, drive innovation, and reinforce Solana as the go-to choice for digital assets.
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the top suilend user was airdropped 1.75M SEND worth $6.83M.
and he's diamond handing.
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today we're donating 1000 SUI to lofi's global water charity initiative!
@rootlets_nft are on the water chain, and holders are 60% water. it's a no-brainer to take care of the precious water we have!
Lofi Cares 💧
@SuiNetwork is a chain and ecosystem full of builders and innovators. A community with a grander vision for the digital age and how we leverage technology.
@LofiTheYeti has a duty within Sui to advance this vision and continue making the future brighter for everyone. But we're not stopping there—we want to change the world positively and make a real impact.
Today we are excited to announce Lofi's global charity initiative, focused around water. While $LOFI will lead and organize this charge, it's a cause everyone in $SUI and #Crypto can get behind.
Donations on Sui can be made here ⤵️
LofiFoundation.Sui
Read more below:
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Mo Shaikh 🇺🇸
while you're busy speculating on racing hamsters, there's an $80M power struggle flying under the radar over at @gopartyparrot.
wtf is happening?
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sounds like people are excited about solend's solana saga airdrop, wait til they hear about the airdrop for past and current solend users 👀
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despite the FUD, SUI's DEEP commitment to building an AAA chain makes me think the price is going to SEND
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1. follow all of my projects:
@save_finance
@dumpydotfun
@suilendprotocol
@rootlets_nft
@springsui_
@steammfi
2. RT, like, and comment on the first tweet.
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just loaded up my wallet with SOL. looking to pick up some NFTs with good DeFi-focused communities. what should I buy?
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Hiring an audit firm for a Solana project is near-impossible. So much so that the only way to keep moving fast is to audit yourself.
That's why I put together this auditing workshop. It takes learnings from Ethereum and applies them to Solana.
Our entire team is auditing now.
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ethereum time to unstake: 2-4 days
solana time to unstake: ~2 days
sui time to unstake: 400ms
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in just 12 hours, the SEND mdrop has collected 450k SUI ($2M) from claim penalties.
mdrops are the future.
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users who stuck with solend through FTX and the toughest bear market in history deserve to be rewarded with an airdrop
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cetus, bluefin, and momentum have all been paused.
@steammfi and aftermath are singlehandedly powering all onchain swaps right now.
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USDC is coming to sui. why is it such a big deal?
sui DeFi's biggest bottleneck is bad onboarding. bridging USDC currently has the following problems:
1. doesn't work on mobile, since wormhole requires connecting both source and destination chain wallets
2. wait times of minutes to hours, due to security limits
3. slippage when bridging from solana, since wUSDC is ethereum-native and you must first swap to USDCe
native USDC fixes this.
USDC doesn't expand to new chains willy-nilly -- their expansion to sui is a vote of confidence. CEX support is sure to follow, which will make onboarding to sui as simple as withdrawing from coinbase or binance.
sui DeFi is about to explode.
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I'm glad the world gets to see the bullshit solend had to deal with from marginfi all throughout the bear market
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I'm surprised to see the lack of support for cetus, a dedicated sui-native team.
cetus launched literally day 1 of mainnet and have championed sui for years.
the hack is unfortunate and there's plenty of valid criticism, but the sui community needs to suipport its builders.
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Downtime is bullish, actually.
Sui's downtime reminds me of Solana, which went down countless times in 2021-2022. Now Solana is king, so evidently downtime wasn't fatal. In fact, the many outages were arguably net positive in the long run, since they provided incredible exposure opportunities. Every Solana outage brought waves of new spectators, even becoming a meme. You can't pay for that kind of coverage. ("No such thing as bad press.")
Going through downtime is painful, but it's a growing pain that all high performance blockchains go through. Many will learn about Move, Mysteceti, and Pilotfish for the first time today. And Sui will come out stronger on the other side.
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despite the FUD, SUI's DEEP commitment to building an AAA chain makes me think the price will SEND
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Some thoughts on the IKA situation:
Isolated assets are inherently risky -- that's why they're isolated in the first place. It has been a longstanding policy that bad debt for isolated assets are socialized across depositors, going back to 2023 with Save V2. That said, we could've done better educating users about this risk and our docs have been updated to reflect this.
Some unlucky users deposited IKA after the liquidations and before the loss socialization, taking an instant haircut. These users will be made whole. In the future we'll have better warnings around bad debt in the UI.
We're in touch with the Ika team about figuring out the best path forward and will have more to share soon.
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solend will do an airdrop for the saga 2 when it launches
1/ Almost overnight, Solana Mobile's Saga became the most rewarding experience on a phone, ever, and sold out.
You know that story. Now it's time for the next part of the epic.
solanamobile.com/two
Preorder #Chapter2 & spread the word to maximize your chance at rewards🧵👇
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we're not maximalists -- I left that behind when I left ethereum
with move, sui offers builders an experience we deserve, and that our industry needs to become mainstream
we've spun up a sub-team dedicated to sui, while the rest of the team is still 100% focused on solana
👋We're excited to give a warm welcome to @SuilendProtocol, the largest lending and borrowing protocol on Solana known as @SolendProtocol, to Sui!
💥This new integration marks Solend’s first deployment on a blockchain other than Solana.
Solend boasts over $150 million in TVL across 170,000+ users, supports over 70 assets, and currently has 20+ developer integrations, making it one of Solana’s most prominent platforms for DeFi development.
Read more from @CryptoSlate:
cryptoslate.com/press-releas…
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