Suilend Announces Suilend Points System and Reduced Loan Interest Rates

Bittime - Suilend is a lending protocol built on the Sui blockchain . Suilend has launched a new points system called Suilend Points. This initiative aims to incentivize user participation on the platform.

What is Suilend?

Before discussing the new features, let's understand Suilend first. Suilend is a lending protocol built on the Sui blockchain. The lending protocol allows users to deposit their crypto assets and earn interest. 

Conversely, users can also borrow crypto assets from such pools, usually with collateral. Suilend aims to be the leading lending platform in the Sui ecosystem, offering users a safe and scalable way to participate in DeFi (decentralized finance) activities.

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Daily Points Distribution

Source: @Suilendprotocol/X

Suilend will distribute a total of 10 million Suilend Points to users every day. This pool will be divided as follows:

• 2 million points for SUI (Sui native token)
• 4 million points for USDC (USD Coin)
• 4 million points for USDT (Tether)

The report explains that these points will be distributed proportionally to users on a daily basis.

Points are Non-Transferable and On-Chain

Suilend Points are designed to be non-transferable. This means users cannot send or trade them with other users. Additionally, points will be stored directly on the blockchain, increasing transparency and security.

However, Suilend also gives appreciation to its loyal users who have actively contributed, such as writing threads, creating memes, or strengthening the Suilend community in various ways. This appreciation takes the form of points and bounties as a form of appreciation 

Also Read How to Buy Crypto:

Reduced Loan Interest Rates for USDC and USDT

Source: @Suilendprotocol/X

Coinciding with the launch of Suilend Points, the platform also announced a reduction in lending rates for USDC and USDT. This interest rate has been reduced to 0.20%, making it easier for users to borrow this stablecoin on Suilend.

Conclusion

Overall, Suilend's new points system and reduced loan interest rates are strategic moves to attract and retain users. By offering daily points rewards and competitive loan interest rates, Suilend aims to strengthen its position in the Sui ecosystem.

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How to Buy Sui Network (SUI) on Bittime

You can buy and sell  Sui Network (SUI)  in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.  

Sui Network (SUI)  is available on Bittime with  the market pair  SUI/IDR . To be able to buy  SUI IDR  at  Bittime,  make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn  the complete guide on how to buy Sui Network (SUI) on Bittime . 

Monitor the price chart movements of Sui Network (SUI),  Bitcoin (BTC) , Ethereum (ETH) ,  Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.   

Also Read

Staking Sui (SUI): Everything Beginners Need to Know

Sui Experiences Transaction Surge: Already Overtakes Solana's Popularity

Sui (SUI) Price Prediction 2024, 2025, 2026-2030: Will it Continue to Rise?

DISCLAIMER:  This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.