Suilend, a lending protocol on the Sui blockchain, has experienced a significant surge in its total value locked (TVL), increasing by 85% over the past week. On August 13, the protocol’s TVL reached a record high of $74.2 million, positioning it among the top four largest decentralized finance (DeFi) applications on Sui. Earlier today, Suilend reported that its TVL hit the $75 million mark.

Launched in March 2024 by the team behind Solend, now rebranded as Save, Suilend had previously seen its TVL peak at $66.7 million in mid-June before experiencing a decline. The recent recovery has been attributed to a sudden increase in the interest rate for USDC deposits, which at one point exceeded 33%. As of now, the annual percentage rate (APR) for USDC lending has corrected to 21.45%.

Despite the recent growth, Suilend faced a setback on August 13, with over $4 million worth of USDC exiting the protocol, marking one of its worst days for USDC outflows. This development follows a trend seen in the NAVI protocol, the largest lending platform on Sui, which also experienced a TVL surge due to increased rewards in its USDC pool.