Bluewater has completed the acquisition of Suilend, picking up the lending protocol along with its two companion products, STEAMM and SpringSui. The deal brings together some of the most acti
Bluewater has completed the acquisition of Suilend, picking up the lending protocol along with its two companion products, STEAMM and SpringSui. The deal brings together some of the most active DeFi infrastructure on the Sui blockchain under a single owner, while leaving day-to-day operations largely unchanged for existing users.
Suilend is the largest lending and DeFi platform on the Sui blockchain. The protocol offers lending and borrowing, liquid staking through SpringSui, and automated market-making through STEAMM, a capital-efficient AMM that channels idle liquidity into lending pools for additional yield.
Bluewater said the acquisition deepens its long-term commitment to lending, liquid staking, and onchain capital markets on Sui. Suilend and Bluefin will maintain separate brands and legal structures but plan deeper integration across trading, lending, collateral, and liquidity.Zabi, co-founder of Bluefin, will serve as CEO.Zabi has assured that his commitment to Bluefin remains unchanged and that the acquisition will not impact Bluefin's development objectives.
The acquisition does not include the SEND token, which will be distributed to holders through a separate liquidation process.
Suilend will continue operating independently, retaining its brand, product direction, and infrastructure.The team will adopt a gradual, security-first approach during the transition. Users need take no action, as existing positions and protocol functionalities will remain fully operational.
The acquisition was partly financed through Bluefin's relationship with SUI Group Holdings (NASDAQ: SUIG). Under an amended and restated digital currency loan agreement, SUI Group lent an additional 4 million $SUI to Bluefin, bringing total SUI on loan to 6 million.This supports Bluewater's acquisition of Suilend-related assets from Concurrent C, Inc.SUI Group also increased its revenue share to 11%, payable in $SUI, up from 5% under the original September 2025 agreement.
Sources:Business Wire: SUI Group Expands Strategic Partnership with BluefinCrypto Briefing: SUI Group Lends Additional 4M SUI to BluefinKuCoin News: Bluewater Acquires Suilend and Its Products
