Bluefin

DeFi

Suilend

Usual

<p>Bluewater has completed the acquisition of Suilend, picking up the lending protocol along with its two companion products, STEAMM and SpringSui. <cite>The deal brings together some of the most active DeFi infrastructure on the Sui blockchain under a single owner</cite>, while leaving day-to-day operations largely unchanged for existing users.</p>
<h2 id="what-the-deal-covers">What the Deal Covers</h2>
<p><cite>Suilend is the largest lending and DeFi platform on the Sui blockchain.</cite> 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.</p>
<p>Bluewater said the acquisition deepens its long-term commitment to lending, liquid staking, and onchain capital markets on Sui. <cite>Suilend and Bluefin will maintain separate brands and legal structures but plan deeper integration across trading, lending, collateral, and liquidity.</cite><cite>Zabi, co-founder of Bluefin, will serve as CEO.</cite><cite>Zabi has assured that his commitment to Bluefin remains unchanged and that the acquisition will not impact Bluefin's development objectives.</cite></p>
<p><cite>The acquisition does not include the SEND token, which will be distributed to holders through a separate liquidation process.</cite></p>
<h2 id="business-as-usual-for-users">Business as Usual for Users</h2>
<p><cite>Suilend will continue operating independently, retaining its brand, product direction, and infrastructure.</cite><cite>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.</cite></p>
<p>The acquisition was partly financed through Bluefin's relationship with SUI Group Holdings (NASDAQ: SUIG). <cite>Under an amended and restated digital currency loan agreement, SUI Group lent an additional 4 million <a href="https://x.com/search?q=%24SUI&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$SUI</a> to Bluefin, bringing total SUI on loan to 6 million.</cite><cite>This supports Bluewater's acquisition of Suilend-related assets from Concurrent C, Inc.</cite><cite>SUI Group also increased its revenue share to 11%, payable in $SUI, up from 5% under the original September 2025 agreement.</cite></p>
<p><strong>Sources:</strong><br><a href="https://www.businesswire.com/news/home/20260625557731/en/SUI-Group-Expands-Strategic-Partnership-with-Bluefin-Lending-Additional-4-Million-SUI" rel="noopener noreferrer nofollow">Business Wire: SUI Group Expands Strategic Partnership with Bluefin</a><br><a href="https://cryptobriefing.com/sui-group-bluefin-lending-6m-sui/" rel="noopener noreferrer nofollow">Crypto Briefing: SUI Group Lends Additional 4M SUI to Bluefin</a><br><a href="https://www.kucoin.com/news/flash/bluewater-acquires-suilend-and-its-products-which-will-continue-independent-operations" rel="noopener noreferrer nofollow">KuCoin News: Bluewater Acquires Suilend and Its Products</a></p>

Bluewater Acquires Sui Ecosystem's Suilend

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