Lending · SEND · $0.13B TVL. Screen grades as of November 12, 2026: Solvency BB, Legitimacy BB, Growth CCC. Sui ecosystem leader; young chain risk.
| Input / Grade | July 27, 2026 | November 12, 2026 |
|---|---|---|
| TVL | $0.7B | $0.13B |
| 12-month TVL change | -25% | -68% |
| Worst 90-day drawdown | 45% | 30% |
| Drawdown scored | 45% (90-day only, v1.0) | 68% (worse of 90-day and 12-month, v1.1) |
| Solvency (credit grade) | BB · 58 | BB · 51.8 |
| Growth | B · 32.3 | CCC · 27 |
TVL figures: DefiLlama, parent-level listing. The July 27, 2026 TVL was an analyst estimate and may have used a narrower definition, so part of the TVL difference can be definitional. Only these three inputs were refreshed in the re-screen; sustainability, unlocks, risk, audits, team, delivery, governance, category share and momentum were left as the July 27, 2026 estimates.
Solvency screens at BB (51.8 / 100), unchanged from the July 27, 2026 screen. The worst 90-day TVL drawdown is 30% and 12-month TVL change is -68%. TVL stability is scored on the 12-month decline of 68%, because it is worse than the latest 90 days. Sustainability ratio (2x), unlock pressure (12%) and risk quality (6 / 10) are carried over from July 27, 2026.
Legitimacy screens at BB (58.5 / 100). No Legitimacy input was refreshed in the November 12, 2026 re-screen, so the grade is unchanged from July 27, 2026.
Growth screens at CCC (27 / 100), previously B in the July 27, 2026 screen. TVL is $0.13B, -68% over twelve months (it was -25% at the previous screen). Category share (3%) and momentum (5 / 10) are carried over from July 27, 2026.
The credit grade is Solvency BB. Legitimacy is BB and the Growth outlook is CCC; the weakest axis is Growth. These grades use TVL data as of November 12, 2026 and qualitative inputs from July 27, 2026.
The credit grade answers one question: can Suilend survive stress and pay its users back. Legitimacy (BB) and the Growth outlook (CCC) are published beside it and are never averaged into it. Weakest axis: Growth.
| Protocol | Solvency | Legitimacy | Growth |
|---|---|---|---|
| Suilend (this page) | BB | BB | CCC |
| Aave | A | AA | BB |
| Morpho | A | AA | A |
| JustLend | A | BB | BBB |
| Spark | A | A | BB |
| Kamino | BBB | BBB | B |
| Compound | BBB | A | B |
| Venus | A | BB | CCC |
| Euler | BB | A | B |
| Benqi | BB | BBB | CCC |
| NAVI | B | BB | CCC |
| Moonwell | BB | BBB | CCC |
Suilend is the dominant money market on Sui, built by the Solend team who carried their lending experience — including its hard lessons — to a newer chain. It leads its ecosystem while carrying the compound risk of being a young protocol on a young chain.
Solvency screens at BB. Fee coverage (~2x) is respectable, but a 45% drawdown and a heavy 12% unlock schedule weigh, and the 6/10 risk score reflects thin oracle and liquidity infrastructure on Sui relative to mature EVM chains — the liquidation path is only as good as the market depth beneath it.
Legitimacy screens at BB. The team's Solend history cuts both ways: real operating experience, including the 2022 whale-account governance episode that showed how emergency powers get used under stress. Audits (6/10) are the weakest input; governance is nominal at this stage.
Growth screens at B: 3% of the lending category, -25% TVL, fair momentum. Ecosystem leadership on Sui is worth little in a category measured across all chains.
Composite B. Chain-concentrated, unlock-heavy, competently run. A full rating would examine Sui's liquidation infrastructure directly — that is where a small lender on a young chain actually breaks.
