Suilend, the Sui-based lending protocol, has officially launched its native token, SEND, as announced on the X platform.
The launch took place at 13:00 on December 12, Beijing time, marking a significant milestone for the Suilend ecosystem.
SEND Token Distribution: 40% Allocated to Community
A key highlight of the SEND token launch is the substantial 40% allocation that will be distributed to the community through the mdrop mechanism.
Out of this 40%, 20% will be rewarded to SEND points holders and early users, 5% will be allocated to the broader Sui ecosystem community, and the remaining 15% will be distributed to SAVE holders on the Solana blockchain.
This community-focused approach underscores Suilend’s commitment to fostering widespread participation and engagement within its ecosystem.
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SEND Token Price Reaction
Following the announcement of the SEND token launch, the price of the token has seen a notable increase.
At the time of reporting, the price of SEND stands at $0.00008478, representing a 6.05% price jump in the last 24 hours.
However, the token has experienced a 3.04% price decline in the past 7 days, highlighting the volatility inherent in the cryptocurrency market.
SEND Token Market Capitalization and Circulating Supply
The SEND token has a circulating supply of 27 billion tokens, which, based on the current price, translates to a market capitalization of $2,319,502.
This market capitalization figure provides an initial indication of the token’s valuation and its potential impact within the Suilend ecosystem and the broader decentralized finance (DeFi) landscape.
Suilend’s Vision and Ecosystem Development
The launch of the SEND token represents a significant step forward for Suilend, the Sui-based lending protocol.
By dedicating a substantial portion of the token supply to the community, Suilend demonstrates its commitment to fostering widespread adoption and user engagement.
As the SEND token gains traction and the Suilend ecosystem continues to evolve, it will be crucial to monitor the token’s performance and the protocol’s overall development to assess its long-term viability and impact within the DeFi space.
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