Sui’s 40 Million TPS Test, Bitcoin Collateral on Sui, Polygon Adds TRON, and a Lido Lending Proposal

Four Web3 announcements this week, each at a different stage:

• A company-reported speed record. Sui says its off-chain “tunnels” handled 40,614,180 transactions per second (TPS) in a live test. The auditor’s report is not out yet [1].
• A dated launch. Sui says Hashi, which lets native bitcoin be used as collateral on Sui, will go live in phases from this month [2].
• A live integration. Polygon’s payments stack now supports TRON, the network holding the most USDT [3][4].
• A proposal. Lido contributors have unveiled Lido Lend, a lending market that still needs a Lido DAO vote. Its technical specifications and audits have not been published [5].

No investment advice follows.

1. Sui’s 40 million TPS: what was actually measured?

Company-reported. Sui says that on 7 October 2026, at its Sui Basecamp conference in Singapore, Sui tunnels processed 40,614,180 TPS in a live test. That beat a 20 million target and Sui’s 4 July record of 6,086,766 TPS, which was also measured in tunnels [1].

The important word is tunnels. Sui describes them as programmable off-chain state and payment channels, similar to Bitcoin’s Lightning Network. Participants open a tunnel on Sui’s main chain, exchange as many updates as they like off-chain, and settle the final result on-chain when the tunnel closes [1]. Each tunnel needs “just two transactions, one to open and one to close” on the main chain, Sui says [1]. More than 10,000 tunnels were opened during the test [1].

So the 40.6 million figure is throughput inside off-chain channels that settle to Sui. It is not the number of transactions Sui’s base chain processes each second. The two are not comparable with another blockchain’s base-layer TPS.

Verification. Sui says CertiK verified the run in real time and will examine the proofs, execution logs and supporting evidence before publishing a report “in the coming days” [1]. That report was not available when we checked.

Why it matters. Sui pitches tunnels at AI agents that may make huge numbers of tiny transactions with each other. Its own line is: “No market in the world needs 6 million transactions per second… Agents do” [1]. Whether such agent traffic arrives is a separate question from whether the channels can carry it.

2. Hashi: native bitcoin as collateral on Sui

Confirmed launch plan; capital figures are Sui’s. Sui announced on 8 October that Hashi mainnet goes live in a phased rollout starting this month. The release also says that “at the end of this month” bitcoin becomes usable as collateral on Sui [2].

How Sui describes it: “Bitcoin remains on the Bitcoin network, while Hashi coordinates its use as collateral through Sui smart contracts” [2]. The uses it lists include borrowing stablecoins without selling BTC, lending into on-chain credit markets, automated vaults and structured products [2]. The release does not explain the custody and signing arrangements that keep the BTC secure on Bitcoin. Those details matter more than the launch date.

Sui reports more than $500 million in capital commitments from a coalition of more than 20 partners, with vaults run by providers such as Aftermath, Concrete and Fluid [2]. Anchorage Digital joins as a day-one partner through two routes: Atlas, its tri-party collateral and settlement system, for institutions with strict custody rules, and Porto, its self-custody wallet [2]. Anchorage also plans to provide stablecoin liquidity [2].

Why it matters. Bitcoin holders, including companies with BTC on their balance sheets, have had few ways to borrow against it without handing it to a lender or wrapping it on another chain. Hashi is Sui’s answer. Its safety depends on how the custody actually works.

3. Polygon’s Open Money Stack adds TRON

Confirmed. Polygon Labs announced on 7 October 2026 that its Open Money Stack, a single integration for stablecoin payments, now supports TRON [3][4]. Polygon gives TRON’s circulating USDT as more than $94 billion [3]. Stablecoin Insider reports that support went live on 8 October and that Polygon calls this the first phase [4].

Three pieces now reach TRON [3][4]:

• Polygon Ramps: fiat on- and off-ramps backed by money-transmitter licences and compliance across 48 US states.
• Programmable accounts: TRON wallets managed through the same integration as other networks.
• Cross-chain routing: moving USDT between TRON and EVM networks such as Polygon in one flow.

Two caveats. First, Stablecoin Insider reports that Polygon’s announcement says the integration does not make TRON a bank and does not remove licensing obligations from the businesses using it. Firms stay responsible for whatever licences their own activities need [4]. Second, the same outlet notes that the release carries a “Commissioned by TRON” disclosure [4]. TSN read Polygon’s release through a syndicated summary, because the newswire page blocked automated access [3].

4. Lido Lend: a proposal, not a product

Proposal. On 7 October 2026 (16:02 BST), Lido contributors posted “Unveiling Lido Lend: Security-First Lending” on the Lido research forum [5]. It is a lending market built on a modified fork of Morpho Blue, and it is “proposed to be governed by the Lido DAO (pending acceptance via governance vote)” [5].

The design principles in the post [5]:

• Isolated markets, so that one market’s bad debt cannot spread to others.
• Screening and filtering of hacked funds at deposit.
• Blue-chip, price-correlated pairs such as stETH/ETH, to limit volatility.
• Reliable exits for lenders even when a market is fully borrowed, and predictable rules so that leveraged “looping” positions can be unwound under stress.

What is missing: contributors say they will publish detailed technical specifications, market parameters and audit reports “ahead of the relevant governance votes” [5]. The post says Lido Lend “is coming this quarter” [5]. That is a target, and it depends on the vote. Early forum replies include pushback, with one participant questioning the return on Lido’s earlier product launches and the DAO’s spending [5].

What this does not prove

• That Sui’s base chain handles 40 million TPS. The figure is throughput inside off-chain tunnels, and CertiK’s report is still to come [1].
• That Hashi is safe, or that $500 million will be deployed. The commitments are Sui’s own figure, and the custody design is not explained in the release [2].
• That TRON-based businesses become licensed by plugging in. Polygon says licensing obligations remain [4].
• That Lido Lend will launch, or launch this quarter. It needs a DAO vote, and its specifications and audits are unpublished [5].
• Any price view on SUI, BTC, POL, TRX, USDT or LDO.

The Bottom Line

Read each item at its stage. Sui’s record is a company-reported off-chain throughput figure awaiting an audit report [1]. Hashi is a dated launch whose security depends on custody details not yet explained [2]. Polygon on TRON is live, but licences still matter [3][4]. Lido Lend is a proposal with no published specifications, audits or vote result [5].

Sources

1. Sui Foundation, “Sui Sets Record for Highest Verified Throughput Settled to a Blockchain: 40 Million Transactions Per Second” (company blog), 7 October 2026. https://www.sui.io/blog/sui-sets-record-for-highest-verified-throughput-settled-to-a-blockchain
2. Sui, “Hashi Mainnet to Launch With $500M in Capital Backing, Adds Anchorage Digital to Coalition” (press release, Chainwire), 8 October 2026. https://chainwire.org/2026/10/08/hashi-mainnet-to-launch-with-500m-in-capital-backing-adds-anchorage-digital-to-coalition/
3. Polygon Labs, “Polygon Open Money Stack Expands to TRON, Extending Network Access to Regulated U.S. Payment Rails” (press release, GlobeNewswire, Dubai, 7 October 2026). Newswire copy (blocked to TSN): https://www.theworldnewswire.com/article/948020250-polygon-open-money-stack-expands-to-tron-extending-network-access-to-regulated-u-s-payment-rails. Text read only as a search-engine excerpt of the StreetInsider syndication (the page itself also blocked TSN): https://www.streetinsider.com/Globe+Newswire/Polygon+Open+Money+Stack+Expands+to+TRON%2C+Extending+Network+Access+to+Regulated+U.S.+Payment+Rails/27160305.html
4. “Polygon Takes Its Licensed Payment Rails to the Chain Holding Half of All USDT,” Stablecoin Insider, 8 October 2026 (secondary; source for the licensing caveat, the “first phase” framing and the “Commissioned by TRON” disclosure). https://stablecoininsider.org/polygon-open-money-stack-tron-usdt/
5. Lido contributors (forum user “Izzy”), “Unveiling Lido Lend: Security-First Lending,” Lido Research Forum, 7 October 2026, 16:02 BST, with replies. https://research.lido.fi/t/unveiling-lido-lend-security-first-lending/11987