Solend Unveils Save.Finance As Its New Rebranded Solana DeFi Protocol
In Brief
Solend rebranded as Save, introducing three new products, including a stablecoin, a liquid staked token, and an app for shorting memecoins.
Solana lending protocol Solend announced its rebranding as Save and its relaunch on save.finance. Save is introducing three new products aimed at broadening financial opportunities for Solana users, including a stablecoin, a liquid staked token (LST), and an application for shorting memecoins.
“Save is faster and more user-friendly, built with learnings from the last 3 years,” said Rooter, founder of Solend, in a conversation with MPost. “The upcoming LST and stablecoin will provide better yield and better liquidity for all of Solana,” he added.
Save embodies the lessons learned by the Solend team over the past years of development. The protocol has evolved into one of the leading decentralized finance (DeFi) platforms on Solana, reaching a peak total value locked (TVL) of over $1 billion. More than just a rebranding, Save represents the project’s current role in the DeFi ecosystem and facilitates its growth into a multi-purpose protocol.
The protocol introduces a completely redesigned interface, offering enhancements over the previous Solend platform. The new design focuses on improving UI and UX to simplify the onboarding process and make the platform more user-friendly and easier to navigate.
Save To Introduce SUSD, SaveSOL, And Dumpy.fun Along With Launch
In conjunction with the launch of save.finance, three new products have been introduced: SUSD, saveSOL, and dumpy.fun. These offerings highlight the diverse ways Save aims to serve a new generation of on-chain users. SUSD is a decentralized stablecoin that facilitates 0% interest borrowing against SOL. Deep integration with Save will allow SUSD to grow quickly and safely while increasing the ways in which it can be utilized on Solana.
Save will also introduce saveSOL, a liquid staking token for SOL. This token integrates leveraged staking strategies, enabling users to earn yield and benefit from potential increases in the value of SOL. It will provide numerous opportunities for gaining exposure to SOL staking while offering enhanced annual percentage yields (APYs).
The final product introduced alongside the Save launch was dumpy.fun, enables users to short Solana memecoins. This expands the opportunities for traders to profit from fluctuations in memecoins.
Previously known as Solend, this Solana-based protocol and platform facilitates lending and borrowing of cryptocurrency assets with low fees and high scalability. It allows Solana users to access a wide range of financial services, including borrowing and trading and provides opportunities to explore emerging on-chain prospects and earn a yield on their assets.
Solend was launched in 2021 with $6.5 million in funding from blockchain venture capital firms such as Dragonfly Ventures, Polychain Capital, Race, Coinbase Ventures, and Solana Ventures. The introduction of Save builds on the progress made by Solend over the past three years and reflects its expanding role within the Solana ecosystem.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
