Singapore: Solana lending protocol Solend has announced that it has rebranded as Save and relaunched on save.finance. Save is expanding with three new products designed to expand financial opportunities available to Solana users which include a stablecoin, an LST, and an app for shorting memecoins.
Save represents the culmination of everything the Solend team has learned over the last three years. Having grown to become the top DeFi protocol on Solana, peaking at over $1B in TVL. More than just a rebrand, Save better reflects the project’s position within the DeFi landscape and allows it to evolve into a multi-purpose protocol.
Save launches with a fully redesigned interface that marks a significant improvement over Solend. Careful consideration has been given to UI/UX with the goal of simplifying onboarding and making the platform easier to navigate.
Three innovative products have been unveiled to coincide with the launch of save.finance. SUSD, saveSOL, and dumpy.fun showcase the diverse ways in which Save will cater for a new wave of onchain users. SUSD is a decentralized stablecoin that allows 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 release saveSOL, a liquid staking token for SOL. It incorporates leveraged staking strategies that allow users to earn yield while capturing the upside to holding SOL. saveSOL will unlock a host of opportunities for gaining exposure to SOL staking while earning boosted APYs.
The final product developed to coincide with the Save launch, dumpy.fun allows users to short Solana memecoins. dumpy.fun expands the ways in which traders can profit from memecoins.
Solend launched in 2021 with $6.5M in funding from blockchain VCs including Dragonfly Ventures, Polychain Capital, Race, Coinbase Ventures, and Solana Ventures. The launch of Save will build upon everything Solend has been working towards over the past three years while better reflecting its growing role within the Solana ecosystem.
About Save
Save, formerly Solend, is a Solana protocol and platform for lending and borrowing crypto assets with low fees and high scalability. Rebranded as Save, the platform enables Solana users to access a broad range of financial services spanning major verticals from borrowing to trading. The Save protocol empowers users to explore emerging onchain opportunities and to earn yield on their assets.
This post was last modified on Jul 24, 2024, 16:11 BST 16:11