Decentralized protocol based on Solana, Solend (SLND) announced the conclusion of its second season incentive campaign today at 09:00 AM EST. A total of 1,100,000 SLND tokens will be distributed among users who participated in Season 2.

According to the announcement, all deposits with collateral enabled made between April 11th and July 12th were eligible for rewards. Moreover, deposits made before April 17th that were held until today received a double multiplier. Users can begin verifying and claiming their rewards starting from July 15th at 09:00 AM EST.

Notably, unclaimed rewards from Season 1 expire upon the conclusion of Season 2. Solend launched Season 2 in April, which spanned three months. Additionally, Solend has unveiled intentions to host its third season in the near future.

Solend represents an algorithmic, decentralized protocol designed for lending and borrowing on the Solana blockchain. Utilizing Solana‘s capabilities, Solend is empowered to achieve scalability up to 100 times faster and cheaper, offering a user-friendly and secure solution on the Solana network.

How Does Solend Work?

Interest rates and collateral requirements on the platform are defined algorithmically. So, it is enabling individuals to earn interest and engage in leveraged long or short positions with cryptocurrency assets. SLND, Solend’s native token, offers exposure to Solana’s decentralized finance (DeFi) market.

At its core, the project facilitates decentralized lending within the Solana network. Individuals deposit funds into their Solend accounts and earn interest on those deposits. Additionally, they have the option to utilize their deposits as collateral to obtain loans, avoiding the need to provide traditional repayment justifications.

As an autonomous application, Solend removes the necessity for borrowers to proceed with complex underwriting processes typically required by financial institutions when approving loans. Users can conveniently access both short-term and long-term loans, facilitated by self-executing smart contracts that incorporate various clauses to establish borrowing limits and manage interest collection.

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