Following a three-year development process, Solend, a Solana-based DeFi protocol, announced its new DeFi protocol with a rebrand to Save Finance. Relaunched to save.finance, the new protocol will expand its product offerings, introducing three new products including a stablecoin, a liquid staking token, and an app for shorting memecoins.
Solend (now Save Finance) is a platform designed to ease lending and borrowing crypto assets on Solana with low fees and high scalability. Following its rebrand, the platform will enable Solana users to access a broad range of financial services spanning major verticals from borrowing to trading. This is expected to expand the yield earning opportunities for users on Save and enable users to explore emerging on-chain opportunities.
The platform launched in 2021 with $6.5M in funding from blockchain VCs including Dragonfly Ventures, Polychain Capital, Race, Coinbase Ventures, and Solana Ventures. Later that year, the platform reached its peak in TVL, recording nearly $1 billion in locked assets, before the unfortunate collapse of FTX which affected the Solana ecosystem.
Nonetheless, the platform has recovered to become the 13th largest lending platform, and the team aims to use the experience gained to “reflect its growing role within the Solana ecosystem”.
“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,” a Save team member stated.
Rebranding to Save Finance, will also introduce a fully redesigned interface that significantly improves the previous Solend interface. Additionally, the platform is also enhancing its UI/UX aiming to simplify the onboarding process for new users and making the platform easier to navigate.
Save Finance: A Fully-Fledged DeFi Protocol
To coincide with rebranding to Save Finance, the platform is set to launch three innovative DeFi products – the $SUSD stablecoin, $saveSOL liquid staking token, and an app for shorting Solana-based memecoins, dumpy.fun. These new developments will cater for a new wave of on-chain users.
The decentralized stablecoin will provide 0% interest loans to borrowers against the $SOL token. Moreover, the token will be integrated into the Save Finance platform, allowing enhanced adoption of $SUSD and increasing how it can be utilized on Solana.
The new DeFi platform will also launch a liquid staking token for $SOL, $saveSOL, allowing holders to utilize their staked assets. By leveraging staking strategies, the LST will 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.
Finally, the revamped platform will launch dumpy.fun, a decentralized trading platform that allows users to short Solana memecoins. This comes at a time the Solana memecoin frenzy has died down after an explosive start to the year.
