DeFi
Solend revamps its platform to save finance by introducing new DeFi features
The rebranding will also see the launch of three innovative DeFi products for Save Finance users, namely a native stablecoin, a liquid staking token, and a memecoin shorting platform.
Solendthe 13th largest decentralized finance platform on Solana, announced its rebranding to Save Finance, in a statement released on Wednesday this week. Save Finance marks a new era for the protocol as it seeks to enhance the capabilities and utility of DeFi users, moving from a simple lending and borrowing protocol to a multi-purpose DeFi platform.
As part of its rebranding efforts, Save Finance will introduce three innovative new DeFi products, including a stablecoin ($SUSD), a liquid staking token ($saveSOL), and an app for shorting Solana-based memecoins, dumpy.fun.
Save Finance, formerly Solend, is a Solana-based protocol and platform for lending and borrowing crypto assets with low fees and high scalability. Launched in 2021, Save has raised $6.5 million from leading blockchain VCs including Dragonfly Ventures, Polychain Capital, Race, Coinbase Ventures, and Solana Ventures to provide users with a wide range of DeFi products, namely borrowing, lending, and trading.
The platform became one of the leading DeFi platforms on Solana during the 2021 cryptocurrency boom, reaching a peak TVL of nearly $1 billion, according to data from Lama DeFiCurrently, Save ranks 13th among the largest lending platforms with a total TVL of $284 million, following Solana’s recovery from the FTX debacle.
After three years of platform development and partnerships, the platform has finally launched new initiatives, allowing users to explore emerging on-chain opportunities and earn yield on their assets. Additionally, the rebranding will also launch with a completely redesigned interface with an improved and user-friendly UI/UX to simplify onboarding and make the platform easier to navigate, the press release said.
Save will launch three new products for its users in line with the rebranding, namely the stablecoin $SUSD, the liquid staking token $saveSOL, and a memecoin short-selling app, dumpy.fun.
The decentralized stablecoin, $SUSD, will enable borrowing at 0% interest against the $SOL token. Deep integration with Save will allow SUSD to grow quickly and securely while increasing the usability of Solana.
Save rebranding is also launching $saveSOL, a liquid staking token for SOL. This will allow Solana stakers to re-stake their staked assets, leveraging staking strategies that allow users to earn yield while capturing the benefits of holding SOL. This should open up a wealth of opportunities for holders, allowing them to utilize their staked SOL while earning boosted APY.
Finally, the dumpy.fun trading service will allow users to short Solana memecoins – and have fun doing it. The platform aims to expand the ways in which memecoin traders and holders can profit from their assets outside of holding.