Solana-Based Lending Protocol Solend Rebrands To Save Finance

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  • As a seasoned analyst with years of experience in the decentralized finance (DeFi) industry, I have witnessed the evolution of various platforms and their transformative rebranding efforts. The recent announcement by Solend, now Save Finance, about its rebrand and new product offerings caught my attention due to its strategic timing and ambitious expansion plans.

    Solana-based lending platform Solend rebrands to Save.finance. 

  • The rebranding will be coupled with the expansion of products on the platform.

  • A new stablecoin, liquid staking service and trading platform have launched. 

In recent advancements within the Solana community, Solend, which is a lending and borrowing protocol and platform for cryptocurrencies, has unveiled its new identity as Save Finance. This rebranding comes with the introduction of three novel offerings for users: a stablecoin, a liquid staking token (LST), and an application specifically designed for shorting memecoins.

Save Finance, which was previously known as Solend, underwent a rebranding process after three years of development within the Solana ecosystem. This comes at a time when the Solana platform is regaining strength following the FTX incident. Our goal is to provide users with a superior, more efficient, and wider range of decentralized finance (DeFi) services. Currently ranked as the 13th largest lending platform in terms of TVL (Total Value Locked), according to DeFi Llama, Save has seen a consistent 38% growth over the past month, reaching a peak TVL of $928 million in November 2021.

Chart showing the total TVL of Solend (now Save Finance) since 2021 (Image: DeFi Llama)

The team’s announcement explains that the new brand name, Save, will more accurately represent Save’s role in the Decentralized Finance (DeFi) sector. This change enables Save to expand its functionalities and create a versatile platform for users. Furthermore, the lending protocol intends to overhaul its interface and upgrade UI/UX design to streamline the onboarding process and improve user experience.

In the year 2021, Solend made its debut with a total investment of $6.5 million from notable venture capital firms in the blockchain industry such as Dragonfly Ventures, Polychain Capital, Race, Coinbase Ventures, and Solana Ventures.

Save Finance Launches Three New Products

As a crypto investor, I’m excited about Save Finance’s upcoming rebrand and the introduction of three game-changing products: a stablecoin named $SUSD, a liquid staking token called $saveSOL, and an app called dumpy.fun for shorting memecoins. These new offerings are designed to meet the needs of the growing number of on-chain users in the Solana ecosystem, providing them with increased efficiency and utility within the Save Finance platform.

A decentralized stablecoin named $SUSD, constructed on the Solana blockchain, enables users to borrow $SOL without accruing interest. The development team is actively working towards integrating $SUSD with Save Finance. This collaboration will facilitate swift and secure growth of the stablecoin while expanding its usability on the Solana platform.

The second product is a token called $saveSOL, which functions as the liquid staking version of users’ staked SOL tokens. This token offers enhanced functionality for users’ staked assets. It employs leveraged staking methods that enable users to generate returns while benefiting from holding SOL. Furthermore, the liquid staking token is projected to expand its utility and unlock liquidity, presenting holders with additional ways to engage with SOL staking and secure higher Annual Percentage Yields (APYs).

Lastly, the rebranding introduces a novel shorting platform, dumpy.fun, designed specifically for shorting Solana memecoins. This innovative feature comes in response to the current surge of memecoins on the Solana blockchain. By offering an engaging and uncomplicated experience, dumpy.fun enables traders to capitalize on the memecoin trend.

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2024-07-24 16:02