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Solana-based lending platform Solend rebrands to Save.finance.
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The rebranding will be coupled with the expansion of products on the platform.
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A new stablecoin, liquid staking service and trading platform have launched.
In new developments in the Solana ecosystem, Solend, a protocol and platform for lending and borrowing crypto assets, has announced its rebranding to Save Finance. The name change will see the platform introduce three new products for users including a stablecoin, a liquid staking token (LST) and an app for shorting memecoins.
The rebrand to Save Finance follows three years of development on Solend, at a time when the Solana ecosystem is recovering since the FTX debacle, aiming to offer users a better, more efficient and broader decentralized finance (DeFi) ecosystem. Save (formerly Solend) ranks as the 13th largest lending platform in TVL, according to DeFi Llama, following a steady 38% increase in the past month, having peaked at $928 million in November 2021.
Chart showing the total TVL of Solend (now Save Finance) since 2021 (Image: DeFi Llama)
According to the team statement, the rebranding to Save will “better reflect the project’s position within the DeFi landscape”, allowing it to offer more capabilities and a multi-purpose platform for its users. In addition, the lending protocol will also redesign its interface and enhance its UI/UX to simplify onboarding and make the platform easier to navigate.
Solend launched in 2021 with $6.5M in funding from blockchain VCs including Dragonfly Ventures, Polychain Capital, Race, Coinbase Ventures, and Solana Ventures.
Save Finance Launches Three New Products
As part of its rebrand, Save Finance will introduce three innovative products – a stablecoin ($SUSD), a liquid staking token ($saveSOL), and an app that allows shorting memecoins (dumpy.fun). The new products aim to cater for the new wave of on-chain users entering the Solana ecosystem while providing more efficiency and utility of their platform.
$SUSD, a decentralized stablecoin built on Solana, will allow zero-interest borrowing against $SOL. The team is working on the token’s integration with Save Finance, which will allow the stablecoin to grow quickly and safely while increasing how it can be utilized on Solana.
The second product is its liquid staking token, $saveSOL, which provides users with staked SOL tokens with more utility for their staked assets. It incorporates leveraged staking strategies that allow users to earn yield while capturing the upside to holding SOL. Additionally, the liquid staking token is expected to increase utility and unlock liquidity, giving holders more opportunities to gain exposure to SOL staking while earning boosted APYs.
Finally, the rebranding will also launch the first-of-its-kind shorting platform, dumpy.fun, which will allow users to short Solana memecoins, amidst the recent memecoin boom on the blockchain. It aims to provide a fun, user-friendly way for traders to profit from memecoins.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice
