Solana’s Major DeFi Solend Rebrands to Save, Introduces LST, Stablecoin

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As a seasoned researcher with a background in blockchain technology and decentralized finance (DeFi), I have closely followed Solend’s journey since its inception. Having witnessed its transformation from a promising newcomer to the leading DeFi protocol on Solana, I am thrilled to see Save’s rebranding and the introduction of their innovative products.

Solend, a versatile lending platform on the Solana (SOL) blockchain, is undergoing a rebranding process and will now be known as Save. The domain name save.finance has been acquired for this new identity. Solana Decentralized Finance (DeFi) community members are encouraged to explore and test out Save’s latest offerings: a stablecoin, an LST (Liquidity Swap Token), and a unique platform designed for meme coin shorting.

Solana-based Solend rebrands into Save, introduces liquid staking and native stablecoin

Solend, previously the largest DeFi protocol on the Solana network in terms of TVL (Total Value Locked), has announced an extensive rebranding initiative. The new identity will be reflected at save.finance as the operating domain, while the toolkit is set to expand with three fresh offerings.

I’m thrilled to share the news of Solend’s transformation into Save, the permissionless savings account on the Solana network! In conjunction with this rebranding, we’re launching three innovative new offerings: SUSD (a stablecoin), saveSOL (an automated savings feature), and @dumpydotfun (a DeFi yield optimizer)! 🚀💡— Save (formerly Solend) (@solendprotocol) July 24, 2024

In addition to exciting advancements in product features, great attention has been paid to enhancing the user interface (UI) and user experience (UX). The focus is on streamlining the onboarding process and making the platform more intuitive for users to navigate.

Save’s collection of new offerings features SUSD, Save’s homegrown decentralized stablecoin, offering the perk of borrowing at a 0% interest rate using SOL as collateral.

In addition to launching a new indigenous stablecoin, Save presents saveSOL as a liquid staking token for Solana (SOL). This innovative token offers users the chance to generate returns while maintaining their SOL holdings through leveraged staking techniques. By employing saveSOL, users can explore numerous avenues for enhancing their exposure to SOL staking and reaping enhanced annual percentage yields (APYs).

As a DeFi analyst, I’m thrilled about the possibilities that Save’s new rebranding brings to the table for decentralized finance on the Solana (SOL) blockchain. I firmly believe that this pivotal move will significantly contribute to the expansion and growth of the protocol.

Save serves as the pinnacle of the knowledge amassed by the Solend team throughout their three-year journey. With Solana’s DeFi marketplace, they have risen to become the leading protocol, reaching a TVL (Total Value Locked) peak of over $1 billion. Save goes beyond being merely a rebrand; it accurately represents Save’s role within the expanding DeFi scene and sets the stage for its evolution into a versatile protocol.

Previously reported by U.Today, Solend introduced a new version compatible with SUI (Solana’s upcoming native token) in December 2023. This made Solend one of the pioneering decentralized finance (DeFi) projects on the Solana (SOL) network, expanding its reach beyond its initial ecosystem.

Reintroducing crucial product for Solana (SOL) DeFi scene

The third addition to Save’s offerings, named dumpy.fun, empowers users to short Solana meme coins. This new feature broadens the opportunities for traders to make gains when the prices of these coins fluctuate in various directions.

In the year 2021, Solend made its debut with a capital investment of $6.5 million from esteemed venture capital firms in the blockchain industry. Among these investors were Dragonfly Ventures, Polychain Capital, Race, Coinbase Ventures, and Solana Ventures.

Save’s debut will expand on Solend’s existing product line and bring back its top financial instruments for the Solana Decentralized Finance (DeFi) market.

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2024-07-24 18:35