Constructed on the Solana-based lending protocol, Solend has rebranded to Save and relaunched its platform at save.finance. With the rebranding, Save introduces three new merchandise designed to allow extra monetary alternatives for the Solana neighborhood: a stablecoin, a liquid staking token, and an software for shorting memecoins.
Monetary Companies and Improved Person Interface
Rebranding to Save is greater than altering a reputation; in actual fact, it’s now a strategic evolution that may allow the platform to do extra for its customers by way of monetary providers offered—from borrowing to buying and selling. It comes after three years of development and growth by which Solend has established itself as a DeFi protocol on Solana, with a peak of greater than $1 billion in Whole Worth Locked (TVL).
Save’s new platform includes a utterly redesigned interface targeted on enhancing consumer expertise. Enhancements to the consumer interface (UI) and consumer expertise (UX) have been geared in the direction of making the onboarding course of simpler and enhancing navigation, aiming to make sure new and skilled customers get easy accessibility to presents delivered by the platform.
New monetary merchandise: SUSD, saveSOL, dumpy
The introduction of three revolutionary merchandise, specifically SUSD, saveSOL, and dumpy.enjoyable, is ready to herald the launch of Save, thereby offering a number of options for various monetary wants inside the Solana ecosystem.
SUSD is a decentralized stablecoin, permitting borrowing towards SOL at 0% curiosity. The benefit right here is integration into the Save platform, which leads to fast and safe growth in utility throughout the entire Solana community.
One other product is SaveSOL, an LP token for liquid SOL staking. It implements methods for staking to allow customers to maximise yields from holding their SOL. It offers customers numerous alternatives to unlock extra returns when staking their SOL with excessive APY.
The third product is dumpy.enjoyable, created to quick Solana’s memecoins, which have these days been trending, opening up a brand new avenue for revenue for merchants.
Background and Strategic Imaginative and prescient
Having launched this yr in 2021, Solend raised $6.5M from a number of the greatest names in blockchain enterprise capital: Dragonfly Ventures, Polychain Capital, Race, Coinbase Ventures, and Solana Ventures.
The Save rebranding arrives after years of labor laying down the mission’s basis and increasing its imaginative and prescient within the rising Solana ecosystem. Rebranding as Save and upgrading its platform helps guarantee Solend holds its place as a flexible DeFi protocol.
Editor’s notice: Written with the help of AI – Edited and fact-checked by Jason Newey.
