Solana’s Solend Transforms into Save.Finance with New De-fi Protocol

Built 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 products designed to enable more financial opportunities for the Solana community: a stablecoin, a liquid staking token, and an application for shorting memecoins.

Financial Services and Improved User Interface

Rebranding to Save is more than changing a name; in fact, it’s now a strategic evolution that will enable the platform to do more for its users in terms of financial services provided—from borrowing to trading. It comes after three years of growth and development in which Solend has established itself as a DeFi protocol on Solana, with a peak of more than $1 billion in Total Value Locked (TVL).

Save’s new platform features a completely redesigned interface focused on improving user experience. Improvements to the user interface (UI) and user experience (UX) have been geared towards making the onboarding process easier and enhancing navigation, aiming to ensure new and experienced users get easy access to offers delivered by the platform.

New financial products: SUSD, saveSOL, dumpy

The introduction of three innovative products, namely SUSD, saveSOL, and dumpy.fun, is set to herald the launch of Save, thereby providing multiple solutions for different financial needs within the Solana ecosystem.

SUSD is a decentralized stablecoin, allowing borrowing against SOL at 0% interest. The advantage here is integration into the Save platform, which results in rapid and secure expansion in utility across the whole Solana network.

Another product is SaveSOL, an LP token for liquid SOL staking. It implements strategies for staking to enable users to maximize yields from holding their SOL. It provides users various opportunities to unlock more returns when staking their SOL with high APY.

The third product is dumpy.fun, created to short Solana’s memecoins, which have lately been trending, opening up a new avenue for profit for traders.

Background and Strategic Vision

Having launched this year in 2021, Solend raised $6.5M from some of the biggest names in blockchain venture capital: Dragonfly Ventures, Polychain Capital, Race, Coinbase Ventures, and Solana Ventures.

The Save rebranding arrives after years of work laying down the project’s foundation and expanding its vision in the growing Solana ecosystem. Rebranding as Save and upgrading its platform helps ensure Solend holds its place as a versatile DeFi protocol.

Editor’s note: Written with the assistance of AI – Edited and fact-checked by Jason Newey.