thenewscrypto.com
Solend, a Solana lending protocol has announced that it has rebranded as Save and relaunched on save.finance. In order to increase the financial possibilities accessible to Solana users, Save is growing with the launch of three additional products: an LST, an app for memecoins shorting, and a stablecoin.
The lessons the Solend team has learnt over the last three years are summed up in Save. Having risen to become Solana’s top DeFi protocol, with a TVL of more over $1 billion. More than simply a name change, Save helps the project become more multifunctional and more accurately represents its place in the DeFi landscape.
With a completely revamped UI, Save debuts as a major advancement over Solend. The UI/UX has been carefully thought out in order to streamline onboarding and improve platform use.
Concurrent with the introduction of save.finance, three novel products have been introduced. Save will accommodate a new generation of onchain users in a variety of ways, as shown by SUSD, saveSOL, and dumpy.fun. Decentralized stablecoin SUSD allows borrowing against SOL with 0% interest. Deep integration with Save will expand the ways in which SUSD may be used on Solana while enabling its rapid and secure growth.
A liquid staking token for SOL called saveSOL will also be released by Save. Leveraged staking tactics are included with it, enabling users to get the benefits of owning SOL while earning yield. A multitude of opportunities to experience SOL staking and earn increased APYs will become available with saveSOL.
Dumpy.fun, the final product released in tandem with Save, lets users short Solana memecoins. The manner in which traders might benefit from memecoins are expanded by dumpy.fun.
With $6.5 million in funding from blockchain venture capital firms including Dragonfly Ventures, Polychain Capital, Race, Coinbase Ventures, and Solana Ventures, Solend made its debut in 2021. Save’s debut will advance everything that Solend has been pursuing over the last three years and more accurately represent the company’s expanding position within the Solana ecosystem.