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The rebrand will also see the launch of three innovative DeFi products for Save Finance users i.e. a native stablecoin, a liquid staking token, and a memecoin shorting platform.
Solend, the 13th largest decentralized finance platform on Solana, announced its rebrand to Save Finance, in an announcement released Wednesday this week. Save Finance marks a new dawn for the protocol with an aim to enhance capabilities and utilities for DeFi users, moving from simply a lending and borrowing protocol to a multipurpose DeFi platform.
In its rebranding efforts, Save Finance will introduce three new innovative DeFi products, including a stablecoin ($SUSD), a liquid staking token ($saveSOL), and an app for shorting Solana-based memecoins, dumpy.fun.
Save Finance, formerly Solend, is a Solana-based protocol and platform for lending and borrowing crypto assets with low fees and high scalability. Launched in 2021, Save raised $6.5 million from top blockchain VCs including Dragonfly Ventures, Polychain Capital, Race, Coinbase Ventures, and Solana Ventures to provide users with a wide range of DeFi products i.e. borrowing, lending and trading.
The platform grew into one of the leading DeFi platforms on Solana during the 2021 crypto boom, reaching a peak TVL of nearly $1 billion, according to data from DeFi Llama. Currently, Save ranks as the 13th largest lending platform in lending with a total TVL of $284 million, following a recovery of Solana after the FTX debacle.
Following a three-year journey of building the platform and partnerships, the platform has finally launched new ventures, empowering users to explore emerging on-chain opportunities and earn yield on their assets. In addition, the rebranding will also launch with a fully redesigned interface with a better, user-friendly UI/UX to simplify onboarding and make the platform easier to navigate, the press release reads.
Save will launch three new products for its users in line with the rebranding, namely $SUSD stablecoin, $saveSOL liquid staking token, and a memecoin shorting app, dumpy.fun.
The decentralized stablecoin, $SUSD, will allow 0% interest borrowing against the $SOL token. Deep integration with Save will allow SUSD to grow quickly and safely while increasing the ways in which it can be utilized on Solana.
Save rebranding also launches $saveSOL, a liquid staking token for SOL. This will enable Solana stakers to rehypothecate their staked assets, leveraging staking strategies that allow users to earn yield while capturing the upside to holding SOL. It is expected to unlock a host of opportunities for holders, allowing them to utilize their staked SOL while earning boosted APYs.
Finally, the dumpy.fun trading service will allow users to short Solana memecoins – and have fun while doing it. The platform aims to expand the ways that traders and memecoin holders can profit from their assets apart from holding.
