The rebrand may also see the launch of three revolutionary DeFi merchandise for Save Finance customers i.e. a local stablecoin, a liquid staking token, and a memecoin shorting platform.
Solend, the thirteenth largest decentralized finance platform on Solana, introduced its rebrand to Save Finance, in an announcement launched Wednesday this week. Save Finance marks a brand new daybreak for the protocol with an intention to boost capabilities and utilities for DeFi customers, transferring from merely a lending and borrowing protocol to a multipurpose DeFi platform.
In its rebranding efforts, Save Finance will introduce three new revolutionary DeFi merchandise, together with a stablecoin ($SUSD), a liquid staking token ($saveSOL), and an app for shorting Solana-based memecoins, dumpy.enjoyable.
Save Finance, previously Solend, is a Solana-based protocol and platform for lending and borrowing crypto property with low charges and excessive scalability. Launched in 2021, Save raised $6.5 million from high blockchain VCs together with Dragonfly Ventures, Polychain Capital, Race, Coinbase Ventures, and Solana Ventures to offer customers with a variety of DeFi merchandise i.e. borrowing, lending and buying and selling.
The platform grew into one of many main DeFi platforms on Solana through the 2021 crypto increase, reaching a peak TVL of almost $1 billion, based on knowledge from DeFi Llama. Presently, Save ranks because the thirteenth largest lending platform in lending with a complete TVL of $284 million, following a restoration of Solana after the FTX debacle.
Following a three-year journey of constructing the platform and partnerships, the platform has lastly launched new ventures, empowering customers to discover rising on-chain alternatives and earn yield on their property. As well as, the rebranding may also launch with a totally redesigned interface with a greater, user-friendly UI/UX to simplify onboarding and make the platform simpler to navigate, the press release reads.
Save will launch three new merchandise for its customers according to the rebranding, specifically $SUSD stablecoin, $saveSOL liquid staking token, and a memecoin shorting app, dumpy.enjoyable.
The decentralized stablecoin, $SUSD, will enable 0% curiosity borrowing in opposition to the $SOL token. Deep integration with Save will enable SUSD to develop rapidly and safely whereas rising the methods during which it may be utilized on Solana.
Save rebranding additionally launches $saveSOL, a liquid staking token for SOL. This may allow Solana stakers to rehypothecate their staked property, leveraging staking methods that enable customers to earn yield whereas capturing the upside to holding SOL. It’s anticipated to unlock a bunch of alternatives for holders, permitting them to make the most of their staked SOL whereas incomes boosted APYs.
Lastly, the dumpy.enjoyable buying and selling service will enable customers to quick Solana memecoins – and have enjoyable whereas doing it. The platform goals to develop the ways in which merchants and memecoin holders can revenue from their property aside from holding.