2024

Solana

DeFi

Solend

Solana's lending protocol, Solend,&nbsp;<a href="https://x.com/solendprotocol/status/1816105880183824603" rel="noopener noreferrer nofollow">rebranded</a> as Save Finance. This rebranding comes with a slew of new products aimed at enhancing financial opportunities for Solana users.&nbsp;<div><blockquote class="twitter-tweet">We’re excited to unveil the rebranding of Solend to Save, Solana’s permissionless savings account. Along with this rebrand, we’re announcing three groundbreaking new products: SUSD, saveSOL, and <a href="https://twitter.com/dumpydotfun?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@dumpydotfun</a>. 1/n <a href="https://t.co/93TVOXO3AM" rel="noopener noreferrer nofollow">pic.twitter.com/93TVOXO3AM</a>— Save (formerly Solend) (@solendprotocol) <a href="https://twitter.com/solendprotocol/status/1816105880183824603?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 24, 2024</a></blockquote></div>Save Finance is introducing a stablecoin, a liquid staking token (LST), and an app for shorting memecoins, Dumpy[dot]fun&nbsp;<blockquote>“The launch of Save will build upon everything Solend has been working towards over the past three years while better reflecting its growing role within the Solana ecosystem,” a Save team member said.</blockquote>The new protocol aims to improve user experience with a fully redesigned interface. The goal is to make it easier for users to navigate and access various financial services, from lending to trading.<h2 id="span-span-new-product-offerings-span-span">New Product Offerings</h2>Save Finance is set to launch three new products:<ul><li>$SUSD Stablecoin: The decentralized stablecoin will offer 0% interest loans against the $SOL token. This stablecoin is designed to increase the adoption of $SUSD within the Save Finance ecosystem, providing more utility for Solana users.</li><li>$saveSOL Liquid Staking Token: This LST allows holders to utilize their staked assets, earning yield while retaining exposure to $SOL. By leveraging staking strategies, $saveSOL aims to offer boosted annual percentage yields (APYs) and unlock opportunities for users to gain from $SOL staking.</li><li>Dumpy[dot]fun: The new app for shorting Solana-based memecoins provides a unique, user-friendly way for traders to profit from the volatility of memecoins.Dumpy[dot]fun enables users to short memecoins, allowing for potential profits during market crashes and facilitating GME-style short squeezes.&nbsp;</li></ul>The platform borrows on Solend and swaps on Jupiter, enabling users to capitalize on market downturns. Dumpy[dot]fun promises to be a fun, engaging way for traders to participate in the memecoin craze while also providing opportunities for significant financial gains.&nbsp;Solend (now Save) was founded in 2021 and raised $6.5 million in funding from Dragonfly Ventures, Polychain Capital, Race, Coinbase Ventures, and Solana Ventures. Before the unfortunate collapse of FTX in the following year, the platform reached its peak in TVL, recording nearly $1 billion in locked assets.&nbsp;However, the platform has rebounded to become the 13th largest lending platform since then.

Solana's Solend Rebrands to Save and Launches Dumpy.fun for Shorting Memecoins

Table of Contents

BSCN

Other articles published on Jul 25, 2024

Riot Platform buys Kentucky-based Block Mining for $93M

Trump on the Bitcoin Conference: What It Means for $TRUMP

BINGO!!! New Crypto Casino Hotshot Cashing Out Big For Investors, SHIB And ADA Investors Roll The...

Big Day for Ripple vs. SEC Case as Analyst Predicts ‘Explosive Move’ for XRP Price

Ethereum ETF sell-off signals more trouble — 10x Research

Forecasting July's Top Performers: Bitgert, LayerZero, Skey Network, and Pixelverse

Join our free newsletter for daily crypto updates!