Solana's Major DeFi Solend Rebrands to Save, Introduces LST, Stablecoin

Solend, a multipurpose lending protocol on Solana (SOL), is rebranding to Save and migrating to the domain save.finance. It also invites Solana DeFi enthusiasts to experiment with its three new products, including a stablecoin, an LST and a platform for shorting meme coins.

Solana-based Solend rebrands into Save, introduces liquid staking and native stablecoin

Solend, once the largest Solana DeFi protocol by TVL, shares the details of its profound rebranding campaign. The protocol will be operating as Save at the domain save.finance, and its toolkit will be enhanced by three brand new offerings.

Besides interesting product developments, careful consideration has been given to UI/UX, with the goal of simplifying onboarding and making the platform easier to navigate. 

Save's stack of novel products includes SUSD, Save's native decentralized stablecoin, equipped with the opportunity for 0% interest borrowing against SOL.

Alongside the new native stablecoin, Save introduces saveSOL, a liquid staking token for SOL. It incorporates leveraged staking strategies that allow users to earn yield while capturing the upside to holding SOL. saveSOL will unlock a host of opportunities for gaining exposure to SOL staking while earning boosted APYs.

Save's team is excited by the opportunities the new rebranding unlocks for DeFi on Solana (SOL) and stresses its paramount role for the protocol's growth:

Save represents the culmination of everything the Solend team has learned over the last three years. Having grown to become the top DeFi protocol on Solana, peaking at over $1B in TVL. More than just a rebrand, Save better reflects the project’s position within the DeFi landscape and allows it to evolve into a multi-purpose protocol.

As covered by U.Today previously, Solend released a version on Sui (SUI) in December 2023 and was one of the first blue-chip DeFis on Solana (SOL) that expanded beyond its inaugural network.

Reintroducing crucial product for Solana (SOL) DeFi scene

The third expansion of Save's product stack, dumpy.fun, allows users to short Solana meme coins. dumpy.fun expands the ways in which traders can profit from meme coins when their prices are moving in both directions.

Solend launched in 2021 with $6.5 million in funding from blockchain VCs, including Dragonfly Ventures, Polychain Capital, Race, Coinbase Ventures and Solana Ventures.

The launch of Save will build upon Solend's product track and is set to reintroduce its best instruments to Solana's DeFi community.