Solend Rebrands to Save Finance, Unveils New DeFi Protocol with Stablecoin, Liquid Staking Token, and Memecoin Shorting App

Following a three-year development process, Solend, a Solana-based DeFi protocol, announced its new DeFi protocol with a rebrand to Save Finance.

Solana (SOL)-based decentralized finance (DeFi) protocol Solend has announced its rebrand to Save Finance following three years of development. The rebranding effort will see the platform expand its product offerings with the introduction of three new products and a fully redesigned interface.

Relaunched at save.finance, the new protocol will introduce a stablecoin, a liquid staking token, and an application for shorting memecoins. The platform, designed to facilitate low-fee and highly scalable lending and borrowing of crypto assets on Solana, will now offer a wide range of financial services covering major verticals from borrowing to trading. This expansion is expected to enhance yield earning opportunities for users on Save and enable them to explore emerging on-chain opportunities.

Solend (now Save Finance) was initially launched in 2021 with $6.5 million in funding from blockchain venture capitals (VCs) such as Dragonfly Ventures, Polychain Capital, Race, Coinbase Ventures, and Solana Ventures. Later in the year, the platform reached its peak in total value locked (TVL), recording nearly $1 billion in locked assets. However, the platform was impacted by the collapse of FTX, which affected the broader Solana ecosystem.

Despite the challenges faced by the platform, it has managed to recover and become the 13th largest lending platform. The team aims to leverage the experience gained to “reflect its growing role within the Solana ecosystem.”

"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 stated.

In addition to the rebranding, Save Finance will also feature a fully redesigned interface that significantly improves upon the previous Solend interface. The platform will also enhance its user interface/user experience (UI/UX) to simplify the onboarding process for new users and make the platform easier to navigate.

Save Finance: A Fully-Fledged DeFi Protocol

Coinciding with the rebranding to Save Finance, the platform will launch three innovative DeFi products: the $SUSD stablecoin, the $saveSOL liquid staking token, and an app for shorting Solana-based memecoins, dumpy.fun. These new developments will cater to a new wave of on-chain users.

The decentralized stablecoin will offer 0% interest loans to borrowers against the $SOL token. The token will also be integrated into the Save Finance platform, enabling enhanced adoption of $SUSD and increasing its utility on Solana.

The new DeFi platform will also launch a liquid staking token for $SOL, $saveSOL, which will allow holders to utilize their staked assets. By employing staking strategies, the LST will enable users to earn yield and capture the upside to holding SOL. saveSOL will unlock a variety of opportunities for gaining exposure to SOL staking while earning boosted APYs.

Finally, the revamped platform will launch dumpy.fun, a decentralized trading platform that allows users to short Solana memecoins. This comes at a time when the Solana memecoin craze has subsided following an explosive start to the year.