Solend Rebrands to Save Finance, Unveils Plans to Launch Native Stablecoin, Liquid Staking Token and Memecoin Shorting Platform

Solend, the 13th largest decentralized finance platform on Solana, has rebranded to Save Finance in an announcement released Wednesday.

Decentralized finance (DeFi) platform Solend has announced a major rebranding effort, changing its name to Save Finance and revealing plans to launch a native stablecoin, a liquid staking token, and a memecoin shorting platform.

The platform, which currently ranks as the 13th largest lending platform by total value locked (TVL), will be expanding its scope from a lending and borrowing protocol to a broader DeFi ecosystem.

Save Finance began as Solend in 2021 and played a key role in the Solana DeFi landscape. Backed by Dragonfly Ventures, Polychain Capital, Race, Coinbase Ventures, and Solana Ventures, the platform raised $6.5 million to develop its DeFi products, including borrowing, lending, and trading.

During the 2021 crypto boom, Save Finance reached a peak TVL of nearly $1 billion, ranking among the top DeFi platforms on Solana. Currently, the platform has a TVL of $284 million, placing it 13th among lending platforms and showing a strong recovery after the Solana network post-FTX incident.

The rebranding is part of a three-year journey of platform development and partnerships, leading to the launch of new ventures designed to provide users with emerging on-chain opportunities.

The platform will also feature a fully redesigned interface, making the user experience more intuitive and easier to navigate.

The $SUSD stablecoin will allow users to borrow against the $SOL token at 0% interest. Deeply integrated into Save Finance, $SUSD is set to grow rapidly and securely, expanding its utility on the Solana network.

The $saveSOL liquid staking token will enable Solana stakers to rehypothecate their staked assets. This strategic staking mechanism allows users to earn yields while benefiting from the potential appreciation of their SOL holdings. This product aims to unlock numerous opportunities for users, enhancing their ability to utilize staked SOL and achieve higher annual percentage yields (APYs).

Finally, the memecoin shorting platform dumpy.fun offers a novel way to engage with Solana-based meme tokens, providing users with more dynamic trading options.