Solend Rebrands as Save Finance, Unveils SUSD Stablecoin, saveSOL Liquid Staking Token, and Dumpy[dot]fun Memecoin Shorting App

Solana's lending protocol, Solend, rebranded as Save Finance. This rebranding comes with a slew of new products aimed at enhancing financial opportunities for Solana users.

Solana's lending protocol, Solend, is rebranding as Save Finance and launching a stablecoin, a liquid staking token (LST), and an app for shorting memecoins.

Save Finance will be Solana’s permissionless savings account. Along with the rebrand, the protocol is announcing three new products: SUSD, saveSOL, and @dumpydotfun.

Save Finance is introducing a stablecoin, a liquid staking token, and an app for shorting memecoins, Dumpy[dot]fun

“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 told Blockworks.

The new protocol will feature a fully redesigned interface to enhance the user experience. It aims to make it easier for users to navigate and access the diverse financial services, ranging from lending to trading, all in one place.

New Product Offerings

Save Finance is launching three new products:

$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, ultimately providing more utility for Solana users.

$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.

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. 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.

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.

However, the platform has rebounded to become the 13th largest lending platform since then.