The Solend protocol on Solana has changed its name to Save, and along with the change, is launching of a new stablecoin, liquid staking token, and a memecoin shorting platform.
In a Wednesday announcement, Solend—now Save—described its platform as “Solana’s permissionless savings account.” The team also announced SUSD, saveSOL, and dumpy.fun.
SUSD is a new decentralized stablecoin allowing 0% interest borrowing against Solana (SOL). Save wrote that it hopes the stablecoin’s deep integration into its protocol will lead to its rapid growth.
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 @dumpydotfun.
1/n pic.twitter.com/93TVOXO3AM
— Save (formerly Solend) (@solendprotocol) July 24, 2024
“Solana is dominated by centralized stablecoins like USDC and USDT,” pseudonymous Solend founder Rooter told Decrypt. “SUSD’s simple mechanism design allows it to be fully decentralized, while also offering 0% interest borrowing against SOL.”
Rooter also explained that “borrowing SUSD at 0% will be very attractive compared to USDC and USDT, which have had an average of 10% APR on Save in the last month.”
SaveSOL, meanwhile, is a new Solana liquid staking protocol and token that allows for trading while still earning off of Solana staking. SaveSOL will also be usable as collateral for SUSD.
Lastly, dumpy.fun is a platform for shorting meme coins and profit from corrections in that particular subset of the market. Save pitches this new tool to its users by noting that “memecoins have reached a fever pitch, but rugs and cashgrabs are hurting the community.”
“Short the shitcoins destined for zero,” reads the dumpy.fun website. “What goes up must come down.”
As of press time, the Save platform at save.finance shows $395 million worth of deposited assets and $92.9 million worth of borrowed assets. The official documentation explains that “Save is an algorithmic, decentralized protocol for lending and borrowing on Solana.”
The top pool among the main pools on the Save dashboard currently offers an annual percentage rate (APR) of 18.35% in liquid staking token Blaze (BLZE) for deposits. The website claims that main pools are “finely tuned to balance attractive yields with secure asset parameters.”
Turbo Solana pools are meant to offer increased loan-to-value rates, allowing a SOL position to be leveraged up to four times. The USDC pool currently has $2.45 million worth of deposits and offers a 7.46% APR.
The announcement follows the team behind Solend launching Suilend on Sui (SUI) back in March. At the time, Rooter praised the ease of development on Sui.
“Developing on Ethereum and Solana felt like building a cathedral with chisels and hammers. That’s not to say you can’t build great things— cathedrals are some of the most beautiful human achievements,” he said. “But we want to build rocket ships, and for that, you need advanced tools like laser cutters and welders. That’s what Sui and Move offer with better developer tools.”
Edited by Ryan Ozawa.
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Source: https://decrypt.co/241709/solend-save-rebrand-susd-savesol-dumpy-fun
