Solana Protocol Solend Rebrands as ‘Save’, Launches New Stablecoin and Token

The Solend protocol on Solana has rebranded as Save and introduced several new features, including a stablecoin, a liquid staking token, and a platform for shorting meme coins.

Save, formerly Solend, is now marketed as "Solana’s permissionless savings account." The new offerings include SUSD, saveSOL, and dumpy.fun.

SUSD: This is a decentralized stablecoin that supports 0% interest borrowing against Solana (SOL). Save aims for rapid growth of SUSD due to its deep integration into the protocol. According to Rooter, the pseudonymous founder, SUSD’s design is fully decentralized and offers 0% borrowing rates, making it an attractive alternative to USDC and USDT, which have had an average APR of 10% on Save recently.

SaveSOL: This is a new liquid staking token for Solana that allows users to trade while still earning from Solana staking. SaveSOL can also be used as collateral for borrowing SUSD.

dumpy.fun: This new platform is designed for shorting meme coins, allowing users to profit from market corrections in this volatile segment. The site promotes itself with the tagline, "Short the shitcoins destined for zero," emphasizing the risk and potential reward of trading in meme coins.

As of the latest update, Save’s platform, available at save.finance, reports $395 million in deposited assets and $92.9 million in borrowed assets. The platform offers a variety of pools, including one with an 18.35% APR on the liquid staking token Blaze (BLZE). Save’s Turbo Solana pools allow for leveraging SOL positions up to four times, while the USDC pool offers a 7.46% APR with $2.45 million in deposits.

The announcement comes after the launch of Suilend on Sui (SUI) earlier this year. Rooter noted the development advantages of Sui, likening traditional blockchain development to building cathedrals with chisels and hammers, while Sui offers more advanced tools like laser cutters and welders, enabling the creation of "rocket ships" in the blockchain space.

source: https://decrypt.co/241709/solend-save-rebrand-susd-savesol-dumpy-fun