Solana-based DeFi lending protocol Solend has rebranded to Save and launched a new website, save.finance. This strategic move is accompanied by the introduction of three innovative products to expand the financial tools available to users on the Solana blockchain. Additionally, it is worth noting that Save reached a milestone of over $1 billion in total value locked (TVL) at its peak.
Save has introduced a completely redesigned user interface to significantly enhance user experience. The focus on improving the UI/UX is intended to simplify the onboarding process and make platform navigation more intuitive, catering to a broader range of users, from experienced traders to DeFi novices.
Three Innovative Financial Products
The new offerings include 1: SUSD, a decentralized stablecoin designed for zero-interest borrowing against SOL, Solana’s native cryptocurrency. This integration aims to scale SUSD’s usability within the Solana ecosystem. Alongside SUSD, Save has also launched 2: saveSOL, a liquid staking token that allows leveraged staking strategies to maximize yields and capital gains on SOL holdings.
Furthermore, Save introduces 3: dumpy.fun, an application tailored for users interested in short-selling Solana-based meme coins, thus expanding the trading strategies available to its users.
Strategic Background and Future Prospects
Initially launched in 2021 with substantial backing from major blockchain venture capital firms such as Dragonfly Ventures, Polychain Capital, and Coinbase Ventures, Save aims to build on Solend’s strong foundation. The rebranding to Save reflects the protocol’s evolution and aligns with its vision to cater to a growing and diverse user base within the DeFi landscape.