Solend Rebrands as Save
Launches New Stablecoin and Token on Solana
The Solend protocol on Solana has rebranded to Save and, along with the change, is launching a new stablecoin, liquid staking token, and a memecoin shorting platform.
New Offerings from Save
In a recent announcement, Save (formerly Solend) described its platform as “Solana’s permissionless savings account.” The team introduced SUSD, saveSOL, and dumpy.fun.
SUSD: A Decentralized Stablecoin
SUSD is a new decentralized stablecoin that allows 0% interest borrowing against Solana (SOL). Save aims for rapid growth through SUSD’s deep integration into its protocol. “Solana is dominated by centralized stablecoins like USDC and USDT,” said pseudonymous Solend founder Rooter to Decrypt. “SUSD’s simple mechanism design allows it to be fully decentralized while also offering 0% interest borrowing against SOL.”
Rooter added, “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: Liquid Staking on Solana
saveSOL is a new Solana liquid staking protocol and token that allows trading while still earning off Solana staking. saveSOL can also be used as collateral for SUSD.
dumpy.fun: Shorting Memecoins
dumpy.fun is a platform for shorting meme coins, allowing users to profit from corrections in that market segment. Save promotes this tool by highlighting that “memecoins have reached a fever pitch, but rugs and cashgrabs are hurting the community.” The dumpy.fun website states, “Short the shitcoins destined for zero. What goes up must come down.”
Current Platform Statistics
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. Save is described as “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 the 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 designed 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.
Expansion to Sui
The announcement follows the Solend team’s launch of Suilend on Sui (SUI) 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.”
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