DeFi Lender Solend Rebrands to Save, Introduces New Tokens

full version at cointab

Solana-based DeFi lending protocol Solend has redesigned its entire ecosystem under a new name, Save. The revamp includes three new tokens, SUSD, saveSOL, and Dumpydotfun. Following the announcement, the project’s native token, SLND, jumped over 36%.

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

Solend Rebrands to Save

The newly rebranded Save ushers in a redesigned logo, platform interface, and expansion beyond the lending feature, improving user experience and overall performance.

Since its introduction in 2021, Solend has offered lending and borrowing functionalities to users on the Solana blockchain. Its founder, under the pseudonym Rooter, also launched a similar protocol on the Sui blockchain.

With the significant upgrade to Save, the project promises an expansion of financial services for Solana users. SUSD, saveSOL, and Dumpydotfun are the project’s new flagship products.

SUSD is a stablecoin that operates in a decentralized manner and allows users to borrow against SOL with no interest. Integrating SUSD with Save aims to help the platform grow quickly and safely while increasing its usefulness across the Solana network.

SaveSOL is Save’s liquid staking token (LST) that uses advanced staking methods to help users earn rewards while taking advantage of SOL’s potential price increases. The concept of liquid staking has become popular in the DeFi sector and has been adopted by various projects like Jupiter.

The third integration, Dumpydotfun, is a Solana-based memecoin project aimed at shorting memecoins within the ecosystem. It allows traders to profit from price drops and uses deep liquidity for better results.

SLND Soars 36%

Following news of the protocol rebranding, the Solend token’s price significantly increased to $0.7053 at press time, representing a 36.44% increase over the past 24 hours.

Source: CoinStats