The Solend protocol on Solana is making waves with a rebrand to Save and the introduction of several new financial tools. Announced on Wednesday, Save unveiled its platform as “Solana’s permissionless savings account” along with the launch of SUSD, saveSOL, and dumpy.fun.
SUSD is a new decentralized stablecoin that allows for 0% interest borrowing against Solana (SOL). The team behind Save hopes that the stablecoin’s deep integration into its protocol will lead to rapid growth. The protocol’s pseudonymous founder, Rooter, highlighted the dominance of centralized stablecoins like USDC and USDT on Solana. SUSD’s design aims to offer a fully decentralized alternative with the added advantage of 0% interest borrowing, which Rooter believes will be highly attractive compared to the average 10% APR seen with USDC and USDT on Save in the past month.
SaveSOL is another innovative addition, serving as a new Solana liquid staking protocol and token. This allows users to trade while still earning from Solana staking, with the added benefit of using saveSOL as collateral for SUSD. This dual functionality is expected to enhance the liquidity and utility of Solana’s staking ecosystem.
Perhaps the most intriguing new tool is dumpy.fun, a platform designed for shorting meme coins and profiting from market corrections in this volatile sector. Save’s pitch for this tool is clear: “memecoins have reached a fever pitch, but rugs and cash grabs are hurting the community.” The dumpy.fun website succinctly puts it: “Short the shitcoins destined for zero. What goes up must come down.”
As of the latest update, the Save platform at save.finance shows $395 million in deposited assets and $92.9 million in borrowed assets. Save’s official documentation describes it as an algorithmic, decentralized protocol for lending and borrowing on Solana. The platform’s top pool currently offers an annual percentage rate (APR) of 18.35% in liquid staking token Blaze (BLZE) for deposits. The main pools are designed to balance attractive yields with secure asset parameters.
Turbo Solana pools are another feature, offering increased loan-to-value rates and allowing users to leverage their SOL positions up to four times. The USDC pool currently holds $2.45 million in deposits and offers a 7.46% APR, reflecting the diverse opportunities available within the Save ecosystem.
The rebranding to Save follows the team’s launch of Suilend on the Sui (SUI) network back in March. At that time, Rooter praised the ease of development on Sui, drawing a vivid analogy to highlight the difference: developing on Ethereum and Solana felt like building a cathedral with traditional tools, whereas Sui and Move provide advanced tools akin to laser cutters and welders, ideal for more ambitious projects.
The rebrand and new offerings signify a bold step forward for Save, positioning itself as a versatile and innovative player in the DeFi space on Solana. By addressing key areas such as stablecoins, liquid staking, and market corrections, Save is set to attract a wide range of users looking for robust and decentralized financial solutions.
