Solana's Solend Rebrands to Save and Launches Dumpy.fun for Shorting Memecoins
2024
SOL
2024
DEFI
SLND
Solana's lending protocol, Solend, rebranded as Save Finance. This rebranding comes with a slew of new products aimed at enhancing financial opportunities for Solana users.
We’re excited to unveil the rebranding of Solend to Save, Solana’s permissionless savings account.
— Save (formerly Solend) (@solendprotocol) July 24, 2024
Along with this rebrand, we’re announcing three groundbreaking new products: SUSD, saveSOL, and @dumpydotfun.
1/n pic.twitter.com/93TVOXO3AM
Save Finance is introducing a stablecoin, a liquid staking token (LST), and an app for shorting memecoins, Dumpy[dot]fun
“The launch of Save will build upon everything Solend has been working towards over the past three years while better reflecting its growing role within the Solana ecosystem,” a Save team member said.
The new protocol aims to improve user experience with a fully redesigned interface. The goal is to make it easier for users to navigate and access various financial services, from lending to trading.
New Product Offerings
Save Finance is set to launch three new products:
$SUSD Stablecoin: The decentralized stablecoin will offer 0% interest loans against the $SOL token. This stablecoin is designed to increase the adoption of $SUSD within the Save Finance ecosystem, providing more utility for Solana users.
$saveSOL Liquid Staking Token: This LST allows holders to utilize their staked assets, earning yield while retaining exposure to $SOL. By leveraging staking strategies, $saveSOL aims to offer boosted annual percentage yields (APYs) and unlock opportunities for users to gain from $SOL staking.
Dumpy[dot]fun: The new app for shorting Solana-based memecoins provides a unique, user-friendly way for traders to profit from the volatility of memecoins.Dumpy[dot]fun enables users to short memecoins, allowing for potential profits during market crashes and facilitating GME-style short squeezes.
The platform borrows on Solend and swaps on Jupiter, enabling users to capitalize on market downturns. Dumpy[dot]fun promises to be a fun, engaging way for traders to participate in the memecoin craze while also providing opportunities for significant financial gains.
Solend (now Save) was founded in 2021 and raised $6.5 million in funding from Dragonfly Ventures, Polychain Capital, Race, Coinbase Ventures, and Solana Ventures. Before the unfortunate collapse of FTX in the following year, the platform reached its peak in TVL, recording nearly $1 billion in locked assets.
However, the platform has rebounded to become the 13th largest lending platform since then.
