Solana Protocol Solend Rebrands as ‘Save’: New Stablecoin and Token Launch Announced

Rebranding and New Launches

The Solend protocol on the Solana blockchain has undergone a significant rebranding and is now known as Save.

Alongside the new name, Save is launching several new financial products aimed at expanding its ecosystem.

The new products include SUSD, a stablecoin; saveSOL, a liquid staking token; and dumpy.fun, a platform for shorting memecoins.

SUSD: A Decentralised Stablecoin

SUSD is introduced as a decentralised stablecoin allowing 0% interest borrowing against Solana (SOL).

This move is intended to provide a more decentralised alternative to existing stablecoins like USDC and USDT.

Founder Rooter explains that SUSD’s design aims to overcome the limitations of centralised stablecoins by offering a fully decentralised borrowing option. He highlights that SUSD’s zero-interest feature contrasts with the 10% APR commonly associated with centralised stablecoins on Save.

SaveSOL: Liquid Staking and Utility

The saveSOL token represents Save’s new liquid staking protocol. It allows users to trade while still earning rewards from Solana staking.

SaveSOL also functions as collateral for borrowing SUSD, integrating liquidity with the new stablecoin.

dumpy.fun: Memecoin Shorting Platform

dumpy.fun is a new platform designed for shorting memecoins, allowing users to profit from declines in this volatile market segment.

Save positions dumpy.fun as a tool to navigate the risks associated with memecoins, which have recently experienced significant price fluctuations. The platform’s slogan, "Short the shitcoins destined for zero," reflects its focus on high-risk assets.

Current Platform Metrics

Save’s current platform metrics indicate $395 million in deposited assets and $92.9 million in borrowed assets.

The top liquidity pool on Save offers an annual percentage rate (APR) of 18.35% for deposits in the liquid staking token Blaze (BLZE).

Additionally, Save features Turbo Solana pools, which enable leveraging of SOL positions up to four times. The USDC pool, with $2.45 million in deposits, provides a 7.46% APR.

Previous Developments

The rebranding and new product launches follow Save’s earlier venture with Suilend on the Sui (SUI) network, launched in March.

Rooter has previously praised Sui for its advanced developer tools compared to other platforms like Ethereum and Solana. He likened developing on Sui to using advanced tools for building more complex and efficient solutions.