Solend Rebrands to Save and Launches New Financial Products
Solend, the Solana lending and borrowing platform, is rebranding to Save and launching a range of new financial products in a bid to regain market share.
New Products
Save plans to release:
* **sUSD**: a native stablecoin.
* **saveSOL**: a liquid staking token (LST).
* **Dumpy.Fun**: a platform for shorting memecoins.
Solana Stablecoin Market
The Solana stablecoin market is currently dominated by Circle’s USDC, which accounts for nearly 70% of the market capitalization.
Liquid Staking
Liquid staking is a highly competitive area in DeFi, with the top five liquid staking protocols on Solana accounting for over $4 billion in total value locked (TVL).
Solend’s Past
Solend became the first Solana lending platform to surpass $1 billion in TVL in March 2022. However, the collapse of FTX led to a cascade of liquidations, wiping out those assets. Since then, Solend has lost market share to competitors such as Kamino Finance and MarginFi.
Dumpy.Fun
Dumpy.Fun aims to allow users to short memecoins with leverage. The platform incentivizes depositors to provide liquidity by offering high annual percentage rates (APR). Liquidation prices are verifiable on their “short squeeze explorer”, known as squeezy.lol.
The rebranding and new products from Save are a sign that the platform is looking to compete more aggressively in the DeFi space. It remains to be seen whether these new offerings will be successful in attracting users and helping Save regain its lost market share.
