The post Solana Protocol Solend Rebrands as ‘Save’, Launches New Stablecoin and Token appeared on BitcoinEthereumNews.com.

The Solend protocol on Solana has changed its name to Save, and along with the change, is launching of a new stablecoin, liquid staking token, and a memecoin shorting platform. In a Wednesday announcement, Solend—now Save—described its platform as “Solana’s permissionless savings account.” The team also announced SUSD, saveSOL, and dumpy.fun. SUSD is a new decentralized stablecoin allowing 0% interest borrowing against Solana (SOL). Save wrote that it hopes the stablecoin’s deep integration into its protocol will lead to its rapid growth. 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 “Solana is dominated by centralized stablecoins like USDC and USDT,” pseudonymous Solend founder Rooter told Decrypt. “SUSD’s simple mechanism design allows it to be fully decentralized, while also offering 0% interest borrowing against SOL.” Rooter also explained that “borrowing SUSD at 0% will be very attractive compared to USDC and USDT, which have had an average of 10% APR on Save in the last month.” SaveSOL, meanwhile, is a new Solana liquid staking protocol and token that allows for trading while still earning off of Solana staking. SaveSOL will also be usable as collateral for SUSD. Lastly, dumpy.fun is a platform for shorting meme coins and profit from corrections in that particular subset of the market. Save pitches this new tool to its users by noting that “memecoins have reached a fever pitch, but rugs and cashgrabs are hurting the community.” “Short the shitcoins destined for zero,” reads the dumpy.fun website. “What goes up must come down.” As of press time, the Save platform at save.finance shows $395 million worth of deposited assets and $92.9 million worth of borrowed assets.…

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Filed under: News - @ July 27, 2024 7:10 am