- DeFi platform Solend has rebranded to Save and introduced new features to the protocol
- The rebrand also saw it change its logo and interface
- Among the new features are a decentralized stablecoin and a liquid staking token
Solana-based DeFi network Solend has rebranded to Save and has reinvented its logo and interface. The rebrand also comes with an introduction of new features and products like dumpy.fun that allows its users to short memecoins like dogecoin. Other new products include a decentralized stablecoin known as SUSD and a liquid staking token dubbed saveSOL, indicating the platform wants to venture deeper into DeFi and the wider crypto ecosystem.
Decentralized and Sufficiently Liquid
The platform disclosed that the rebrand will enable it to expand beyond lending. It added that the new features and design are influenced by its “learnings from the last three years.” Save noted that the SUSD stablecoin comes to provide a Solana-based token that’s decentralized and “sufficiently liquid” to power DeFi activities on the Solana blockchain.
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
The protocol’s new staking token, saveSOL, comes to exploit the strong connection between liquid staking and lending. Save announced that the token can used “as collateral for SUSD.” dumpy.fun, on the other hand, allows users to benefit when the memecoin market turns bearish. The DeFi platform said that dumpy.fun is “a better alternative to perpetuals.”
Save noted that it’s in the early stages of the rebranding process which it said is part of its mission to make finance permisionless.
DeFi Users Abandon MarginFi
Solend (now Save) has in the past been a safe haven for DeFi users on Solana. In April, for example, it registered an uptick in deposits from users abandoning MarginFi, a Solana DeFi protocol marred with leadership wrangles.
Another company in the DeFi space that has rebranded in the recent past is Aave’s parent company Aave Companies which rebranded to Avara to venture deeper into the blockchain space especially web3.
With Solend rebranding to Save and introducing new products, it’s likely it’ll help increase its market share.
