DeFi
Solana subsidiary Solend rebrands to save lives, announces plans to launch stablecoin
Solend, now Save, has said it wants to launch a native stablecoin, a liquid staking token, and a memecoin short-selling protocol.
Solana Lending and Borrowing Platform Solend changes its name to Save and launches new financial products in an attempt to regain market share.
Save plans to issue a native stablecoin called sUSD, a liquid staking token (LST) called saveSOL, and Dumpy.Fun, a memecoin short-selling platform, has released the team on X.
Solend’s SLND is up 35% following the announcement, and SOL is also up 3.3% today
SLND Course – CoinGecko
Liquid staking is one of the most competitive areas in DeFi. The top five liquid staking protocols on Solana represent over $4 billion in total value locked (TVL), with Jito representing over 50% of Solana’s entire LST market.
Stablecoin Market
The Solana stablecoin market is dominated by Circle’s USDC, which accounts for nearly 70% of the $3.27 billion market cap according to DefiLlamaUSDC’s main competitors on Solana are USDT and PayPal’s pyUSD, which together represent $966 million.
In March 2022, Solend became the first Solana lending platform to surpass $1 billion in TVL, but a cascade of liquidations during the FTX collapse wiped out those assets.
Throughout 2023 and 2024, Solend lost market share to competitors such as Kamino Finance and MarginFi.
Short Selling Memecoins
Dumpy.Fun is designed to short sell memecoins with leverage. The name is derived from the popular memecoin launchpad, Pump.Fun.
The protocol allows users to short sell coins that holders deposit into Dumpy.Fun. Depositors are incentivized to provide liquidity with high annual percentage rates (APRs) that are paid by their short counterparty.
Dumpy.Fun will run entirely on-chain, with liquidation prices verifiable on their “short squeeze explorer,” known as squeezy.lol.