Solana Protocol Announces Rebranding And Launches New Stablecoin And Token

The Solend protocol on Solana (SOL) has been rebranded as Save. This update includes the introduction of a new stablecoin, liquid staking token, and a platform for shorting memecoins. Save described its platform as the official permissionless savings account for Solana.

The announcement also introduced SUSD, saveSOL, and dumpy.fun and comes after the team behind Solend launched Suilend on Sui (SUI) in March. At that time, Rooter praised Sui for its advanced developer tools, comparing it to the more cumbersome development processes on Ethereum and Solana.

Offering True Decentralization

SUSD is a new decentralized stablecoin that offers 0% interest borrowing against Solana. Save expressed optimism that the close integration of the stablecoin with its protocol will drive its swift expansion.

Rooter, the pseudonymous founder of the former Solend, claims Solana is currently dominated by centralized stablecoins like USDC and USDT. He added that the straightforward mechanism and design of SUSD ensures full decentralization while offering 0% interest borrowing against SOL. Rooter further noted that the 0% borrowing rate of SUSD is highly appealing compared to USDC and USDT, which have averaged a 10% APR on Save over the past month.

An Intriguing Opportunity

SaveSOL is a new token and liquid staking protocol on Solana that allows trading while earning rewards via staking. SaveSOL can also be used as collateral for SUSD. Dumpy.fun is a platform designed for shorting meme coins, capitalizing on market corrections in this segment. Save promotes this new tool by pointing out that meme coins have reached a fever pitch, but scams and cash grabs are harming the community.

Currently, Save shows $395 million in deposited assets and $92.9 million in borrowed assets. The documentation specifies that Save is an algorithmic, decentralized protocol for lending and borrowing on Solana.

It is worth mentioning that the top pool on Save offers an annual percentage rate (APR) of 18.35% for deposits in the liquid staking token Blaze (BLZE). The website claims these pools are finely tuned to balance attractive yields with secure asset parameters.