The Good Tech Companies - Solana DeFi Giant Solend Transforms into Multi-Purpose Platform

Episode Date: July 28, 2024

This story was originally published on HackerNoon at: https://hackernoon.com/solana-defi-giant-solend-transforms-into-multi-purpose-platform. Solend, a leading lending protocol, has announced its transformation into Save.Finance. Check more stories related to web3 at: https://hackernoon.com/c/web3. You can also check exclusive content about #web3, #defi, #solend, #vc-funding, #solana-defi, #save.finance, #good-company, #press-release, and more. This story was written by: @ishanpandey. Learn more about this writer by checking @ishanpandey's about page, and for more stories, please visit hackernoon.com. Solend, a leading lending protocol, has announced its transformation into Save.Finance. The rebranding, slated for July 24th, comes with a suite of new products aimed at broadening the financial horizons for Solana users. The team behind the protocol has leveraged three years of experience in the volatile DeFi space.

This audio is presented by Hacker Noon, where anyone can learn anything about any technology. Solana DeFi Giant Solend transforms into multi-purpose platform by Ashan Pandey. Solend, a leading lending protocol, has announced its transformation into Save Finance. The rebranding, slated for July 24, will include a suite of new products aimed at broadening Solana users' financial horizons. Save. Finance by Solon isn't just a new coat of paint on an old project. The team behind the protocol has leveraged three years of experience in the volatile DeFi space to create a multi-purpose platform. Having previously hit the $1 billion mark in total value locked, TVL, the team is no stranger to managing significant crypto assets.

Greater than the revamped platform boasts a sleeker, more user-friendly interface. We've greater than put a lot of thought into making the onboarding process smoother, a team greater than member shared. Our goal is to make DeFi more accessible to everyone, not just greater than the tech savvy. But the real excitement lies in the three new products SAVE greater than is rolling out. First up is SUSD, a decentralized stablecoin that allows users greater than to borrow against their SOL holdings at 0% interest. It's deeply integrated greater than with the SAVE protocol, which should help it grow quickly while maintaining greater than stability. For those looking to stake their SOL, SAVE is introducing SAVE SOL. This liquids-taking token incorporates leveraged strategies, potentially offering higher yields than traditional staking. It's designed to give

holders exposure to SOL's taking while also providing opportunities for increased returns. In an unexpected twist, SAVE is also launching Dumpy.fun, a platform for shorting Solana memecoins. This move acknowledges the growing popularity of memecoins while offering traders a way to profit from market downturns. The Save team, which raised $6.5 million in 2021 from notable blockchain VCs like Dragonfly Ventures and Polychain Capital, sees this relaunch as the next step in their evolution. We're building on everything we've learned with Solend, a spokesperson explained. Save better reflects our growing role in the Solana ecosystem. As the DeFi space continues to evolve, Save Finance's expansion into multiple verticals could position it as a one-stop shop for

Solana users looking to lend, borrow, trade, and explore new financial opportunities. Whether this ambitious relaunch will pay off remains to be seen, but it certainly adds a fascinating new chapter to the Solana DeFi story. Don't forget to like and share the story. Tip Vested Interest Disclosure This author is an independent contributor publishing via our business blogging program. Hacker Noon has reviewed the report for quality, but the claims herein belong to the author. Hashtag D-Y-O-R. Thank you for listening to this Hacker Noon story, read by Artificial Intelligence. Visit HackerNoon.com to read,

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