Solend, now Save, mentioned it needs to launch a local stablecoin, a liquid staking token, and a protocol for shorting memecoins.
Solana lending and borrowing platform Solend is rebranding to Save and launching new monetary merchandise because it goals to claw again market share.
Save plans to problem a local stablecoin known as sUSD, a liquid staking token (LST) known as saveSOL, and Dumpy.Enjoyable, a platform for shorting memecoins, the staff posted on X.
Solend’s SLND is up 35% on the announcement, and SOL has additionally rallied 3.3% as we speak
Liquid staking is without doubt one of the best fields in DeFi. The highest 5 liquid staking protocols on Solana account for over $4 billion in whole worth locked (TVL), with Jito carrying over 50% of your entire Solana LST market.
Stablecoin Market
The stablecoin market on Solana is dominated by Circle’s USDC, which makes up practically 70% of the $3.27 billion market capitalization in line with DeFiLlama. USDC’s main rivals on Solana are USDT, and PayPal’s pyUSD which account for a mixed $966 million.
In March 2022, Solend turned the primary Solana lending platform to surpass $1 billion in TVL, however a cascade of liquidations throughout the collapse of FTX worn out these property.
All through 2023 and 2024 Solend misplaced market share to rivals equivalent to Kamino Finance and MarginFi.
Shorting Memecoins
Dumpy.Enjoyable is designed to quick memecoins with leverage. The title is derived from the favored memecoin launchpad, Pump.Enjoyable.
The protocol permits for customers to quick cash that holders deposit into Dumpy.Enjoyable. Depositors are incentivized to supply liquidity with excessive annual proportion charges (APR) that are paid by their quick counterparty.
Dumpy.Enjoyable will happen solely on-chain, with verifiable liquidation costs on their “quick squeeze explorer”, referred to as squeezy.lol.
