Solend, now Save, mentioned it desires 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 crew posted on X.
Solend’s SLND is up 35% on the announcement, and SOL has additionally rallied 3.3% at the moment
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 complete worth locked (TVL), with Jito carrying over 50% of the whole 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 response to DeFiLlama. USDC’s main rivals on Solana are USDT, and PayPal’s pyUSD which account for a mixed $966 million.
In March 2022, Solend grew to become the primary Solana lending platform to surpass $1 billion in TVL, however a cascade of liquidations through the collapse of FTX worn out these property.
All through 2023 and 2024 Solend misplaced market share to rivals akin to Kamino Finance and MarginFi.
Shorting Memecoins
Dumpy.Enjoyable is designed to brief memecoins with leverage. The identify is derived from the favored memecoin launchpad, Pump.Enjoyable.
The protocol permits for customers to brief cash that holders deposit into Dumpy.Enjoyable. Depositors are incentivized to supply liquidity with excessive annual share charges (APR) that are paid by their brief counterparty.
Dumpy.Enjoyable will happen fully on-chain, with verifiable liquidation costs on their “short squeeze explorer”, often known as squeezy.lol.
