Solend Rebrands to Save, Issues sUSD Stablecoin, saveSOL Liquid Staking Token, and Dumpy.Fun Memecoin Shorting Platform

Solana lending and borrowing platform Solend is rebranding to Save and launching new financial products as it aims to claw back market share.

Solana lending and borrowing platform Solend is rebranding to Save and launching new financial products as it aims to claw back market share.

Save plans to issue a native stablecoin called sUSD, a liquid staking token (LST) called saveSOL, and Dumpy.Fun, a platform for shorting memecoins, the team posted on X.

Solend’s SLND is up 35% on the announcement, and SOL has also rallied 3.3% today

Solend, which launched in May 2022, is pivoting to new products after losing market share to competitors.

Solend's lending platform was once the largest on Solana, surpassing $1 billion in total value locked in March 2022. However, a cascade of liquidations during the collapse of FTX wiped out those assets.

Solend's lending platform is now ranked fifth by total value locked, with less than $50 million in assets.

Solend's competitors, such as Kamino Finance and MarginFi, now have billions of dollars in assets under management.

Solend's new products are designed to cater to the growing demand for stablecoins, liquid staking derivatives, and shorting memecoins in the Solana DeFi ecosystem.

Liquid Staking on Solana

Solend's saveSOL token will join a crowded field of liquid staking tokens on Solana.

The top five liquid staking protocols on Solana account for over $4 billion in total value locked, with Jito carrying over 50% of the entire Solana LST market.

Solana's liquid staking protocols are also facing competition from Lido, which recently announced plans to launch a Solana liquid staking service.

Stablecoin Market on Solana

Solana's stablecoin market is dominated by Circle’s USDC, which makes up nearly 70% of the $3.27 billion market capitalization.

Solana is the second-largest blockchain for stablecoins, after Ethereum, and traders can choose from seven different pegged tokens.

Solend's sUSD stablecoin will enter a market that is already quite competitive, with several other stablecoins vying for traders' attention.

USDC's primary competitors on Solana are USDT, and PayPal’s pyUSD which account for a combined $966 million.

Shorting Memecoins with Dumpy.Fun

Solend is also planning to launch Dumpy.Fun, a platform for shorting memecoins with leverage.

The name is derived from the popular memecoin launchpad, Pump.Fun.

Dumpy.Fun will allow users to short memecoins that holders can choose to deposit into Dumpy.Fun.

Depositors will be incentivized to provide liquidity with high annual percentage rates (APR) which are paid by their short counterparty.

Dumpy.Fun will take place entirely on-chain, with verifiable liquidation prices on their “short squeeze explorer” which is known as squeezy.lol.