Solana’s lending and borrowing platform, Solend, is rebranding to Save. With this change, the platform plans to launch several new financial products to regain market share. These include a native stablecoin, a liquid staking token, and a protocol for shorting memecoins.
Launching New Tokens
Save will introduce a stablecoin called sUSD and a liquid staking token named saveSOL. Additionally, it will launch Dumpy.Fun, a platform designed for shorting memecoins. These new products aim to enhance the platform’s offerings and attract more users.
Market Reaction
Following the announcement, Solend’s token, SLND, surged by 35%, while Solana’s SOL rallied by 3.3%. The rebranding and new product launches are seen as strategic moves to strengthen the platform’s position in the market.
Competitive Liquid Staking Market
Liquid staking is highly competitive in DeFi. The top five liquid staking protocols on Solana hold over $4 billion in total value locked (TVL). Jito leads the market with over 50% share of the Solana LST market.
Stablecoin Market on Solana
The Solana stablecoin market is dominated by Circle’s USDC, which accounts for nearly 70% of the $3.27 billion market cap. USDC’s main competitors are USDT and PayPal’s pyUSD, collectively holding $966 million.
Solend’s Market Share Challenges
In March 2022, Solend was the first Solana lending platform to surpass $1 billion in TVL. However, the collapse of FTX led to massive liquidations, wiping out many assets. Throughout 2023 and 2024, Solend lost market share to competitors like Kamino Finance and MarginFi.
Shorting Memecoins with Dumpy.Fun
Dumpy.Fun is a platform for shorting memecoins with leverage, named after the memecoin launchpad Pump.Fun. Users can short coins deposited into Dumpy.Fun, with depositors incentivized by high annual percentage rates (APR). The entire process occurs on-chain with verifiable liquidation prices displayed on their “short squeeze explorer,” squeezy.lol.