Solana’s Solend Rebrands to Save and Announces Plans to Launch Stablecoin

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

Liquid staking is one of the most competitive fields in DeFi. The top five liquid staking protocols on Solana account for over $4 billion in total value locked (TVL), with Jito carrying over 50% of the entire Solana LST market.

Stablecoin Market

The stablecoin market on Solana is dominated by Circle’s USDC, which makes up nearly 70% of the $3.27 billion market capitalization according to DeFiLlama. USDC’s primary competitors on Solana are USDT, and PayPal’s pyUSD which account for a combined $966 million.

In March 2022, Solend became the first Solana lending platform to surpass $1 billion in TVL, but a cascade of liquidations during the collapse of FTX wiped out those assets.

Throughout 2023 and 2024 Solend lost market share to competitors such as Kamino Finance and MarginFi.

Shorting Memecoins

Dumpy.Fun is designed to short memecoins with leverage. The name is derived from the popular memecoin launchpad, Pump.Fun.

The protocol allows for users to short coins that holders deposit into Dumpy.Fun. Depositors are 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”, known as squeezy.lol.