Save (fka Solend)

Save, formerly known as Solend, is one of the original and largest decentralized lending and borrowing protocols on Solana. Rebranded from Solend in late 2024, Save allows users to deposit crypto assets to earn interest or borrow against their collateral at algorithmically determined rates. The protocol has processed billions in cumulative lending volume and remains a cornerstone of Solana's DeFi ecosystem. The protocol operates similarly to Aave or Compound on Ethereum: depositors supply assets to lending pools and earn yield from borrowers, while borrowers can take out over-collateralized loans against their deposits. Interest rates are determined algorithmically based on pool utilization — when demand for borrowing is high, rates increase to attract more depositors; when utilization is low, rates decrease to incentivize borrowing. Save supports a wide range of Solana assets including SOL, USDC, USDT, mSOL, JitoSOL, and many other SPL tokens. The protocol organizes lending markets into pools with different risk profiles: the main pool contains the most liquid and battle-tested assets, while isolated pools support newer or more volatile tokens with tighter risk parameters to protect depositors. One of Save's key innovations is its risk management system, which uses real-time oracle pricing and dynamic liquidation thresholds to protect the protocol from bad debt. When a borrower's collateral value falls below the required ratio, liquidators can repay part of the debt and receive the collateral at a discount. This system has successfully handled multiple market crashes without significant protocol losses. Save also offers leveraged yield strategies through its integration with other Solana DeFi protocols. Users can recursively deposit and borrow to amplify their yield exposure, though this comes with increased liquidation risk. The protocol's composability with other DeFi building blocks makes it a foundational piece of Solana's financial infrastructure. The rebrand from Solend to Save brought a refreshed interface, updated tokenomics, and renewed focus on user experience. The SLND governance token was migrated to SAVE, and the protocol continues to be governed by a DAO. Save remains one of the most trusted and widely-used lending protocols on Solana, with a strong track record spanning multiple market cycles.