Thursday, Jul 07, 2022
Outlook.com

Solend Is A Money Market On Solana Which Has Grabbed The Headlines Of Late

Founded by Rooter, Solend aims at becoming the most secure and easy-to-use lending platform in the Solana ecosystem.

Solend
Solend

The past years have seen a drastic growth of AMM and Yield Aggregator, and with its success the DeFi world was looking at capturing the lending space. Solend stepped in at the right time and has received a lot of attention since its debut. It is an algorithmic, decentralized protocol for lending and borrowing on Solana which has established itself well within no time. Furthermore, Solend takes advantage of the high scalability of its landed blockchain, where transactions are supposed to be fast and cheap. Users can use their capital efficiently by lending and earn interest, borrow, and leverage long and short. A whole new world has opened up for Solana players as they have a plethora of opportunities to spruce up their profits. A few assets which are supported by Solend include SOL, USDC, USDT, ETH, BTC, SRM, FTT, and RAY. More markets are expected to join the system in coming times. The entire listing process is governed by the community, as the creator believes in making Solend a community strong project.

Solend is similar to other money markets and allows users to lend or borrow according to their needs. For lending, users can deposit funds in Solend and earn interest. The interest is set algorithmically, whereas for borrowing after depositing funds, users can utilize them as collateral to borrow assets. The platform has a robust account panel which helps in keeping a track of your figures accurately to avoid any unwanted liquidation. It also comprises of its native token called SLND which can be used as the reward for the liquidity mining program. The token sales ended on November 3rd, 2021 and a total of $26,274,440 USDC has been deposited. Users can participate in the liquidity mining on Solend to get SLND tokens. According to reports Solend has successfully raised $6.5M from Polychain, Dragonfly, Race, Coinbase Ventures, Solana Ventures, Alameda Research, Stani from Aave, Antonio from dYdX, Balaji Srinivasan, Hart from UMA, 0xMaki, Julian from Ribbon, DCFGod, Petrock, Epsilon Trading, and others, and has already made a mark in the Solana ecosystem.

 
 

Advertisement
Advertisement
Advertisement