After the dramatic growth of AMM and Yield Aggregator, the next DeFi stack expected to capture the upcoming money flow in Solana is Lending. At this time, we can list some notable names such as Party Parrot (Stablecoin borrowing platform) and Port Finance (Money Market on Solana). Besides that, Solend is another name that has recently received lots of attention since the retroactive program’s announcement. In this article, let’s find out more about this promising project on Solana.
What is Solend?
Solend is a money market on Solana. Its vision is to become the most secure and easy-to-use lending platform in the Solana ecosystem. Besides that, Solend also takes advantage of the high scalability of its landed blockchain where any transaction is expected to be ultra-fast and dirt cheap.
Solend enables you to use your capital more efficiently by lending to earn interest, borrowing, leveraging long and short. With Solend, Solana players have more options to increase their profits. Some assets that are supported by Solend as of now are SOL, USDC, USDT, ETH, BTC, SRM, FTT, and RAY. More markets will be added soon. Eventually, the listing process will be governed by the Solend community.
How does Solend work?
Similar to other money markets, Solend offers different markets for users to lend or borrow.
- Lending: Users deposit funds in Solend and earn interest. The interest is set algorithmically.
- Borrowing: After depositing funds, users can use them as collateral to borrow assets.
One advantage of lending/borrowing on Solend is that it has an Account Panel, displaying all key figures in lending/borrowing. This helps you track your positions easily and efficiently to avoid any unwanted liquidation.
- Net value: Equals to the value of supplied assets minus the value of borrowed assets.
- Borrow utilization: % of the borrow limit that you are borrowing (borrow balance/ borrow limit).
- Borrow limit: If your borrow balance exceeds the borrow limit (borrow utilization > 100%), your assets are under the threat of being liquidated.
- Liquidation threshold: If your borrow balance exceeds the liquidation threshold, your assets will immediately be liquidated.
See Also: How to use Solend: A Step-by-step Guide
What is a SLND token?
SLND is the native token of Solend. SLND is currently used as the reward for the liquidity mining program.
Detailed information about SLND token
SLND Price Today
SLND Key Metrics
- Token Name: Solend.
- Ticker: SLND.
- Blockchain: Solana.
- Token Standard: SPL.
- Contract: SLNDpmoWTVADgEdndyvWzroNL7zSi1dF9PC3xHGtPwp.
- Token type: Updating...
- Total Supply: 100M SLND
- Circulating Supply: Updating...
SLND Token Allocation
SLND Token Sales
Solend has ended its IDO on November 3rd, 2021 and a total of $26,274,440 USDC has been deposited.
SLND Release Schedule
- Seed Round: vesting over a 3-year period, with the first third vesting on October 1, 2022, and the remainder vesting monthly thereafter.
- Team: vesting period of 3 years, with the first third vesting on June 1, 2022 or later (based on join date)
- IDO: no lockup
SLND Token Use Cases
How to get SLND token
You can participate in the liquidity mining on Solend to get SLND tokens.
How to buy SLND token on Coin98 Exchange
How to store SLND token on Coin98 Wallet
Joined Solana Season Hackathon
- Continue Solana Season Hackathon.
- Devnet demo.
- Upgrade protocol.
- Frontend improvements and bug fixes.
- Launch devnet.
- Bug bounty program.
- Increase deposit limits gradually.
- List new assets.
- Liquidity mining program.
- Launch SLND token (not yet release).
- Issue isolated lending pairs.
- Support for LP tokens.
- Gradually transition governance to DAO.
Team, Investors, and Partners
Solend team includes:
- 0xrooter (Founder): Details here.
- 0xnope: Details here.
- 0xodia: Details here.
- Da Sichuan: Details here.
- 0xcactxs: Details here.
- Alex Wice: Details here.
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.
Some partners of Solend are Coin98, Slope Finance, Raydium, LIQ Protocol.
Is Solend (SLND) a good investment?
I hope that from all the mentioned information, you can get a basic understanding of Solend to start researching more about this project. It is hard to tell firmly whether any project/ token is a good investment or not. However, I will provide you with some key highlights of Solend so that you can do your own research and make your own investment decisions.
- Solend is built on Solana, one of the top-tier blockchains in the market. The TVL of Solana is still showing an upward trend and has not seen any signs of stopping yet.
- Thanks to the effect of the retroactive program, the TVL of Solend has recorded a skyrocketing growth in the last 7 days. This dramatic growth has made Solend the leading lending protocol on Solana, flipping Port Finance, Party Parrot, and Larix.
Some similar projects:
- Party Parrot (PRT): Lening platform on Solana allowing users to borrow stablecoin (PAI).
- Port Finance (PORT): Money market on Solana.
Lending is a promising area on Solana that you can pay attention to. The impressive growth of Solend has partly proved the potential of this DeFi stack. Based on the provided information above, you can start following this project and find your own investment opportunities.
If you want to have more information about this project, feel free to comment down below.