Save (SLND)

Solana based lending protocol

Basics

• Based in:
• Started in / Announced on:
• Testnet release:
• Mainnet release:

Audits & Exploits

• Bug bounty program can be found [insert here].

Governance

DAO

• During the market crash of 2022 it got into controversy around its governance (21-6-2022):

"At the center of the controversy is a large account holder with an outsized presence on the lending protocol and responsible for the vast majority of the SOL coins within it. The account had an outstanding loan of $108 million worth of US Dollar Coin (USDC) and Tether (USDT), collateralized in SOL. The loan risked being liquidated as the price of SOL tanked to as low as $27 on Wednesday and Saturday last week. The project's co-founder suggested that the rush to buy up that much SOL for cheap could have crashed the $2.6 billion Solana network.

Earlier today, the Solend community voted to overwhelmingly approve a proposal that would impose a $50 million borrowing limit per account and adjust the smart contract (the computer code that governs the lending protocol) so that it will temporarily liquidate 1%, not 20%, of deposits on undercollateralized loans.

Rooter, the co-founder, even introduced a proposal, labeled “SLND1,” to take control of the account so that the collateral could be liquidated in an organized manner that wouldn’t clog (and potentially crash) the Solana network. But after voting in support of that plan, the community overturned it."

Technology

• Whitepaper or docs can be found [insert here].
• Code can be viewed [insert here].

Implementations

• Built on:
• Programming language used:

Transaction Details

• Capacity (TPS):
• Latency:

How it works

• From Decrypt (21-6-2022):

"On Solend, users deposit collateral—currently 47 different coins and tokens across 18 liquidity pools—and borrow crypto assets worth up to 75% of their collateral."

Upgrades

• From CoinDesk (18-8-2022):

"Solend is letting anyone with 100 SLND (around a $70 fee) and some assets to spare spin up their own “permissionless pools” for lending those cryptos out. Already Solend’s 21 whitelisted lending pools supply Solana’s DeFi markets with $471 million in borrowable tokens such as SOL, USDC and wrapped assets like wBTC. Its team vetted those permissioned pools."

Roadmap

• Can be found [Insert link here].

Usage

• From Decrypt (21-6-2022):

"The total value locked in the Solend protocol topped out at $1.4 billion at the start of April, was cut in half, to $725 million, during the collapse of Terra in May and has been on a rapid decline. As of Tuesday afternoon, there was $247 million worth of assets locked in the protocol and another $171 million in outstanding loans."

Team, Funding and Partners

Team

• Full team can be found [here].
• Rooter; pseudonymous co-founder

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