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- 1 Solend has become a go-to DeFi lending and borrowing platform for many crypto users.
- 2 It has garnered massive attention from the crypto community for its extensive scalability.
- 3 Utilizing the Solana ecosystem, the platform brought major enhancements and received a good response in return.
Introducing Solend
Technology is constantly evolving. It keeps on introducing something new to the users. The projects that make it happen gain traction from the markets. The same is happening to Solend right now. It’s an all-new decentralized lending and borrowing platform. But it’s not just another protocol trying to deliver run-of-the-mill solutions to the users.
Solend improves the Solana ecosystem and makes it more adaptable. The platform comes with expanded workability and better reach. So much so that crypto users jumped in to use this new platform. Soon after the launch, it registered a whopping $100 Million in deposits.
What’s Making Solend a Trailblazing DeFi Platform?
As mentioned above, Solend makes its overall functionality more scalable. Its developers have focused on making the program faster and cheaper. In addition to that, it makes lending and borrowing way easier for the token holders. It makes users efficient in their lending and earning interest. The platform makes use of idle funds and generates opportunities out of them.
It’s a community-driven project that grants voting rights to the participants. Notably, Solend is an autonomous ecosystem that assists lenders and borrowers without any third-party intervention. The developers have created the algorithm to assess the interest rates precisely. It also allows them to leverage the crypto assets for long as well as short term. Furthermore, the users get a native token (SLND) that gives them exposure to Solana’s DeFi marketplace.
Solend acquired a Total Value Locked (TVL) of $1 Billion just 3 months after its launch. Buoyed by the tremendous response, the project aims to be the largest DeFi service platform on the Solana network. Before the official launch, Solend’s prototype was showcased in the Solana Season Hackathon in June 2021. It won the competition and the team took its efforts further.
A Peep Into Solend’s Functionality
Autonomous to the core, Solend brings so many features to the fore. It amps up user engagement in a decentralized lending network. The users can deposit their assets and earn impressive sums of interest. Moreover, the platform enables them to collateralize their deposits. It eliminates the process of underwriting and expedites lending and borrowing. Deploying a chain of smart contracts, Solend facilitates long as well as short-term loans.
Notable Highlights of Solend
- It leverages and amends the network to facilitate financial services.
- It lets users borrow against any SPL token as collateral.
- It brings the automated market into the picture bringing high liquidity.
- It allows the token holders to earn a great amount of interest easily.
- The lenders can also gain additional rewards on this platform.
- It offers a number of smaller isolated and permission pools along with a main global liquidity pool.
- It makes usage easy with an intuitive and visually-appealing dashboard.
Upshot
Solend makes DeFi more adaptable and fruitful for crypto users. It brings forth a number of opportunities to enhance the profits. It ameliorates the Solana ecosystem and removes its vulnerabilities as well. Through this pioneering project, decentralized finance become more prevalent and profound. It turns DeFi into a boon for crypto users.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
