The platform offers users to earn interest and borrow around 24 assets across 5 pools, with the lowest ever fees. The past couple of years had seen Ethereum coming across as an innovation for big players, especially hedge funds with its high gas fees, it was beyond the reach of commoners, and that spoiled the game to a large extent. There were no suitable alternatives until Solana stepped in, being a revolutionary system, being faster and cheaper.
Solend was introduced as an algorithmic, decentralized protocol for lending and borrowing on Solana and powered users to earn interest by lending their assets. Lending and borrowing has proven to be big business in a DeFi ecosystem, however, the present products were slow and expensive. To attend to this, Solend was introduced as it was much faster and cheaper than other platforms, making it the most preferred option for users.
Solend aims to be the easiest to use and most secure solution on Solana where users can earn interest and borrow. The project has garnered a huge following owing to these investor friendly qualities. Furthermore, the use of established tokens on its platform has attracted more users, resulting in an ever-growing base since it’s inception in 2021.
Solend has also its own token SLND-USD to reward it’s early adapters and investors at the same time establish the foundations for running the protocol as a DAO (Decentralized Autonomous Organization) which is governed by its token holders, the majority of whom are its community members and users.
Solend is the brainchild of Rooters, who is a Software Engineer working with Ethereum smart contracts since 2017. His keen interest in DeFi led him to establish this amazing platform. He says that it was founded with the vision to recreate financial products that are easily accessible for the average person, and with Solend he has turned his dream to reality. With the funding 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, Solend finally saw the light of the day.
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