Solend

Solend is an algorithmic, decentralized protocol for lending and borrowing on Solana. Think Aave or Compound on Solana. Solend allows anyone with an internet connection to earn interest by lending their assets, and allows them to use their deposits as collateral for borrowing.

In Solend, users can:

• Lend/Borrow - whenever user is lending or borrowing, APY is applied to the amount
• Earn from referrals - 20% of the fees, they pay

Solend's backers include 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.

Lending protocols are providing great services to the DeFi world and Solend is providing them for Solana. This blockchain is much cheaper to use and faster than most other chains so using Solend is very easy and uncomplicated and if Solana can attract more users with its high speed then Solend could grow to one of the biggest DeFi applications. However, Solana is kinda centralized, in fact its founders have so much control over the network that they shut it down each time they have to fix a bug, and this makes the entire network as well as the Solend platform vulnerable.

SLND is the native governance token of Solend. It gives its holders voting rights on changes to the protocol and on how the community treasury is being spend.

There are 100M SLND tokens. SLND’s distribution is as follows:

60% of SLND is allocated to the community. Breaking it down, half of that is allocated for the liquidity mining program and the other half is allocated to the Solend Treasury, owned and governed by the Solend DAO. 5% of SLND is allocated to the IDO, coming from the treasury. The Solend Treasury will own the IDO funds and LP position (details in IDO section.)

25% of SLND is allocated to the core team.

15% of SLND is allocated to investors. Only 10% was distributed in the seed round, but an additional 5% is set aside for a potential future raise in case it’s needed.

Seed investors have a 3-year vesting schedule with the first third vesting October 1, 2022, and the rest vesting monthly after. The team also has a 3-year vesting schedule with the first third vesting June 1, 2022 or later (based on join date). There is no lockup for IDO participants.

Since launch, Solend has focused on being the fastest and easiest-to-use lending protocol. Now with the help of the community, we will continue to improve Solend with the following:

- Call options liquidity mining program (more details soon)

- Upgrading Solend’s oracles so more long-tail assets can be listed

- Governance

- Isolated and permissionless pools

- Integrations with other Solana DeFi protocols

Currently, SLND is traded on several centralized exchanges: FTX, Gate.io, MEXC. You can also buy it on the Raydium and Serum DEXes on Solana and you can store it in a Phantom or Solaflare Wallet which you can also use to interact with the Solend dApp.