Solend

With a mainnet launch in August 2021, Solend is an open-source DeFi depositing and borrowing platform based on the Solana blockchain with algorithmically determined interest rates. As of November 2021, Solend had more than 68,000 user accounts, with at least a dollar in deposits, and had generated USD 150,000 per day in fees for lenders with an additional origination fee charged by Solend for loans, having generated a total of USD 2 million as of the same date. Solend had total assets of over USD 1.2 billion as of May 2022. The company also offers features for users with over 100 units of its native token, SLND along with some other digital assets to launch “permissionless” lending pools.

Solend acquired Solana-based lending platform Nope Finance in June 2021, which helped it expand its Solana development team and bring in over 20,000 community members. 

Funding and financials

In October 2021, Solend raised USD 6.5 million in a seed round from investors such as Polychain, Dragonfly, Coinbase Ventures, and Solana Ventures. The investment was through Solana’s SLND token and represented 10% of the 100 million SLND tokens available for distribution. Solend subsequently raised USD 26 million via an initial DEX offering (IDO) in November 2021, which involved raising funds from a decentralized liquidity exchange from retail investors. The IDO represented 5% of the total SLND supply.