- The Solana ecosystem contains some of the best upcoming tokens that take investors by surprise. Apparently, there’s a new token on the Solana ecosystem whose market outlook is quite bullish.
- In fact, the daily, weekly, and monthly charts comprise many bullish trends.
Most tokens in the market show different signs of upcoming pumps before it actually happens. Others are instantaneous such as the XRP ruling, which made the XRP token skyrocket in price immediately. But there’s this token on the Solana blockchain that many investors start catching FOMO feelings due to the massive pump. Apparently, Solend is making many investors who didn’t invest early regret it. In the weekly charts, there is a more than 30% increase.
Solend Record More Than 30% Weekly Increase
- First, if you are a Solend investor, you are probably eating good from the current bull rally. Apparently, the Solana-based Token didn’t remove its foot off the gas pedal in the bull run.
- At the time of writing, Solend increased by more than 7% in the past day. For the past weeks, it went up more than 30%. In fact, the increase in the past week at 66.86% at press time. For the monthly charts, this is bullish at more than 79%. Furthermore, the price of Solend currently Stands at $0.643.
What is Solend?
- Solend is an autonomous decentralized project offering users lending and borrowing services. Apparently it chose Solana as the blockchain network to build on because it is energy-efficient and fast Layer-1. With this lending and borrowing platform, a user can access different kinds of assets.
- Solend launched in 2021, and some metrics show the token’s growth since going live. Apparently, the total value locked (TVL) was less than $20 million upon its launch. But it grew to a whopping $1 billion less than 3 months after going live.
- A lot of things contribute to the growth of the Solend ecosystem. Previously, this project won the hackathon program held by Solana Labs in June 2021. And this gave it the perfect boost to launch its lending and borrowing protocol.
How Does This Lending Protocol Work?
- So long as you have a Solana wallet and are connected to the blockchain, you can use the services of this lending protocol. Moreover, making transactions on the Solana blockchain is exceptionally cheap in terms of transaction fees.
- For lending on this protocol, you will have to stake your tokens to fully perform the action. When you stake, other users can borrow your staked tokens. However, you will earn interest from them.
- For borrowing, you need to drop collateral to get access to loans. Moreover, the good thing is nobody will ask you about the means of paying back.
Conclusion
Solend is a Solana-based token whose bullish trends escaped the eyes of many investors. In the past week, the token is up by more than 66%. Apparently, the ecosystem is a Solana lending and borrowing protocol. On their platform, you can borrow or lend different kinds of Solana assets.
