What is Save Finance/Solend (SAVE)? Project and Token Analysis

Coin: Save Finance (previously Solend)
Ticker: SNLD
Date Deployed: Mon Nov 28, 2022

Origin of the Project

Save (formerly known as Solend) is a decentralized lending and borrowing protocol built on the Solana blockchain, designed to enhance financial opportunities for its users. By filling a crucial gap in the Solana ecosystem, Save quickly gained traction, drawing $100 million in deposits within just over a month after its launch. The platform allows users to borrow or lend assets autonomously, with interest rates and collateral requirements determined by an algorithm, giving users the ability to earn interest or leverage their crypto assets for long or short positions.

Originally launched in August 2021 as Solend, the protocol saw impressive growth, with its total value locked (TVL) increasing from less than $20 million to around $1 billion within three months. Save aims to become the largest DeFi lending and borrowing protocol on the Solana network. The project began as a prototype during the June 2021 Solana Season Hackathon, where it won recognition, paving the way for its entry into the decentralized finance space as a leading lending platform.

Products

Earn Interest:

Users can lend cryptocurrencies and earn interest with additional rewards in SLND tokens, similar to traditional lending.

Borrowing:

Allows users to borrow a variety of crypto assets, including stablecoins, native coins, and memecoins, with support for multiple tokens growing over time.

Leverage Long and Short:

Users can leverage their assets for long or short positions, maximizing potential returns on trades.

Solana Wallet Integration:

Users need a Solana wallet and SOL to access lending and borrowing services, with transactions managed through a user-friendly account panel.

Pools:

Offers a global liquidity pool and smaller isolated pools.
Main Pool: Includes tokens with reliable liquidity and oracles.
Isolated Pools: For tokens with higher volatility and lower liquidity, allowing for a safer environment.
Permission Pools: Anyone can create isolated pools, earning 20% of origination fees.

Community Governance:

The listing process for tokens is governed by the community, aligning with the decentralized finance (DeFi) philosophy.

Should SNLD Be in Your Portfolio?

Before you decide whether or not to add SNLD to your portfolio, click here to scan the contract on Solsniffer. Solsniffer is the number one blockchain intelligence tool to detect security risks on Solana. Security risk analysis on Solana has never been easier, make sure to be aware of potential DeFi wallet scams and other crypto security concerns before investing.

Due Diligence Tips Before Investing or Trading SNLD

Research the Token

Analyzing SNLD as a token is important for understanding its potential. Review its whitepaper, community engagement, development team, and long-term roadmap. Is the project solving a real problem and has a clear plan for the token in its ecosystem?

Perform in-depth research before trading any Solana-related project, including SNLD. Understanding the project’s whitepaper, the use case, and the founding team’s goals will give you insight into the coin’s potential.

The orderbook can leave clues too, when there are more buy orders than sell orders, SNLD’s price is likely to rise, while an excess of sell orders could lead to a price drop. It can also help identify past market manipulation.

Develop a Safe Trading Strategy

Having a structured trading strategy prevents making emotional mistakes. If you cover multiple aspects, such as considering market conditions, clear trading goals, and determining entry and exit points, it can improve your chances of success. Your risk tolerance can make a great plan if you follow it and if the market agrees with your strategy.

In crypto, it’s easy to get caught up in the excitement and make impulsive decisions, especially when seeing how many others are making loads of profits. Avoid rushing into buying SNLD during a price pump, as a correction can follow.

An effective risk management strategy is a great differentiator as a trader, and that includes SNLD. Use stop-loss and take-profit orders to limit losses and lock in profits automatically. Also, position-sizing is smart to not risk too much of your capital on a single trade, protecting your portfolio from significant losses.

How to Scan SNLD on Solsniffer

Copy the SNLD contract address: SLNDpmoWTVADgEdndyvWzroNL7zSi1dF9PC3xHGtPwp
Open the Solsniffer website and paste the address in the search bar.
Within seconds, a detailed analysis of SNLD on-chain data is generated.
A security score called Snifscore also ranks the project out of 100 to determine the authenticity of the project.

SNLD Tokenomics

Total Supply: 100,000,000
Max Supply: 100,000,000
Market cap: $22,955,143

Snifscore Analysis

Snifscore: 59/100
High-risk factors: 6
Medium-risk factors: 1
Low-risk factors: None

Summary of (5) Contract Passed Indicators

No scams linked to owner’s wallet
No transferability risk
No freeze risk
Recent user activity confirmed
Established contract stability

Summary of (7) Contract Risks to Consider

Mintable risk detected – High Risk
Private wallet holds significant supply – High Risk
Top 10 wallets hold significant share – High Risk
Top 20 wallets hold significant share – High Risk
Metadata presence needs review – High Risk
Large portion of LP is unlocked – High Risk
Metadata mutability risk – Moderate Risk

Find Out if SNLD Is a Fraudulent Token

Detecting a scam project requires a combination of caution, research, and vigilance. Fraudsters come up with numerous ways to trick investors, staying awake to the warning signs before falling victim.

One of the first red flags is an offer that guarantees high returns with little to no risk. Rug pulls are the most common scam at the moment, the project creators build hype around a new Solana project and then disappear with the profits. If the team of a project stops providing updates, it could be a sign of trouble.

A few tips to protect yourself is to research the team behind a project, see how well they execute their roadmap, use secure wallets, enable 2FA and avoid giving your personal data to social media giveaways.