Save is the protocol many Solana users still know as Solend, one of the chain’s oldest lending markets, live on mainnet since 2021. After the rebrand it kept the lending core but layered on more reward streams: a points leaderboard, a liquid staking token called saveSOL, monthly USDS incentives and a set of partner programmes that pay in other projects’ tokens. That makes the Rewards page useful but busy. This guide explains what each stream is, how liquidation and pool design affect the money underneath, and how to keep a clear record of what you earn.
From Solend to Save
Save describes itself as Solana’s permissionless savings account: an algorithmic, decentralised protocol where you can supply assets to earn interest, borrow against them, and use the same machinery for leveraged long or short positions. The documentation now carries the title “Save (formerly Solend)”, and much of the reference material, from fee formulas to liquidation examples, is inherited unchanged from Solend. The governance token appears as SAVE in today’s app, while the docs’ token page still describes the original SLND distribution: 100 million tokens, 60% to the community (half for liquidity mining, half to the DAO treasury), 25% to the core team and 15% to VCs and angels.
Official resources: save.finance (the app, with Dashboard, Pools, Rewards, saveSOL, Revenue and Security pages), the Save documentation, and the X account @save_finance, all linked from each other.
Main pool, isolated pools and permissionless pools
Where you deposit matters more than any reward badge. Save runs three kinds of markets:
- Main pool – the large, curated market for major assets such as SOL, USDC and liquid staking tokens. Most reward programmes on the Rewards page apply here.
- Isolated pools – newer or riskier tokens are placed in separate pools so a failure cannot spread to the main pool. The docs describe this as the main tool for avoiding bad debt.
- Permissionless pools – anyone can create one and set its parameters. The docs are blunt: Save does not vet these pools, does not run a liquidator for them, and does not reimburse losses. Even a USDC deposit is exposed to every other token in that pool.
The reward streams, one by one
The Rewards page splits into liquidity mining (with a “Claim all” button and separate accruing and claimable balances) and a points leaderboard. The campaigns listed at the time of writing are:
| Programme | What you do | What you receive |
|---|---|---|
| saveSOL rewards | Stake SOL into saveSOL and deposit it in the main pool | saveSOL rewards on top of staking yield |
| USDS rewards | Deposit eligible assets in the main pool or the JLP pool | USDS, distributed monthly |
| Blaze rewards | Use selected reserves | BLZE, claimable monthly on Save |
| Marinade rewards | Use selected reserves | MNDE, claimable monthly |
| Switchboard Orbs | Use reserves priced by Switchboard On-Demand oracles | Eligibility for Switchboard’s Orbs |
| dumpy.fun | Deposit memecoins | An unspecified “mystery bonus” |
Each campaign is marked “ongoing” rather than having a published end date, so check the page before relying on one. Partner rewards are the partner’s tokens and promises; Save is distributing them, not underwriting their value.
Save points
The leaderboard ranks wallets by points earned through activity on Save. Save has not published a points-to-token conversion or a snapshot date at the time of writing, so treat points as a ranking, not an allocation.
A note on old SLND liquidity mining
The docs still describe Solend’s liquidity mining 2.0, under which, from 1 July 2022, SLND rewards were paid as one-year American-style options with a strike at 30% of the period-end price. If you hold old unexercised options or unclaimed rewards from that era, check the Liquidity Mining tab in the app rather than any third-party “SLND claim” site.
saveSOL in detail
saveSOL is a liquid staking token built on Solana’s SPL Stake Pool Program. You stake SOL and receive saveSOL; staking yield is built into its exchange rate, so 1 saveSOL starts at 1 SOL and rises over time. To exit you have two choices:
- Instant unstake, routed through the best available swap, which costs a fee and depends on liquidity.
- Withdraw to a stake account, which avoids fees and slippage but means waiting until the current epoch ends before the SOL is free.
Save’s own FAQ lists the risks: smart-contract failure in the stake pool or unstake path (which could cause a depeg), and validator underperformance or penalties reducing rewards.
Step by step: earning on Save without losing track
- Open save.finance and connect a Solana wallet. The first interaction creates on-chain accounts that need a small amount of SOL for rent; the docs note this cost is paid once.
- Choose the pool deliberately. For most users that is the main pool. Read any isolated or permissionless pool’s assets, owner, oracle and liquidator before depositing.
- Mind the six-position limit. One Save account can hold at most six positions (each supplied or borrowed asset counts). Users who need more open a second account, which also means a second set of records.
- If you borrow, watch the health bar. When it reaches the orange liquidation threshold, liquidators can repay 20% of your loan and take an extra 5% bonus from your collateral. The docs’ worked example shows a $10,000 USDC supply losing $1,680 in one liquidation round.
- Record each reward stream separately. Note the reserve, the reward token (SAVE, saveSOL, USDS, BLZE, MNDE), and when it becomes claimable. Monthly partner rewards arrive on their own cycles.
- Claim from the Rewards page and confirm the received tokens’ mint addresses on Solscan.
Risks particular to Save
- Liquidation. Over-collateralised loans are liquidated in 20% steps with a penalty, and 30% of that penalty goes to the DAO treasury as a protocol fee.
- Oracle risk. Save relies on Pyth, with Switchboard as backup. A wrong or stale price can cause wrongful liquidations. In permissionless pools, creators supply their own oracles.
- 100% utilisation. If every token in a reserve is lent out, withdrawals fail until borrowers repay or new deposits arrive. Large depositors in high-demand assets feel this first.
- Bad debt. In fast markets, liquidations may not cover loans. Save says past main-pool shortfalls were covered by its insurance fund, but that is a track record, not a guarantee.
- Smart-contract risk. The code is open source and was audited by Kudelski, with additional reviews cited in the docs and a bug bounty of up to $1 million.
- Reward-token risk. Partner tokens and the “mystery bonus” for memecoin deposits can lose value quickly; memecoins as collateral are especially volatile.
Avoiding fake Save and Solend pages
- Use save.finance and docs.save.finance. The old solend.fi name still appears in legacy docs links, which makes it easy for scammers to register lookalikes; type the current domain yourself.
- No SAVE airdrop or points conversion has been announced. “Save points claim” pages are fake.
- Solana drainers often ask you to sign a transaction that transfers token-account authority. A real Save claim only moves rewards to you; read what the wallet preview says will leave your wallet.
- Be wary of unsolicited tokens named after Save rewards appearing in your wallet with a URL in the name.
- Support runs through the Discord linked on save.finance; admins will not DM you first.
FAQ
Is Save the same protocol as Solend?
Yes. The docs are titled “Save (formerly Solend)” and the lending contracts and mechanics carry over.
Do Save points turn into tokens?
No conversion has been announced. Points currently rank wallets on a leaderboard.
How quickly can I exit saveSOL?
Instantly with a swap fee, or fee-free via a stake account after the current epoch ends.
Are permissionless pools covered by Save?
No. Save does not vet them or reimburse losses in them.
Verdict
Save offers a mature lending core plus a stack of reward streams: points, saveSOL incentives, monthly USDS and partner tokens. The rewards are worth collecting only if the underlying position makes sense on its own, so pick the pool first, keep borrowing well away from the liquidation line and log each reward token separately. Lending and borrowing can lose funds through liquidation, oracle errors or contract failure; size positions accordingly.
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