Solend Raises $6.5 Million From Coinbase Ventures and Other Notable investors

Solend, an algorithmic, decentralized protocol for lending and borrowing built on the Solana blockchain, has recently raised $6.5 million from investors.

In an official announcement today, the Solend team noted that the just-concluded funding round had been “in the works for a long time.”

The project saw notable contributions from top investors, including Solana Ventures, Polychain, Alameda Ventures, Coinbase Ventures, Dragonfly, Race, Epsilon Trading, and many more.

Solend’s Impressive Growth

The decentralized lending and borrowing protocol had merely been a prototype when it won the Solana Hackathon along with some other DeFi projects earlier in June.

Following its mainnet launch in August, the platform has witnessed an impressive amount of support from its community of enthusiasts.

Last week, Solend announced the launch of its liquidity mining program, which will become claimable on Nov 15. Subsequently, Solend noted that users will be allowed to claim their liquidity mining rewards monthly until the next upgrade, Liquidity Mining 2.0.

The announcement had prompted a massive surge in the number of deposits made on the platform and significantly increased the Solent community.

As per today’s reports, Solend’s deposits saw an 80% surge, hitting figures of more than $360 million in deposits and $180 million in borrows.

This massive increase has placed Solend as the largest lending protocol on the Solana network by outstanding borrowings.

More to that, the lending and borrowing platform also saw an increase in the number of user accounts and the size of its community on various social media platforms. 

Solend currently has more than 68,000 user accounts with at least $1 in deposit, over 26,000 followers on Twitter, and about 11,000 community members on Discord.

The Underlying Blockchain Network

Solend is built on the high-performance blockchain network, Solana, which is one of the hottest projects in the crypto space in recent months.

Solana has seen increased adoption by developers looking to create highly scalable dApps while paying negligible amounts of gas fees, which propelled the project to hit the $2 billion TVL milestone in August.