What is Solend in Crypto and how does it work? — adidaswilson

Solend is a decentralized lending protocol built on the Solana blockchain. It allows users to borrow and lend cryptocurrency assets in a trustless and decentralized way, without the need for intermediaries such as banks or financial institutions. In this article, we will explore what Solend is and how it works.

What is Solend?

Solend is a decentralized lending platform that operates on the Solana blockchain. It allows users to borrow and lend cryptocurrency assets without the need for intermediaries such as banks or financial institutions. Solend operates as a decentralized autonomous organization (DAO), which means that it is governed by a community of users rather than a centralized entity.

How does Solend work?

Solend works by connecting lenders and borrowers in a decentralized and trustless way. Users can deposit cryptocurrency assets into the Solend platform and earn interest by lending their assets to borrowers. Borrowers can use the deposited assets as collateral to borrow other cryptocurrency assets, which they must repay with interest.

To use Solend, users must first connect to a Solana wallet such as Sollet or Phantom. They can then deposit cryptocurrency assets into the Solend platform and choose whether to lend or borrow…