Save Launches as Solend Rebrands with New DeFi Products on Solana

Daily Top Performer — Aave (AAVE)

The SPX index was down by 0.51%, market focus remains on an upcoming key inflation report and additional earnings from major companies, which could impact the Fed's interest rate decisions. The broader cryptocurrency market was down, with Bitcoin and Ether dropping by 1.50% and 6.54%, in the past 24 hours.

Today's top performer is AAVE, which surged 10.9% following the announcement of a 'Fee Switch' proposal to distribute revenue to token holders.

Aave (AAVE), founded in 2017, is a decentralized lending platform, allowing users to lend, borrow, and earn interest permissionlessly. Aave is considering a proposal for a "fee switch" to distribute protocol revenue among AAVE token holders. Proposed by Marc Zeller of the Aave-Chan Initiative, the "Buy & Distribute" program would buy AAVE from the market to reward staked AAVE holders, aiming to improve protocol sustainability and stimulate constant demand for AAVE. 

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Talk of the Town:

Solend has rebranded to Save, introducing a fresh logo, redesigned interface, and new products including SUSD, saveSOL, and dumpy.fun on the Solana blockchain. Founded in 2021, Save (formerly Solend) emerged as Solana’s top DeFi protocol, notably enduring market challenges and technological outages while maintaining user protection. The rebrand expands offerings with SUSD, a decentralized stablecoin; saveSOL, a liquid staking token; and dumpy.fun, a platform for shorting memecoins. This evolution underscores Save's ongoing mission to make finance permissionless and to enhance the Solana DeFi ecosystem. More information and access to these services are available at save.finance.

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Bitcoin Spot ETF Flows:

Yesterday, Bitcoin spot ETFs experienced notable outflows of $39.6m from GBTC, while IBIT received an inflow of $70.7m, resulting in a net inflow of $31.1m.

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Airdrop to Watch:

The snapshot for Privasea Season 1 is scheduled for August 1st, with only 5 days left to mint your NFT. To mint, download the "ImHuman" mobile app for iOS or Android, create an account, use the referral code, back up your private key, and deposit a minimum of 0.03 SOL. Navigate to "Crypto" under the "Space" section to mint the NFT after face verification. Repeat the liveness check in the "Proof" section to earn 800 points. Privasea has recently secured $10M in funding from major backers.