Save

Save, formerly Solend, is a pooled lending and borrowing protocol on Solana. DefiLlama recorded about $65.9M on 2026-08-14, below our size floor. We do not open the individual review until it clears that floor. One practice advising 100 households moves $1M to $8M into a venue based on the same research, and below the size floor that book can overwhelm the available exits. Size decides this pass; Save’s utilization, oracle, liquidation and emergency-parameter controls would still require market-level review if scale returns.

Review triggers: events that reopen the verdict
• TVL sustained above the retired TVL threshold for 30 days

Watched nightly: a warning on its venues or files, or a cited document that changes, reopens the memo. The first confirmation is due 2026-11-15.

The research file

Mechanism

Suppliers fund asset pools and receive interest as borrowers draw against overcollateralized positions. Utilization drives the rate curve. Pyth and Switchboard prices feed health calculations, and third-party liquidators repay debt and seize collateral after an account breaches its threshold.

Control and operating evidence

Save publishes market parameters, audits and a $1M bug bounty and traces its operation to Solend’s 2021 launch. Its Recovery Mode gives a council broad authority to change risk parameters and can permit forced closure without the ordinary penalty. That emergency power matters but does not change the current decision based on size.

Exit consequences

A supplier can withdraw only while the pool has available liquidity; Save expressly warns that 100% utilization makes withdrawal fail until repayment or new supply. Insolvency, oracle error or failed liquidation can create bad debt, while a borrower must repay or release enough collateral to restore health.

Why the class rule decides

The surveyed protocol remains below the size floor, so we do not open the individual review until it clears that floor. Size decides before review of dozens of asset pools and their separate parameters. Review reopens after sustained scale, with market-level analysis of utilization, collateral, oracles, admin keys, bad debt and incidents rather than approval of the aggregate brand.

Research status

This is a capacity-unproven record for Save, not a quality rejection or approval. Reported TVL says how big the venue is, not what the client owns, who can change the rules, or how a position exits at a proposed size. The individual review opens when the protocol clears the size floor.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• Save Docs — supply, borrow and withdrawal lifecycle · primary · accessed 2026-08-14
  Supports: supply flow, borrow flow, collateral, withdrawal
• Save Docs — protocol risks and security record · primary · accessed 2026-08-14
  Supports: utilization exit risk, bad debt, audit record, bug bounty, operating history
• Save Docs — parameters and Recovery Mode · primary · accessed 2026-08-14
  Supports: interest-rate model, risk parameters, council authority, forced closure
• Save Docs — oracle and liquidation mechanics · primary · accessed 2026-08-14
  Supports: health threshold, Pyth oracle, Switchboard oracle, third-party liquidation
• DefiLlama — Save survey record · secondary · accessed 2026-08-14
  Supports: survey TVL, chain distribution, lending category

Inherited controls

The research above describes the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The layer with the most administrative power sets the position’s effective control; that describes control, not quality or suitability.