Save
Rejected venues wait the longest for re-review; a rejection has to earn another look before the scheduled date.
Save, formerly Solend, is a pooled lending and borrowing protocol on Solana. DefiLlama recorded about $65.9M on 2026-08-14, under our $100M materiality line. Rejected on size: one practice advising 100 households moves $1M to $8M into a venue on the same research, and below $100M TVL that book becomes the exit crush. Size decides this pass; Save’s utilization, oracle, liquidation and emergency-parameter controls would still require market-level review if scale returns.
- TVL sustained above $100M for 30 days
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 operation to Solend’s 2021 launch. Its Recovery Mode gives a council flexible authority to change risk parameters and can permit forced closure without the ordinary penalty. That emergency power is material but does not change the current size disposition.
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 $100M materiality floor, so size decides before underwriting dozens of asset pools and their separate parameters. Review reopens after sustained scale, with market-level utilization, collateral, oracle, admin-key, bad-debt and incident analysis rather than approval of the aggregate brand.
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 verdict above grades the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The least safe layer sets the position’s grade, and the position table names which one that is.
| Chain | Verdict | Grade | Control constraint |
|---|---|---|---|
| Solana | Approved · limits | crypto-backed | no admin key can seize funds, but stake concentration and a sub-25 Nakamoto coefficient are the standing watch items. |