Snowflake, a multisig wallet and on-chain automation for Solana, is delighted to announce its partnership with Solend, the autonomous interest rate machine for lending on Solana.
Through this partnership between Solend with Snowflake, both platforms are building a first-class multisig experience for Solana. Users can now earn yields on their funds directly from a secure multisig using Snowflake Safe with Solend.
Solend partnerships with Snowflake Network will give its users and teams the ability to earn yields on their funds directly from a secure multisig. Moreover, future integrations for direct deposits and borrowing are in progress.
To begin with, Snowflake is the first multisig platform on Solana directly integrated with Solend. Through their app store, teams will be able to select Solend to deposit funds into the reserve and mint cToken. cTokens are a yield-bearing deposit receipt, which means they are tradeable whilst also earning interest on the underlying token.
Furthermore, this opens the door for a whole new platform for teams and large investors, who are looking to lend and earn interest from their funds on-chain but want to ensure they can do so safely and securely via multisig support.
In other words, Solend integration through Snowflake Safe is available today on Solana Mainnet. When using the Solend application through Snowflake Safe, you will have the option to mint or redeemt cTokens on Solend. Before you submit the transaction, you will be able to view the changes to total amount of the underlying tokens in the Safe.
With Snowflake Safe automation capability, you can set this up in just a few clicks.
Solend is an algorithmic, decentralized protocol for lending and borrowing on Solana. Lending and borrowing have proven themselves to be key in a DeFi ecosystem.
Snowflake, the first on-chain automation platform built on Solana. Snowflake network empowers developers and end-users to schedule & automate hundreds of smart contracts in one unified on-chain platform.