Saddle Finance Raises $4.3M; Launches A Slippage-Free AMM for DeFi Tokens

2021-1-21 23:05

Saddle Finance, an automated market maker, launches a $4.3 million funding round from top VC firms in the crypto sphere. The platform will offer Bitcoin backed tokens, including wrapped Bitcoin (wBTC). DeFi AMM platform, Curve, accuses Saddle of copying its algorithm.

Saddle, a VC-backed AMM, went live earlier this week, allowing users to deposit, withdraw, swap, and provide liquidity on the platform. The project raised $4.3 million from top crypto venture capital firms, including PolyChain Capital Framework Ventures and Electric Capital. Other investors who participated in the funding round include Coinbase Ventures, Dragonfly Capital, Alameda Research, Divergence Ventures, and Nascent.

The volatility of crypto markets increases the slippage chances, difference between expected (order) price and the execution price, even across stablecoin pairs, Sunil Srivatsa, founder of Saddle and a former Uber senior software engineer, said in an interview.

Saddle is built to minimize slippage chances across different tradable assets such as stablecoins and tokenized assets. Saddle users can now choose amongst four tokenized Bitcoin liquidity pools, namely tBTC, wBTC, renBTC, and sBTC, to swap tokens or provide liquidity. Sunil further stated,

“So one of the problems that we’re setting out to solve is to unlock deep on-chain liquidity for pegged value crypto assets basically. That means you’re able to make trades and lose a very minimal amount to slippage and transaction fees.”

The platform will use Synthetix’s virtual synths, ensuring the trades are completed instantly and prevent any slippage while trading.

Curve claims Saddle copied their code

The launch of Saddle has not been taken on good terms with another AMM platform, Curve Finance, who claim the former copied their algorithm. Curve Finance is an AMM that provides stablecoin liquidity pools, different from Saddle's tokenized Bitcoin liquidity pools.

In a tweet responding to the difference the two platforms had, Curve Finance blasted the similarities in code between the platform, claiming they have “the same math.”

For now, seems like exactly the same math but with VCs. Will see how it plays out

— Curve Finance (@CurveFinance) January 19, 2021

In a statement first made public on Crypto Briefing, Curve Finance elaborated that Saddle “used the same algorithm.” Furthermore, the QuantStamp audit on the project stated they “were not able to determine how the developers derived formulas copied from Curve’s StableSwap whitepaper.”

The audit further claims that Saddle could be vulnerable to an attack previously noticed on Curve since the smart contract is typically the same.

The post Saddle Finance Raises .3M; Launches A Slippage-Free AMM for DeFi Tokens first appeared on BitcoinExchangeGuide.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

First Bitcoin Capital (BITCF) на Currencies.ru

$ 0.01244 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0.01244 - H: $0.01244
Капитализация $0 Rank 99999
Доступно / Всего 0 BITCF

capital amm saddle project raised provide platform

capital amm → Результатов: 4


Платформа предсказаний Polymarket привлекла $4 млн при поддержке Polychain Capital

Платформа предсказаний Polymarket с технологией автоматического маркетмейкера (AMM) привлекла $4 млн в раунде финансирования, который возглавил криптофонд Polychain Capital. I’m proud to announce @PolymarketHQ‘s new $4m fundraise led by @polychaincap + @naval @balajis @1confirmation @rleshner @paraficapital & more They’ll be joining us on our mission to harness the power of free markets to combat misinformation.

2020-10-21 15:21


DEX Aggregator 1inch Secures $2.8M Funding While its AMM Mooniswap Locks $5.5M

DEX aggregator 1inch has secured $2. 8 million in an external seed funding round led by Binance Labs. Other investors included Galaxy Digital, FTX, Dragonfly Capital, Greenfield One, Libertus Capital, IOSG, Divergence Ventures, and LAUNCHub Ventures along with Kyber Network founder Loi Luu and NEAR protocol founder Illia Polosukhin.

2020-8-13 20:43