Difference between revisions of "Saddle Finance"

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-Saddle is a decentralized automated market maker (AMM) on the Ethereum blockchain, optimized for trading pegged value crypto assets with minimal slippage<ref>https://docs.saddle.finance/</ref>. Saddle enables cheap, efficient, swift, and low-slippage swaps for traders and high-yield pools for LPs. Currently, Saddle supports [[Ethereum]], [[Fantom]], [[Evmos]], [[Arbitrum]] and [[Optimism]] with liquidity on common Stablecoins/Eth/BTC pairs. Saddle is founded by Sunil<ref>https://www.linkedin.com/in/sunilsrivatsa/</ref>.
+Saddle is a decentralized automated market maker (AMM) on the Ethereum blockchain, optimized for trading pegged value crypto assets with minimal slippage.<ref>https://docs.saddle.finance/</ref> Saddle enables cheap, low-slippage swaps for traders and high-yield pools for LPs. Currently, Saddle currently supports [[Ethereum]], [[Fantom]], [[Evmos]], [[Arbitrum]] and [[Optimism]] with liquidity on common Stablecoins/ETH/BTC pairs. Saddle is founded by Sunil.<ref>https://www.linkedin.com/in/sunilsrivatsa/</ref>
 == Overview ==
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 == Comparison with Curve ==
-The comparison of Curve and Saddle is rooted in the algorithm used. Saddle's technical implementation is different. The original vision was to use Synthetix as a bridge across asset pools to facilitate large, low-slippage trades (alla virtual swap). However, building on top of Curve is hard because they had a restrictive license. StableSwap is a Hybrid Function Market Maker based on the Constant Product Market Maker (implemented by Uniswap) and Constant Sum Market Maker. While the StableSwap algorithm was indeed developed by a member of the Curve team, it is nonetheless published in the public domain.
+Saddle Finance was accused by [[Curve Finance]] of copying its algorithm suggesting the Saddle team had ported its Vyper codebase to Solidity without making any changes<ref>https://cryptobriefing.com/curve-accuses-saddle-finance-of-copying-its-code/</ref>. Matt Luongo wrote "good artists borrow great artists steal" as he commited the Saddle contracts to Github<ref>https://twitter.com/RezanC0de/status/1351580755084898309</ref>
-Principally, Saddle is built on the values of open-source and collaboration, while Curve operates on a restrictive license.It is welcomed that anyone who wants to build on top of Saddle or bring stablecoin / pegged asset DEX/AMM to another chain. Check out Build with Saddle on ways to collaborate.
+== April 2022 Exploit ==
+On the 30th of April 2022, [[Peckshield]] twitter account reported an ongoing exploit against the protocol.<ref>https://twitter.com/peckshield/status/1520317251265564672</ref> The Saddle team replied about an hour later by disabling withdrawals and confirming they were investigating the exploit<ref>https://twitter.com/saddlefinance/status/1520329884526170116</ref>.
-Technically, Saddle is implemented in Solidity, while Curve is implemented using Vyper. Here's a research paper comparing the two languages. <ref>https://docs.saddle.finance/saddle-faq#did-you-copy-curve/</ref>.
+Saddle Finance TVL fell from $320m to less $100m after withdrawals were enabled.<ref>https://defillama.com/protocol/saddle-finance</ref> The team later announced that the sUSDv2 metapool was affected by the bug which caused the loss<ref>https://twitter.com/saddlefinance/status/1520463293177028608</ref>.
 == Sources ==
+<references />
+[[Category:Protocols]]