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 ==
== Overview ==
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== Comparison with Curve ==
== 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. [https://www.researchgate.net/publication/334626679_Data_Protection_with_Ethereum_Blockchain 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 ==
== Sources ==
<references />
[[Category:Protocols]]

Latest revision as of 18:39, 30 April 2022

Saddle is a decentralized automated market maker (AMM) on the Ethereum blockchain, optimized for trading pegged value crypto assets with minimal slippage.[1] 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.[2]

Overview

Saddle Finance

Saddle is an automated market maker (AMM) enabling trading between pegged value crypto assets. Saddle liquidity pools implement the StableSwap mathematical formula to reduce slippage and keep the market liquid. First introduced by Curve Finance, Stableswap is a hybrid algorithm. The Stableswap hybrid combines both Constant Product and Constant Sum models.

Comparison with Curve

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[3]. Matt Luongo wrote "good artists borrow great artists steal" as he commited the Saddle contracts to Github[4]

April 2022 Exploit

On the 30th of April 2022, Peckshield twitter account reported an ongoing exploit against the protocol.[5] The Saddle team replied about an hour later by disabling withdrawals and confirming they were investigating the exploit[6].

Saddle Finance TVL fell from $320m to less $100m after withdrawals were enabled.[7] The team later announced that the sUSDv2 metapool was affected by the bug which caused the loss[8].

Sources

  1. ↑ https://docs.saddle.finance/
  2. ↑ https://www.linkedin.com/in/sunilsrivatsa/
  3. ↑ https://cryptobriefing.com/curve-accuses-saddle-finance-of-copying-its-code/
  4. ↑ https://twitter.com/RezanC0de/status/1351580755084898309
  5. ↑ https://twitter.com/peckshield/status/1520317251265564672
  6. ↑ https://twitter.com/saddlefinance/status/1520329884526170116
  7. ↑ https://defillama.com/protocol/saddle-finance
  8. ↑ https://twitter.com/saddlefinance/status/1520463293177028608
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