2021-01-28 11:16:49
Saddle is an autonomous blockchain for invisible transactions, through unique bridge #Protocol
The Curve Finance team wrote their famous StableSwap system for efficiently trading value pegged tokens in the Vyper programming language.
Saddle, like Curve, aims to improve the efficiency of pegged ERC20 trading. For example, Saddle launched a tokenized bitcoin pool for low-slippage trading between WBTC, sBTC, tBTC, and renBTC tokens.
Tokenized Bitcoin delivery on top of Ethereum could do another x100 and more in the coming years, and Saddle wants to be a useful service at the center of such a Bitcoin boom.
Another standout element of Saddle is its support for Synthetix style virtual synthetic assets. These tools will go a long way in DeFi in the future because they allow you to trade different types of assets through synths, and since synths have no slippage between them, trades are extremely effective.
The project also focuses on how to properly stimulate LP. First, Saddle's team pre-designed a linearly decreasing liquidity withdrawal fee to encourage LP to last longer. This board was disabled at launch, but it's one of the many possibilities Saddle is exploring here.
Note that Saddle has not only raised $ 4.3 million in funding from companies like Polychain Capital, Framework Ventures, Coinbase Ventures, Alameda Research and others, but its 3 out of 5 Gnosis Safe Multisig are also among its DeFi supporters, such like Mariano Conti, Kane Warwick, and DegenSpartan.
Saddle KEEP Farming
The Saddle protocol was recently spun off from Thesis, the firm behind DeFi projects like Keep Network and tBTC. So while Saddle doesn't have its own governance token (at least not yet), the Keep Network team has allocated 125k KEEP tokens per week to stimulate early LPs on the new exchange. Right now, these KEEP awards are generating LP at just over 38% per annum.
Saddle is doing a secure launch through the Proof of Governance (PoG) system, which essentially means that its first LPs must be actively involved in other DeFi projects like Compound, Maker, and others in order to qualify for Saddle.
Additionally, Saddle's first Bitcoin pool will be capped at 150 BTC to start with and with an initial 1 BTC per address deposit limit. Both of these indicators will grow steadily over time.
Saddle has been audited by Certik, OpenZeppelin and Quantstamp. Airdrop possible!
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