Automated market maker Saddle Finance has established a funding program to raise a large amount of money from well-known firms in the crypto space. It is believed that the recently launched funding program will offer Bitcoin backed tokens such as wrapped Bitcoin (BTC).
Despite being accused by Curve — Defi AMM Platform— for copying its algorithm math, the VC-backed Saddle is tipped to become one of the world’s highly-rated platforms in the nearest future. Having gone live earlier in the week, users now have the platform to deposit, withdraw, swap, and provide liquidity.
Saddle’s project to raise over $4.3m from crypto firms and investors
It is believed that the program will raise close to $4.3 million from top-rated companies in the venture capital. Firms like Coinbase Ventures, Dragonfly Capital, Alameda Research, Divergence Ventures, and Nascent participate in the project. Other investors expected to partake in it include PolyChain Capital Framework Ventures and Electric Capital. Apart from raising close to the amount mentioned above, saddle Finance’s mission is to play a huge role in reducing the volatility of crypto markets.
According to the founder of the Saddle Finance platform Sunil Shrivastava, the main reason for creating the Saddle platform is to reduce the slippage chances of tradable assets by providing users the unequal opportunities to choose from four tokenized Bitcoin liquidity pools, including sBTC, tBTC, renBTC, and wBTC.
The firm is also established to enable crypto users to swap tokens or provide liquidity within the shortest period. It means all Saddle Finance users can complete transactions without recording massive losses due to slippage and transaction fees.
Saddle accused of imitating Curve’s bitcoin liquidity approach
AMM platform Curve Finance is unhappy with Saddle’s decision to launch the funding rounds as it claimed it was the first to introduce such strategic ideas to the industry. In a post published by Curve Finance via its official Twitter handle, Saddle Finance deployed an algorithm similar to its stablecoin liquidity. It further stressed that Saddle’s newly launched Tokenized Bitcoin liquidity shares the same maths with StableSwap whitepaper. Reacting to the accusation, QuantStamp audit couldn’t point out how Saddle Finance gained access to the formula deployed by Curve’s StableCoin project.
It went on to predict a very unsecured future for Saddle’s tokenized Bitcoin liquidity project as it could be vulnerable to hacker attacks if top security isn’t provided. Referring to the unfortunate incident between the two platforms, the QuantStamp audit suggests Saddle might suffer the same fate in the long run. Meanwhile, it has been a good week for all Ethereum investors and traders following the asset’s impressive price and value increase.
The second-largest cryptocurrency’s price has been on the increase since the start of the week, reaching an all-time high of $1439 on Tuesday. Many crypto investors are beginning to shift their attention to Ethereum’s bullish run, no thanks to Bitcoin’s underwhelming performance, which has lasted for almost two weeks.