Saddle, the first open-source automated market maker (AMM) optimised for trading between pegged value crypto assets, announces the close of a $7.5 million funding round led by Polychain and Electric Capital, with participation from eGirl Capital, Nascent, and more. To date, Saddle has fundraised a total of $11.8 million.
Founded in 2020, Saddle is a decentralised AMM on the Ethereum blockchain, optimized for trading pegged value crypto assets with minimal slippage. Saddle enables cheap, efficient, swift, and low-slippage swaps for traders and high-yield pools for LPs.
“Partnering with founders who are building the future is at the core of what we do. Saddle’s team is mission-driven and the vision is big – from decreasing slippage between asset swaps to providing liquidity into Saddle pools,” said Niraj Pant, General Partner of Polychain. “Fundraising for an AMM requires partners who are mission-aligned and share a vision for the future of the industry, which is why we’re especially excited to partner with Saddle on this investment.”
Saddle said it is committed to open-source software and collaboration to fulfil the promise of DeFi and financial Lego blocks, and the Saddle protocol is audited and secured by leading blockchain security firms like Certik, Quantstamp, and OpenZeppelin.
“This investment will enable Saddle to continue advancing its offerings that allow pegged value crypto assets to achieve efficiency, profitability, and growth. With this funding, we plan to expand our team, help bring low-slippage stablecoins to every chain in DeFi, position Saddle to better serve a multi-chain future, and invest in the Saddle community and creator metaverse,” said Sunil Srivatsa, Founder of Saddle.
Saddle is built by DeFi natives with prior years of developer experience at Web2 companies like Uber, Amazon, and Square, and anyone and everyone can use the platform. All you need in order to use Saddle is an internet connection and a ERC-20 compatible wallet like Metamask.