This DeFi token from the Solana (SOL) network has risen 22,000% in recent weeks

0

[ad_1]

Solana has been the most popular L1 blockchain this summer, with the SOL token gaining nearly 7,800% so far in 2021. As a result of the interest Solana has generated, projects in the Solana ecosystem have benefited greatly and their tokens have enjoyed huge profits.

On June 1, a startup called Saber Labs announced the launch of StableSwap, which it presented as "the first automated market maker optimized for linked asset trading in Solana." This was the date StableSwap was released on Solana's Mainnet Beta network.

In their first blog post, which was published on June 1, the Saber team mentioned that StableSwap had "designed its AMM from the ground up based on Curve Finance's proven model of efficient exchange between stable pairs of assets."

They went on to mention what role they hoped this product would play in the future once cross chain bridges like Wormhole became available:

“When a user sends USDC from Ethereum through Wormhole, they receive a wrapped version of USDC (Wormhole USDC) in Solana. However, to interact with Solana applications, they will likely need to switch to the native version of Solana from USDC.

There is currently very little liquidity to switch between Wormhole and the native versions of tokens on Solana. StableSwap will be the first liquidity contact point for inter-chain bridges, which will allow greater activity within the Solana ecosystem ”.

A week later (on June 8), Saber Labs published another blog post to announce that SaberSwap had been renamed Saber:

"While our primary focus on trading stable asset pairs remains the same, changing to the Saber name is an acknowledgment that we don't want to limit ourselves to StableSwaps, we want to address the most needy areas within the crypto ecosystem."

On July 13, the Saber team introduced the Saber Protocol Token (SBR), which they said was a governance token with two main use cases:

  • Lead the development of the Saber Protocol
  • Align incentives among Saber stakeholders

The maximum supply (or maximum limit) of SBR is 10 billion tokens, and the distribution of the token was as follows:

  • Mining reserves: 31.42%
  • Alliances and ecosystem: 25.10%
  • Team and advisers: 19.58%
  • Strategic fundraising: 15.48%
  • Liquidity reserve: 8.42%

Since its launch just over three months ago, Saber has become "the leading cross-chain stablecoin and asset exchange wrapped in Solana."

Its sponsors include Race Capital, Multicoin Capital, Jump Capital, Social Capital (founded by billionaire Chamath Palihapitiya), Solana Foundation, CMS, Divergence Ventures, Reciprocal Ventures, Republic Labs, and Coin98 Ventures.

For traders, Saber Protocol offers the ability to "trade stable pairs instantly with low slippage and minimal fees"; for liquidity providers, its automated market maker, which has been "algorithmically designed to eliminate non-permanent loss", provides the opportunity to "get return on transaction fees, liquidity incentives"; and for developers, it acts as a building block of DeFi that "can be easily integrated into any Solana-based application or protocol."

According to data from CoinGecko, the price of the SBR token, which is currently only available to trade on the decentralized exchanges Serum and Raydium, has passed in the last seven weeks from $ 0.00225782 (the all-time low of July 19) to $ 0.500170 (at 10:10 UTC on September 6), representing a gain of more than 22.052%. In the last 24 hour period, SBR is up 69.9%.

According to Defi Llama, the total value of Locked Saber (in USD) is currently $ 1.19 billion.



[ad_2]

Leave A Reply

Your email address will not be published.

18 − 12 =