Saddle

Saddle is a decentralized finance (DeFi) protocol that functions as an automated market maker on the Ethereum blockchain and other EVM-compatible chains. Launched in early 2021, its primary mission was to provide a platform for swapping pegged-value assets, such as stablecoins and wrapped Bitcoin (e.g., wBTC, renBTC), with minimal slippage and low fees. The protocol gained initial traction within the DeFi community. However, in April 2022, it suffered a significant security exploit resulting in a loss of over $10 million. Following this event and other market factors, the Saddle team announced in April 2023 that it would be winding down the protocol and ceasing all related activities.