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News

Saddle Finance, Criticized Project Copy Curve, Proposed Deactivation

August 9, 2023 - Around 2 mins mins to read

Key Points:

  • Decentralized trading protocol Saddle Finance, a project that has been criticized as a plagiarism of Curve Finance, has proposed to shut down and distribute funds to investors.
  • This action comes after a series of Defi protocols operating on Curve Finance were hacked.
  • The project itself was also attacked, causing damage of up to 10 million USD in April last year.
Ethereum-based crypto trading protocol Saddle Finance is moving to decommission and distribute its treasury to investors.
Saddle Finance, Criticized Project Copy Curve, Proposed Deactivation

Sunil Srivatsa, the founder of Saddle, suggested on Tuesday that the team convert his cash holdings into Arbitrum (ARB) tokens and distribute the revenues among Saddle’s SDL and veSDL token holders, with veSDL investors receiving a four-fold higher share.

Curve Finance has previously made allegations that Saddle copied his own algorithm, suggesting that the majority of Saddle’s algorithms are “identical” to Curve’s own. Curve acknowledges that Saddle uses a different programming language – “Solidity instead of Vyper” – but concludes that this is the only difference between the two platforms.

Saddle’s action comes after Curve Finance recently experienced a catastrophic attack that resulted in the theft of the assets of a series of liquidity pools operating on the protocol. However, up to now, the problem has been controlled and is in the process of fixing.

Moreover, the protocol itself in April last year also suffered a massive attack that caused up to 10 million dollars in damage. Later, BlockSec helped Saddle Finance recover $3.8 million from the hack.

According to the report, the exploit happened within a bunch of transactions and took advantage of the wrong MetaSwapUtils lib used to calculate the swap. The hacker initiated the exploit with 1 ETH withdrawn from Tornado Cash.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

News

Saddle Finance, Criticized Project Copy Curve, Proposed Deactivation

Key Points:

  • Decentralized trading protocol Saddle Finance, a project that has been criticized as a plagiarism of Curve Finance, has proposed to shut down and distribute funds to investors.
  • This action comes after a series of Defi protocols operating on Curve Finance were hacked.
  • The project itself was also attacked, causing damage of up to 10 million USD in April last year.
Ethereum-based crypto trading protocol Saddle Finance is moving to decommission and distribute its treasury to investors.
Saddle Finance, Criticized Project Copy Curve, Proposed Deactivation

Sunil Srivatsa, the founder of Saddle, suggested on Tuesday that the team convert his cash holdings into Arbitrum (ARB) tokens and distribute the revenues among Saddle’s SDL and veSDL token holders, with veSDL investors receiving a four-fold higher share.

Curve Finance has previously made allegations that Saddle copied his own algorithm, suggesting that the majority of Saddle’s algorithms are “identical” to Curve’s own. Curve acknowledges that Saddle uses a different programming language – “Solidity instead of Vyper” – but concludes that this is the only difference between the two platforms.

Saddle’s action comes after Curve Finance recently experienced a catastrophic attack that resulted in the theft of the assets of a series of liquidity pools operating on the protocol. However, up to now, the problem has been controlled and is in the process of fixing.

Moreover, the protocol itself in April last year also suffered a massive attack that caused up to 10 million dollars in damage. Later, BlockSec helped Saddle Finance recover $3.8 million from the hack.

According to the report, the exploit happened within a bunch of transactions and took advantage of the wrong MetaSwapUtils lib used to calculate the swap. The hacker initiated the exploit with 1 ETH withdrawn from Tornado Cash.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.