QUICK POINT :
Saber is a cross-chain stablecoin exchange that is built on Solana’s blockchain network
Saber
Solana is a blockchain network that creates an ecosystem where several cryptocurrency projects are built. Solana is a force to reckon with in the cryptocurrency sphere thanks to its optimal scalability and advanced architectural design that could withstand any workload. Among the several projects that are developed on the Solana, blockchain network is Saber. We will carefully review everything you need to know about Saber, including how it operates and why it is
allegedly special.
Saber Made Clear
Saber is a cross-chain stablecoin exchange that is built on Solana’s blockchain network.Saber aims to provide the liquidity foundation for stablecoins, which are the types of cryptocurrency that have their value pegged to another asset, such as the US dollar, as the underlying asset. Saber enhances the swapping of stablecoins and other tokens between Solana and other blockchains. This means that Saber performs the role of Solana’s core cross-chain liquidity network.
How Does Saber Work?
It works in a simple way; market makers are required to deposit cryptocurrencies into Saber’s liquidity pool, where they are allowed to earn passive yield just from the transaction fees, as well as the token-based incentives. Traders can also get access to the Saber Protocol Token (SBR). It is a multi-purpose token that was created to allow token holders to help shape the future of Saber. This governance token comes with a myriad of uses. First, it helps to push the development of the Saber Protocol forward and initiate collaboration with the community on key parameters such as
fee models. Second, it allows for easy alignment of incentives and benefits between the stakeholders — liquidity providers, users, team, and ecosystem partners.
History of Saber
Originally known as StableSwap, Saber was launched on June 1 as the first low slippage automated market maker (AMM) for trading pegged assets on Solana. Dylan Macalinao is the co-founder and CEO at Saber Labs.The protocol was developed to enable Solana users and applications to efficiently trade between stable pairs of assets.It was based on the Curve Finance model of efficiently swapping between these assets; however, it expanded beyond the USDT/USDC pool to other pegged asset pools over time.Throughout its first month of being released, it generated over $5 million in liquidity across pools, launched Solana’s first BTC stable pool, and launched Solana’s first trading pools for Terra USD (UST), LUNA, Binance USD (BUSD), DAI and others.Saber’s founding has been building cryptocurrency projects since 2017. In 2019, they launched a crypto fund administration platform that Y Combinator and Coinbase backed. They also helped organize the first DeFi community events in San Francisco and Prague.
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