Saddle, an open-source automated market maker (AMM) has closed on a $7.5 million funding round led by Polychain and Electric Capital, according to a release. The funding also included the participation of eGirl Capital, Nascent, and others. Saddle reports that to date it has raised in total $11.8 million.
Saddle is a decentralized AMM utilizing the Ethereum blockchain. Saddle aims to facilitate inexexpensive and efficient swaps for traders and high-yield pools.
Saddle states that it is committed to open-source software and collaboration to fulfill the promise of DeFi.
Niraj Pant, General Partner of Polychain, commented:
“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. 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.”
Sunil Srivatsa, Founder of Saddle, said the investment will enable them to advance offerings that allow a pegged value for crypto assets to achieve efficiency:
“With this funding, we plan to expand our team, help bring low-slippage stablecoins to every chain in DeFi, position