What makes Saros Finance, the newly emerged AMM in the Solana ecosystem, special with investments from Solana and Spartan?

Joyce

2024-01-17 10:35

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Currently, Saros Finance's TVL has just surpassed $1 million.

From October 2023's total lock-up volume of 320 million to December's 1.4 billion, the vitality of the Solana ecosystem reached its peak last month. The protocol fee of DEX Raydium's weekly protocol fee exceeded that of the Bitcoin network and the Ethereum network, and its token RAY also increased fourfold in half a month. Recently, as the hotspots rotate, the heat of the Solana ecosystem has declined, and investment institutions have begun to lay out.

On January 8th, Solana-based DeFi platform Saros Finance announced the completion of a $3.75 million private funding round. Solana Ventures, Hashed, Spartan, Arche Fund, GBV, Assym, IF, Genblock, K300, Cryptomind, Kyros, and Evernew were among the participating investors. According to reports, the funds from this round will be used for the expansion plan of the project and the development of Saros Super App.

Shortly after the announcement of the latest round of financing, Saros Finance has made new moves. On December 26, 2023, Saros Finance announced that in order to realize the vision of creating an interconnected Solana ecosystem, Saros will focus on expanding from DeFi products to consumer applications, payments, ID, and DePIN. The plan is to launch the Saros Super App and $SAROS token in Q1 2024, as well as the Saros ID feature. These updates aim to empower the Saros community and provide users with a fully integrated mobile consumer application and a range of features within the Solana ecosystem.

Coin98 team created, why did Saros receive investment from Spartan?

According to DeFiLlama, although the TVL of Saros Finance has steadily increased in the past 3 months, its performance in the Solana ecosystem is not outstanding, with a TVL of only about 1 million US dollars.

Despite the current data performance being less impressive than its competitors, Ninety-Eight (formerly known as Coin98 Labs), the DeFi product developer behind Saros Finance, has garnered attention in the industry. Prior to launching Saros Finance, Coin98 completed multiple funding rounds totaling over $10 million, with top investment firms such as Alameda, Hashed, Spartan Group, and Multicoin participating.

In December 2021, Coin98 Labs announced the launch of Saros Finance, a DeFi platform based on Solana, and will launch the decentralized automated liquidity protocol SarosSwap. Subsequently, Saros Finance held its first trading competition on December 28th with a total value of 25,000 USDC (SPL) to help launch SarosSwap.

In August 2023, Coin98 announced that it has received a seven-figure investment from DWF. DWF will provide investment, consulting, liquidity provision, and marketing activities to support the global expansion of all products created by Coin98. Saros Finance, as one of the more active projects in the Coin98 ecosystem, will also receive assistance from DWF.

In addition, among the investors of Saros Finance, the performance of Spartan Group is worth noting. Pendle, a DeFi protocol with a token weekly increase of nearly 60% and a TVL growth of 14 times in a year, received financing from Spartan in 2021 when its TVL was less than one-tenth of what it is now. In November of last year, Spartan invested in Pendle again.

即将发币，未来推出 Saros Super App

Upcoming Coin Launch, Future Release of Saros Super App

At the beginning of its establishment, Saros Finance was a unified suite of DeFi products based on Solana, consisting of three basic building modules: SarosSwap (AMM), SarosFarm, and SarosStake. Among them, SarosSwap is a decentralized automated liquidity protocol built on Solana, which allows users to exchange SPL tokens and is the core of the entire ecosystem. SarosFarm is an aggregation platform for different incentive pools, which quickly assists projects and gradually increases their liquidity. SarosStake is committed to increasing user staking income through single-asset collateralization, maximizing user profits, and without the risk of impermanent loss.

Currently, the total trading volume of Saros Finance has exceeded 75 million US dollars, serving over 120,000 users.

According to the team, Saros Finance has already supported 283 projects in the Solana ecosystem. The launch of the Saros Super App is aimed at continuing the vision of connecting the Solana ecosystem through Saros and attracting a growing user and builder community.

Soras' future ecosystem consists of Saros Super App, Saros ID, and $SAROS.

Saros Super App

Saros Super App is a completely non-custodial application that provides a one-stop solution for global payments, purchases, and transfers using digital assets. With its comprehensive suite of financial services, Saros meets the diverse needs of users, providing them with a seamless and secure experience in the digital economy. The Saros Super App, with its user-friendly interface and innovative features, will be launched in the first quarter of 2024.

Saros Super App includes the configured functions, which are:

Comprehensive Wallet: Saros Super App provides a non-custodial wallet with features such as social login and limited watch mode, as well as an NFC hybrid wallet that offers enhanced security and convenience.

Seamless transactions integrated with SolanaPay: Combined with the internal payment module, it provides users with seamless and efficient transaction functions.

NFT Hub: a local store that promotes NFT minting innovation through internally developed cutting-edge artificial intelligence technology.

SarosID (SID): Saros Super App will introduce SarosID (SID), a unique identification system designed to enhance user experience by adding a layer of convenient and personalized identification.

DEX Aggregator: Provides users with comprehensive solutions for accessing and managing decentralized exchanges within the Solana blockchain.

SarosID

Privacy and user trust are crucial to the Saros ecosystem, and SarosID plays a vital role in enhancing user trust and driving adoption of Saros services as a privacy-protecting digital identity solution. As the gateway to the Saros ecosystem, SarosID enables seamless access and encourages interaction with Saros super applications. Users can enjoy the benefits of decentralized finance while retaining control over their personal data.

SarosID is a privacy-protecting digital identity solution designed to enhance user trust and drive adoption of Saros services. As the gateway to the Saros ecosystem, SarosID enables seamless access and encourages interaction with the Saros Super App. Users can enjoy the benefits of decentralized finance while retaining control over their personal data.

$SAROS

In order to support the development and sustainability of the Saros community, the team will launch the $SAROS utility token. This token will serve as the foundation of the community, incentivizing participation, rewarding long-term builders and supporters, and promoting a thriving economy.

The $SAROS token economics has been announced, with 5% allocated for community airdrops. Additionally, 20% will be distributed to core contributors, 20% for ecosystem growth, 20% allocated to strategic reserves, 15% for investors, 10% for liquidity provision, and 10% for community development. The airdrop will take place in the future.