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Venture-Backed Saddle Finance Proposes Wind-Down, Dissolution

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Ethereum-based DeFi exchange saddlefinance would shut down and distribute its treasury to investors under a new proposal from the protocol's founder. realDannyNelson reports

Ethereum-based crypto trading protocol Saddle Finance is moving to shut down operations and distribute its treasury to investors.the group liquidate its treasury into Arbitrum tokens and airdrop the proceeds to holders of Saddle’s SDL and veSDL tokens, with veSDL holders getting four times as big an allocation. It was not immediately clear how large Saddle’s treasury was.

The snap poll comes after the monumental hack of decentralized exchange giant Curve last month, which ripped through Ethereum's decentralized finance ecosystem and, according to Srivatsa’s blog post, reminded Saddle’s team of the ever-present threat of exploitable bugs.. Srivatsa said the protocol’s developers need to step back from the project by September 30, 2023.

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