This Red-Hot Solana ($SOL) Powered DeFi Token Is Up 22000% in Past Seven Weeks

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Solana has been the hottest L1 blockchain this summer, with $SOL up almost 7800% so far in 2021. As the result of the interest Solana has generated, projects in the Solana ecosystem have benefited greatly and their tokens have enjoyed huge gains.

On June 1, a startup named Saber Labs announced the launch of StableSwap, which it introduced as “the first automated market maker optimized for trading pegged assets on Solana.” This was the date that StableSwap was launched on Solana’s Mainnet Beta network. 

In its first blog post, which was published on June 1, the Saber team mentioned that StableSwap had “designed its AMM from the ground up based on the proven Curve Finance model of efficiently swapping between stable pairs of assets.”

They went on to mention what role they expected this product to play in the future once cross-chain bridges such as Wormhole became available:

When a user sends USDC from Ethereum through Wormhole, they receive a wrapped version of USDC (Wormhole USDC) on Solana. However, in order to interact with Solana applications, they’ll likely need to swap to the native Solana version of USDC.

There is currently very little liquidity to switch between Wormhole and native versions of tokens on Solana. StableSwap will be the first touchpoint of liquidity for cross-chain bridges, enabling more activity within the Solana ecosystem.

One week later (on June 8), Saber Labs published another blog post to announce that SaberSwap had been rebranded to Saber:

While our primary focus on stable asset pair trading remains the same, switching to the name Saber is a recognition that we don’t want to be limited to just StableSwaps— we want to tackle the most in-need areas within the crypto ecosystem.