Saber (SBR)

Basics

• Based in:
• Started in / Announced on:
• Testnet release:
• Mainnet release:

History

• The cornerstone of a grand scheme of 1 developer pretending to be 11 devs and creating most of Solana's TVL at one point (8-2022):

"Coding as 11 purportedly independent developers, Ian, a 20-something computer wiz from Texas, created a vast web of interlocking DeFi protocols that projected billions of dollars of double-counted value onto the Saber ecosystem. That temporarily inflated the total value locked (TVL) on Solana, as the network was racing toward its zenith last November.

“I devised a scheme to maximize Solana’s TVL: I would build protocols that stack on top of each other, such that a dollar could be counted several times,” Ian wrote in a never-published blog post reviewed by CoinDesk. The blog post was prepared on March 26, three days after Cashio, one of Ian’s secretly built protocols, lost $52 million in a hack.

Ian’s ploy worked for a while. By his count, Saber and Sunny comprised $7.5 billion of Solana’s $10.5 billion TVL at their peak. (Billions of those dollars were double-counted between his two protocols.) In public, Ian and his brother Dylan called their anonymous personas “friends,” or “friends of friends.” Their “Ship Capital” coder club was laying the “blueprints for my ideal DeFi ecosystem,” Ian wrote in the unpublished blog. The Macalinaos in May published “Saber Public Goods” to propagate the “Saber team’s” prolific code across Solana. Eight of Ian’s 11 secret projects appear there. Their disclosure is mum on the anons and their master. Sunny and Cashio, whose tokens imploded, don’t show up, either."

Audits & Exploits

• Bug bounty program can be found [insert here].

Governance

• Has Flipside as one of their professional delegates (30-11-2022).

Usage

• From Coindesk (5-8-2022):

"Ian’s ploy worked for a while. By his count, Saber and Sunny comprised $7.5 billion of Solana’s $10.5 billion TVL at their peak. (Billions of those dollars were double-counted between his two protocols.) Saber’s current TVL is $90.6 million."

Projects that use or built on it

• From Coindesk (5-8-2022):

"“I devised a scheme to maximize Solana’s TVL: I would build protocols that stack on top of each other, such that a dollar could be counted several times,” Ian wrote in a never-published blog post reviewed by CoinDesk.

Surya Khosla of Sunny Aggregator, Ship Capital had many “friends": 0xGhostchain, who created Cashio; Goki Rajesh, builder of multi-signature wallet Goki; Larry Jarry from mining rewards aggregator Quarry; Swaglioni, the “grandmaster” of governance platform TribecaDAO all being Ian. Lesser-known protocols Crate (run by kiwipepper), aSOL (0xAurelion), Arrow (oliver_code) Traction.Market (0xIsaacNewton), Sencha (jjmatcha) and Venko App (ayyakovenko), rounded out the crown, according to Ian’s blog."

Team, Funding and Partners

Team

• Full team can be found [here].
• Ian Macalinao; founder
• Has Flipside as one of their professional delegates (30-11-2022).

(:

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