Saddle is an AMM (Automated Market Maker) specifically designed for fixed-value crypto assets, aiming to facilitate efficient trading between such assets to accelerate the development of the DeFi ecosystem. For example, their Bitcoin pool allows users to trade and provide liquidity between tBTC, WBTC, sBTC, and renBTC.
Saddle spun out from Thesis, which has been involved in driving the development of projects like tBTC, Keep, and Fold.