Saros (SAROS): A Comprehensive Solana Web3 Suite

As the web3 realm continues to expand at an alarming rate, existing projects are finding themselves with a need to evolve to keep up with the demands of the crypto market. One such project is Saros, which started as an app offering decentralized finance (DeFi) services through the Solana ecosystem.

Upon launch in Q3, 2021, Saros version 1 was launched as a decentralized exchange (DEX). However, in 2024, the project updated its road map to V2 to incorporate a suite of web3 features, such as a noncustodial wallet with a Solana-powered payment system and an NFT hub.

Let’s look at how Saros has evolved to make a mark in the fast-paced web3 space.

Key Takeaways:

• Saros V1 was launched as a DeFi DApp, but the project is now upgrading to Saros V2 as an all-encompassing web3 DApp that will include Super App, a noncustodial wallet; SarosID, a digital identification system; an NFT hub; and a DEX aggregator.

• Together with the launch of the Super App, the project has released SAROS, the native token of the Saros ecosystem, to incentivize participation in the Saros ecosystem.

• SAROS can be bought on Bybit as a Spot pair.

What Is Saros?

Saros is a decentralized application (DApp) offering a suite of web3 products on the Solana blockchain.

Saros V1 was launched as a DeFi app consisting of SarosSwap, an AMM liquidity protocol; SarosFarm, a yield farming aggregator; SarosStake, a staking platform; and Saros SnapShot, a trading competition tracking tool.

The project is now launching Saros V2, incorporating more web3 features that include its Super App, a noncustodial wallet with Solana Pay integration; SarosID, a digital identification system; a DEX aggregator; and an NFT hub.

Since its launch in 2021, Saros has raised over $3.75 million in private funding, and has attracted over 283 projects associated with the Solana ecosystem. Its team believes that the project must evolve from being only a DeFi DApp into a web3 suite that accommodates the dynamic needs of crypto enthusiasts.

With the launch of Saros V2, the project has also introduced the SAROS token to be used for various utilities within the Saros ecosystem.

Saros Finance (V1)

The Saros ecosystem encompasses the following DeFi products.

SarosSwap

SarosSwap is a Solana-based liquidity protocol that uses automated market makers (AMMs) to help SPL holders exchange their tokens efficiently. Its user-centric platform aims to make creating and managing liquidity easy for DeFi users. The slippage rate is set at a market rate of 0.5%, but can be adjusted higher during volatile market conditions or low-liquidity pool scenarios. This ensures a greater likelihood of successful transactions occurring at a faster pace.

SarosFarm

SarosFarm enables you to participate in yield farming, becoming a liquidity provider by staking your LP tokens in liquidity pools and sharing in the fees generated by the pool. With SarosFarm, not only will you efficiently and securely generate passive income, but you’ll also contribute to the vibrancy of the Solana ecosystem.

SarosStake

Staking is a critical arm of DeFi, and you can compound your yields automatically through single-asset staking on SarosStake. Better yet, you’re cushioned from impermanent loss, a significant concern when staking. Since the staking is done through Solana, you’ll benefit from the ecosystem's secure architecture and low transaction costs.

Saros SnapShot

Saros SnapShot is a tracking tool that you can use to monitor your trading positions when you participate in trading competitions and promotions. The feature aims to foster transparency and comprehensive user engagement, leading to better decision-making when participating.

Saros V2

In early 2024, Saros announced the update of its road map to version 2, incorporating a diverse array of web3 products. This update coincides with the launch of the SAROS token, designed to cater to the increased functionalities within its ecosystem.

The rollout of additional products will occur in phases. Phase one introduced the Saros Super App, with subsequent products like the NFT Hub being introduced later. Currently, Saros Super App and SarosID are operational.

The Saros V2 suite of products includes the following.

Saros Super App

As the flagship product of Saros V2, Super App acts as an all-inclusive, noncustodial payment app for global transactions. It’s the ultimate app, designed to interact with the entire Solana ecosystem. You can use it to make payments, exchange digital assets (including the SAROS token) and efficiently interact with stablecoins. 

In addition, this comprehensive app will integrate SolanaPay, which enables fast, cheap and secure payments. The app also has advanced functionalities, such as a social log-in and an NFC hybrid wallet.

SarosID

SarosID, featuring DePIN technology, functions as a secure and private passport within the Saros ecosystem, serving as its digital identity system. It will allow people to securely and privately interact with various features in the Saros ecosystem as they engage and use the Super App.

NFT Hub

Through the Saros NFT hub, you’ll be able to conveniently mint NFTs, and to receive access to an NFT marketplace through AI-powered mechanics.

DEX Aggregator

The DEX Aggregator on Saros V2 will provide a central place to manage decentralized exchanges that efficiently interact with the Solana ecosystem.

What Is the SAROS Token?

In line with its vision for increased functionality on Saros V2, the project has launched the SAROS token, which will be the native utility token for the entire ecosystem. SAROS is used to incentivize participation, reward the community for engaging with the platform and contribute to the vibrancy of the Saros community. Owning SAROS provides an avenue for embracing Solana's innovation and benefiting from its architecture.

The total supply of SAROS is 10 billion tokens, of which 1.5 billion have already been allocated to private investors in 2021 through a private sale that raised $3.75 million. SAROS token allocation is as follows:

• Ecosystem growth — 2 billion (20%), with a one-year cliff period, unlocking linearly over three years

• Community development — 1 billion (10%), with a one-year cliff period, unlocking linearly over three years

• Private investors — 1.5 billion (15%), with a one-year cliff period, unlocking linearly over two years

• Airdrops — 500 million (5%)

• Liquidity provision — 1 billion (10%)

• Strategic reserve — 2 billion (20%), with a one-year cliff period, unlocking linearly over three years

• Core contributors — 2 billion (20%), with a one-year cliff period, unlocking linearly over three years

Where to Buy SAROS

You can buy SAROS on Bybit’s spot trading terminal, where it’s available as the SAROS/USDT Spot trading pair. You’ll first need to create an account on the platform, get verified, deposit funds, and proceed to enjoy a seamless trading experience.

Closing Thoughts

Saros V1 is already a notable DeFi name on the Solana network. Now, with its broader vision of expanding a full-fledged, Solana-based unified suite of products through Saros V2, users are in for a host of web3 functionalities that will ensure they have a one-stop shop for all their needs, in line with the ultimate vision of the Solana Foundation.

Saros V2 integration with Solana Pay will provide users with a secure platform to transact, while SarosID will protect their digital identity as they do so.

Whether you’re looking for decentralized finance activities such as yield farming, staking and token swapping, or want to explore the web3 realm with DEXs and NFTs, Saros will provide you with the gateway.

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