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Версия: 3.3.51 Обновлено: 2026-01-23

Saga Whitepaper: Банковское Окно DeFi

Executive Summary

Key Points

  • Банковское окно DeFi: Saga — это безопасный интерфейс между клиентом и финансовым оператором, не хранящий секретов пользователей
  • Dual-Side Excellence: Максимальная простота для клиентов + максимальная гибкость для операторов капитала
  • External Integration Strategy: Использование профессиональных custody сервисов и специализированных DeFi vaults вместо самостоятельной разработки
  • Passive Income Focus: 10% годовых (MVP), с планами расширения до multi-strategy
  • Web2.5 Native: Аутентификация через Google/email (Supabase Auth), простой onboarding

Main Conclusions

  1. Концепция "окна" превосходит централизацию: Saga не претендует на роль custodian или vault operator — платформа обеспечивает прозрачный и безопасный интерфейс
  2. Разделение ответственности критично: Клиенты получают простоту использования, операторы — свободу действий, custody провайдеры — контроль над активами
  3. Интеграция вместо изобретения: Использование готовых решений (custody services, DeFi vaults) обеспечивает профессиональный уровень безопасности и производительности

Recommendations

Immediate Actions:

  • Fordefi custody integration (выбран как единое решение) (Timeline: 2-4 недели)
  • Pendle Finance vault integration для базовых стратегий (Timeline: 4-6 недель)
  • Curve Finance + Convex boost protocol integration (Timeline: 6-8 недель)

Strategic Initiatives:

  • Разработка unified API для взаимодействия с Pendle/Curve/Convex протоколами (Timeline: 3-6 месяцев)
  • Создание operator dashboard для управления распределением капитала через Fordefi (Timeline: 2-4 месяца)

Overview

Purpose

Данный whitepaper описывает философию, архитектуру и стратегию проекта Saga — платформы пассивного дохода через DeFi стейкинг, построенной на принципе "банковского окна".

Scope

In Scope:

  • Концепция "банковского окна" и её преимущества
  • Архитектура dual-side approach (клиент + оператор)
  • Стратегия external integrations (custody, vaults)
  • Экономическая модель и стратегии доходности
  • Roadmap развития платформы

Out of Scope:

  • Детальная техническая архитектура (см. docs/developers/)
  • Integration-Only API specifications (см. docs/architecture/system-overview.md)
  • Юридические аспекты custody и compliance (см. docs/compliance/)

Target Audience

Primary:

  • Инвесторы и стейкхолдеры проекта
  • Потенциальные партнёры (custody providers, DeFi vaults)
  • Бизнес-аналитики и product managers

Secondary:

  • Технические специалисты желающие понять business vision
  • Пользователи платформы интересующиеся философией проекта

Background

Context

DeFi Market Evolution:

  • Rapid growth DeFi TVL ($100B+ на 2024 год)
  • Зрелые treasury-backed протоколы (Pendle Finance $3B+ TVL, Curve Finance $5B+ TVL)
  • Proven boost стратегии (Convex Finance $4B+ TVL, StakeDAO $100M+ TVL)
  • Высокий порог входа для обычных пользователей
  • Фрагментация: нет единого интерфейса для управления multiple strategies

User Pain Points:

  • "Слишком сложно" — пользователи не понимают как работают yield farming, liquidity pools, impermanent loss
  • "Небезопасно" — страх потери средств через фишинг, smart contract exploits, rug pulls
  • "Много шагов" — необходимость взаимодействия с multiple protocols для диверсификации

Operator Pain Points:

  • "Ограниченная гибкость" — существующие platforms накладывают constraints на capital allocation
  • "Vendor lock-in" — сложность миграции между различными DeFi protocols
  • "Compliance burden" — регуляторные требования к custodial solutions

Problem Statement

Challenge: Как предоставить пользователям простой и безопасный доступ к DeFi yield opportunities, при этом обеспечив операторам капитала максимальную свободу в управлении стратегиями?

Impact:

  • Для пользователей: Потеря потенциального дохода из-за сложности DeFi protocols
  • Для операторов: Неэффективное использование капитала из-за platform constraints
  • Для рынка: Замедление adoption DeFi технологий из-за UX barriers

Urgency: Растущий интерес institutional investors к DeFi требует professional-grade решений, которые сочетают простоту использования с institutional-level security и flexibility.

Solution: Банковское Окно DeFi

The Banking Window Concept

Философия:

Представьте классическое банковское окно — физический интерфейс между клиентом и сотрудником банка:

  • Окно не хранит деньги — оно лишь обеспечивает безопасный обмен информацией и документами
  • Клиент видит простоту — подписать документ, получить квитанцию, сделать перевод
  • Сотрудник имеет гибкость — может использовать internal systems для выполнения сложных операций
  • Безопасность встроена — конструкция окна предотвращает несанкционированный доступ

Saga как Digital Banking Window:

flowchart TB
    subgraph SAGA["SAGA PLATFORM"]
        subgraph CLIENT["CLIENT INTERFACE"]
            C1["Google/Email Auth"]
            C2["Strategy Selection"]
            C3["Balance View"]
        end

        subgraph OPERATOR["CAPITAL OPERATOR DASHBOARD"]
            O1["Capital Allocation"]
            O2["Strategy Management"]
            O3["Risk Management"]
        end

        CLIENT <-->|"BANKING WINDOW<br/>(Secure Interface)"| OPERATOR

        subgraph EXTERNAL["EXTERNAL INTEGRATIONS"]
            E1["Custody: Fordefi MPC"]
            E2["Deposits: Crypto2B"]
            E3["DeFi: Pendle, Curve, Convex"]
        end

        CLIENT --> EXTERNAL
        OPERATOR --> EXTERNAL
    end

    style CLIENT fill:#e1f5fe
    style OPERATOR fill:#fff3e0
    style EXTERNAL fill:#f3e5f5

Approach

High-Level Strategy:

  1. Client-Side Simplicity
  2. One-click registration (Google OAuth / email)
  3. Clear strategy selection (5%, 10%, 20% APY)
  4. Real-time balance tracking

  5. Simple deposits (TRON/Ethereum) and admin-approved withdrawals

  6. Operator-Side Flexibility

  7. Unified dashboard для управления капиталом
  8. Свободный выбор DeFi protocols и strategies
  9. Интеграция с multiple custody providers

  10. Real-time analytics и risk management tools

  11. Security Through Separation

  12. Saga не хранит private keys пользователей (non-custodial для end users)
  13. Custody provider управляет активами (professional-grade security)
  14. Smart contracts обеспечивают transparency и immutability
  15. Operator имеет bounded permissions через multi-sig wallets

Value Proposition

For Clients:

  • Максимальная простота: Не нужно понимать liquidity pools, impermanent loss, gas optimization
  • Прозрачность: Все транзакции on-chain, видимы в blockchain explorer
  • Предсказуемая доходность: Фиксированные APY стратегии (5%, 10%, 20%)
  • Professional security: Custody-grade protection через integrated providers

For Business:

  • Flexibility без constraints: Operators могут использовать любые DeFi protocols
  • Scalability через integrations: Легко добавлять новые custody providers и vaults
  • Regulatory compliance: Separation of concerns упрощает compliance
  • Capital efficiency: Optimal allocation через professional vault strategies

For Market:

  • Reduced friction: Упрощение доступа к DeFi для mainstream users
  • Institutional-grade: Professional custody и risk management
  • Ecosystem growth: Интеграция с leading DeFi protocols и custody providers

Differentiation

Aspect Saga Approach Traditional DeFi Platforms Centralized Platforms
User Control Enterprise custody (Fordefi MPC) Non-custodial but complex Custodial (platform holds keys)
Operator Flexibility Unlimited protocol access Limited to integrated protocols Fully controlled by platform
Security Model Custody provider + smart contracts Smart contracts only Platform internal security
Capital Allocation Operator discretion Fixed strategies Platform algorithms
Compliance Distributed (custody provider) Protocol-level Platform-level
Integration Open (любые custody/vaults) Limited partnerships Closed ecosystem

Key Advantage: Saga не конкурирует с custody providers или vault operators — платформа является агрегатором и интерфейсом, создавая value через simplicity и integration.

Market Analysis

Market Size & Opportunity

Total Addressable Market (TAM):

  • DeFi TVL: $100B+ (2024)
  • Рост: 200-300% годовых (2020-2024)
  • Addressable users: 50M+ crypto wallets globally

Serviceable Addressable Market (SAM):

  • USDC stablecoin market cap: $30B+
  • Passive income seekers: 10-15M potential users
  • Institutional DeFi adoption growing: $5B+ managed

Serviceable Obtainable Market (SOM):

  • 1-year target: $5M TVL (100-200 users averaging $25-50K each)
  • 3-year target: $50M TVL (1,000-2,000 users)
  • 5-year target: $500M TVL (10,000+ users + institutional)

Target Segments

Primary Segment: Crypto-Savvy Passive Investors

  • Demographics: 25-45 years, tech professionals, $50K+ annual income
  • Pain points: DeFi complexity, security concerns, time constraints
  • Willingness to pay: 1-2% management fee (implied in APY spread)
  • Market size: 2-5M potential users globally

Secondary Segment: Small Family Offices

  • Demographics: $1M-10M AUM, seeking DeFi diversification
  • Pain points: Regulatory uncertainty, operational complexity, custody requirements
  • Willingness to pay: 2-3% management fee для professional services
  • Market size: 50K-100K family offices globally

🏆 Competitive Landscape

Key Competitors

Yearn Finance (Aggregator Model)

  • Strengths: Battle-tested strategies, deep DeFi integration, transparent on-chain
  • Weaknesses: Complex UX, high gas costs, technical knowledge required
  • Market share: $1B+ TVL
  • Strategy: Focus на automated yield optimization

Beefy Finance (Vault Aggregator)

  • Strengths: Multi-chain support, wide protocol coverage, active community
  • Weaknesses: Fragmented UX, security concerns (multiple audits needed), operator constraints
  • Market share: $500M+ TVL across chains
  • Strategy: Maximize yields через compound interest automation

Centralized Platforms (e.g., Nexo, BlockFi)

  • Strengths: Simple UX, customer support, regulatory compliance
  • Weaknesses: Custodial risks, lack of transparency, capital constraints
  • Market share: $10B+ combined
  • Strategy: Traditional financial services model

Competitive Positioning

Our Advantages:

  1. Banking Window Philosophy: Уникальная value proposition — интерфейс без custody burden
  2. Dual-Side Excellence: Единственная платформа оптимизирующая UX для обеих сторон (client + operator)
  3. Integration-First: Leveraging best-in-class custody и vault providers вместо reinventing

Our Challenges:

  1. Brand Recognition: Новая платформа без track record (mitigation: transparency, audits, gradual growth)
  2. Integration Complexity: Зависимость от external providers (mitigation: multiple provider integrations)

Trend 1: Institutional DeFi Adoption Impact: Growing demand для professional-grade solutions с custody support
Our Response: Integration с Fordefi MPC wallet technology (DeFi-native custody solution)

Trend 2: Regulatory Clarity Emerging Impact: Compliance requirements для DeFi platforms increasing
Our Response: Separation of concerns — custody provider handles regulated activities

Trend 3: Multi-Chain Expansion Impact: Users want access к yields на Ethereum, Arbitrum, Optimism, etc.
Our Response: Platform-agnostic architecture через external vault integrations

Business Model

Revenue Streams

Primary Revenue: Management Fee Spread

  • Source: Difference между earned yield и declared APY
  • Example: Vault earns 15% → users получают 10% → 5% management fee
  • Projected contribution: 70-80% of revenue

Secondary Revenue: Performance Fees

  • Source: Additional fee на yields above declared APY (for flexible strategies)
  • Example: Declared 10% APY, earned 25% → 50% performance fee на excess 15%
  • Projected contribution: 20-30% of revenue

Cost Structure

Fixed Costs:

  • Infrastructure (VPS, database, monitoring): $2,000/month
  • Fordefi custody platform fee: $3-5,000/month (flat fee, not % of AUM!)
  • Smart contract audits: $50,000/year (quarterly audits)
  • Legal & compliance: $100,000/year
  • Core team salaries: $500,000/year (6-8 people)

Variable Costs:

  • Gas costs for contract operations: ~$5,000/month (depends on activity)
  • Customer support scaling: $50/user/year at scale
  • Note: Fordefi flat-fee model eliminates variable custody costs (massive savings vs 0.3-0.5% AUM traditional model)

Unit Economics

Customer Acquisition:

  • CAC (Customer Acquisition Cost): $200 (estimated через marketing + onboarding)
  • Payback period: 6-12 months (depends on user AUM)

Customer Value:

  • LTV (Lifetime Value): $2,000-5,000 (assuming 3-5 year retention)
  • Average user balance: $50,000
  • Annual management fee (1-2%): $500-1,000/user
  • LTV/CAC ratio: 10-25x (highly attractive)
  • Retention rate target: 80-90% annually

🗺️ Implementation Roadmap

Phase 1: Foundation (Q4 2025)

Objectives:

  • Launch MVP с Fordefi MPC custody integration
  • Deploy UUPS upgradeable smart contracts на mainnet
  • Integrate Pendle Finance для базовых стратегий (3-8% risk-free APY)
  • Onboard first 50-100 users (friends & family round)

Key Deliverables:

  • Production-ready platform (Month 1-2)
  • Fordefi custody integration (Month 1-2) - MPC wallet setup, API integration
  • Pendle Finance vault integration (Month 2-3) - PT/YT mechanics, yield strategies
  • Supabase Auth integration и user-facing app (Month 1-2)
  • Operator dashboard MVP для управления через Fordefi (Month 2-3)

Success Metrics:

  • TVL: $1-2M
  • Active users: 50-100
  • Zero security incidents
  • User satisfaction: 4.5+ stars

Investment Required: $200K (infrastructure, audits, initial marketing)

Phase 2: Growth (Q1-Q2 2026)

Objectives:

  • Expand к 3+ investment strategies через Curve + boost протоколы
  • Integrate Curve Finance (base stablecoin pools, 2-5% APY)
  • Add Convex/StakeDAO boost protocols (+2-5% yield stacking)
  • Scale user base к 500-1,000 users
  • Launch affiliate program

Key Deliverables:

  • Multi-strategy smart contracts deployed (Month 4)
  • Curve Finance integration (Month 4-5) - 3pool stablecoin strategies
  • Convex Finance boost protocol (Month 5) - CRV/CVX rewards optimization
  • StakeDAO alternative boost (Month 6) - diversification option
  • Enhanced operator dashboard для управления yield stacking (Month 4-6)
  • Community building (Twitter, Blog) (Month 4-6)

Success Metrics:

  • TVL: $10-20M
  • Active users: 500-1,000
  • User retention: 85%+
  • NPS score: 50+

Investment Required: $500K (team expansion, marketing, integrations)

Phase 3: Scale (Q3-Q4 2026)

Objectives:

  • Optimize Pendle/Curve/Convex yield stacking strategies
  • Launch institutional offering (для family offices)
  • Expand к multi-chain support (Arbitrum, Optimism) для Curve/Convex
  • Achieve regulatory clarity (licensing if required)

Key Deliverables:

  • Advanced yield optimization (Month 7-9) - автоматизация rebalancing между Pendle/Curve/Convex
  • Institutional dashboard и compliance tools через Fordefi (Month 8-10)
  • Multi-chain Curve/Convex deployment (Month 9-12) - L2 gas optimization
  • Regulatory framework established (Month 7-12)

Success Metrics:

  • TVL: $100-200M
  • Active users: 5,000-10,000
  • Institutional clients: 10-20 family offices
  • Market recognition: Top 10 DeFi aggregators

Investment Required: $2M (team, infrastructure, legal, marketing)

Success Metrics & KPIs

Key Performance Indicators

Business Metrics:

  • TVL (Total Value Locked): Target $2M (Q4 2025) → $20M (Q2 2026) → $200M (Q4 2026)
  • Revenue: Target $50K (Q4 2025) → $500K (Q2 2026) → $5M (Q4 2026)
  • User Growth: Target 100 (Q4 2025) → 1,000 (Q2 2026) → 10,000 (Q4 2026)

Operational Metrics:

  • User Retention: Target 85%+ annually
  • Average Balance per User: Target $25K → $50K → $100K
  • Capital Efficiency: >90% of TVL actively deployed

Customer Metrics:

  • NPS (Net Promoter Score): Target 50+ (world-class)
  • User Satisfaction: Target 4.5+ stars
  • Support Response Time: <24 hours

Measurement Framework

Metric Baseline 6-Month Target 12-Month Target Measurement Method
TVL $0 $10M $100M On-chain smart contract queries
Active Users 0 500 5,000 Unique wallet addresses
Revenue $0 $250K $2.5M Management fee tracking
User Retention N/A 85% 90% Cohort analysis (monthly)

Risks & Mitigation

Key Risks

Risk 1: Smart Contract Vulnerability [High Impact / Medium Probability]

  • Description: Exploit в UUPS upgradeable contracts может привести к loss of funds
  • Impact: Потеря user funds ($1M-100M depending on TVL), reputational damage
  • Probability: Medium (несмотря на audits, DeFi history полна exploits)
  • Mitigation:
  • Quarterly security audits от топовых фирм (Trail of Bits, OpenZeppelin)
  • Bug bounty program ($100K+ rewards)
  • Gradual TVL scaling (caps на early stages)
  • Insurance coverage через Nexus Mutual
  • Contingency: Emergency pause functionality, user compensation fund

Risk 2: Custody Provider Failure [High Impact / Low Probability]

  • Description: Bankruptcy, hack, или regulatory shutdown Fordefi
  • Impact: Временная недоступность funds, необходимость migration
  • Probability: Very Low (Fordefi - современная MPC технология, SOC 2 / ISO 27001 certified)
  • Mitigation:
  • MPC wallet architecture (distributed key shares, no single point of failure)
  • Regular monitoring Fordefi platform health и security audits
  • Emergency recovery procedures через MPC key shares
  • Cost advantage позволяет держать reserve funds для migration если потребуется
  • Contingency: MPC key recovery process, migration к alternative MPC provider, user communication plan

Risk 3: Regulatory Uncertainty [Medium Impact / High Probability]

  • Description: Новые regulations могут классифицировать platform как securities broker
  • Impact: Compliance costs, potential fines, service restrictions
  • Probability: High (regulatory landscape evolving rapidly)
  • Mitigation:
  • Proactive legal consultation (ongoing)
  • Separation of concerns architecture (custody provider handles regulated parts)
  • Flexible compliance framework
  • Contingency: Geographic service restrictions, licensing application, pivot к fully non-custodial

Risk Matrix

Risk Impact Probability Priority Owner Status
Smart Contract Vulnerability High Medium P0 CTO Mitigating (audits scheduled)
Custody Provider Failure High Low P1 COO Monitoring
Regulatory Uncertainty Med High P1 CEO Mitigating (legal consultations)
Market Downturn Impact Med Med P2 CFO Monitoring

Strategic Partnerships

Target Partners

Category 1: Custody Provider

  • Partner: Fordefi (selected as единое решение)
  • Type: MPC wallet technology, DeFi-native custody
  • Strategic value: Professional security, flat-fee model ($3-5K/month vs 0.3-0.5% AUM), institutional trust
  • Integration approach: API-based MPC wallet, comprehensive Pendle/Curve support

Category 2: DeFi Protocol Partners

  • Pendle Finance ($3B+ TVL): Yield trading, PT/YT mechanics, 3-8% risk-free APY
  • Curve Finance ($5B+ TVL): Stablecoin pools (3pool USDC/USDT/DAI), 2-5% base yield
  • Convex Finance ($4B+ TVL): Curve boost protocol, CRV/CVX rewards, +2-5% boosted yield
  • StakeDAO ($100M+ TVL): Alternative Curve boost, diversification option, +1-3% yield
  • Strategic value: Treasury-backed yields, battle-tested protocols, proven track record
  • Integration approach: Smart contract integration через Fordefi MPC wallet

Category 3: Audit & Security Firms

  • Partner type: Smart contract auditors и security researchers
  • Examples: Trail of Bits, OpenZeppelin, Quantstamp
  • Strategic value: Security assurance, risk mitigation, user trust
  • Integration approach: Quarterly audits, ongoing security reviews

Partnership Model

Value Exchange:

  • What we provide: User flow, TVL growth, integration feedback, marketing exposure
  • What partners provide: Technical infrastructure, security, yield optimization, compliance
  • Mutual benefits: Partner revenue share (custody fees, performance fees), ecosystem growth

Legal Structure:

  • Contract type: Service agreements с SLA guarantees
  • Key terms: Fee structure, liability limits, data privacy, termination clauses
  • Governance: Regular partnership reviews (quarterly), performance metrics tracking

Dependencies & Assumptions

Key Assumptions

Market Assumptions:

  • DeFi market continues growth trajectory 100%+ annually (Confidence: High)
  • Stablecoin adoption continues (USDC remains top-3) (Confidence: High)
  • Institutional interest в DeFi increases (Confidence: Medium)

Business Assumptions:

  • Users willing to accept 5-20% APY (vs DeFi native 10-40%) для simplicity (Confidence: High)
  • Custody providers accommodate integration requirements (Confidence: Medium)
  • Regulatory environment не запрещает non-custodial platforms (Confidence: Medium)

Technical Assumptions:

  • UUPS upgradeable pattern remains secure (Confidence: High через OpenZeppelin)
  • Gas costs на Ethereum manageable (or L2 migration feasible) (Confidence: Medium)
  • External APIs (custody, vaults) maintain >99.9% uptime (Confidence: Medium)

External Dependencies

  • Fordefi Platform Availability: Critical для launch (Impact: Blocks Phase 1 если unavailable, mitigation: pre-integration testing)
  • Pendle/Curve Protocol Stability: Critical для yield generation (Impact: Strategy performance degradation, mitigation: diversification через Convex/StakeDAO)
  • Smart Contract Audit Completion: Critical для mainnet deployment (Impact: 2-4 week delay если issues found)
  • DeFi Protocol Integrations: Important для Phase 2-3 scaling (Impact: Limited strategy diversification если delayed)

Internal Dependencies

  • Operator Dashboard Development: Required by Month 3 Phase 1 (Impact: Manual capital management если delayed)
  • Supabase Auth Integration: Required by Month 2 Phase 1 (Impact: User onboarding blocks)

Business Documentation:

Technical Documentation:

User Documentation: