Saga Whitepaper: Банковское Окно DeFi¶

Audience: business Executive Summary: Saga — это интерфейс между клиентом и оператором капитала, который не хранит секреты, но обеспечивает безопасность и удобство. Платформа предоставляет максимальную простоту для пользователей (переводы, выбор стратегий) и максимальную гибкость для операторов (управление капиталом без ограничений). Интеграция с внешними custody сервисами и DeFi vaults специалистов обеспечивает профессиональный уровень управления активами.

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: 5%, 10%, 20% годовых стратегии через стейкинг USDC токенов
Web3 Native: Аутентификация через MetaMask, прямое взаимодействие с blockchain

Main Conclusions¶

Концепция "окна" превосходит централизацию: Saga не претендует на роль custodian или vault operator — платформа обеспечивает прозрачный и безопасный интерфейс
Разделение ответственности критично: Клиенты получают простоту использования, операторы — свободу действий, custody провайдеры — контроль над активами
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:

┌─────────────────────────────────────────────────────────────┐
│                        SAGA PLATFORM                          │
│                                                               │
│  ┌───────────────┐              ┌──────────────────────┐     │
│  │   CLIENT      │              │   CAPITAL OPERATOR   │     │
│  │   INTERFACE   │◄────────────►│   DASHBOARD          │     │
│  │               │              │                      │     │
│  │ • Wallet      │   BANKING    │ • Capital Allocation │     │
│  │   Connect     │    WINDOW    │ • Strategy Selection │     │
│  │ • Strategy    │   (Secure    │ • Risk Management    │     │
│  │   Selection   │   Interface) │ • Performance Track  │     │
│  │ • Balance     │              │                      │     │
│  │   View        │              │                      │     │
│  └───────────────┘              └──────────────────────┘     │
│         ▲                                  │                  │
│         │                                  ▼                  │
│         │         ┌────────────────────────────────┐          │
│         │         │   EXTERNAL INTEGRATIONS       │          │
│         │         │                                │          │
│         │         │  • Custody: Fordefi (MPC wallet)         │
│         └─────────│  • DeFi: Pendle, Curve, Convex, StakeDAO │
│                   │  • Smart Contracts (UUPS upgradeable)    │
│                   └────────────────────────────────┘          │
└─────────────────────────────────────────────────────────────┘

Approach¶

High-Level Strategy:

Client-Side Simplicity
One-click wallet connection (MetaMask)
Clear strategy selection (5%, 10%, 20% APY)
Real-time balance tracking
Instant deposits and withdrawals
Operator-Side Flexibility
Unified dashboard для управления капиталом
Свободный выбор DeFi protocols и strategies
Интеграция с multiple custody providers
Real-time analytics и risk management tools
Security Through Separation
Saga не хранит private keys пользователей (non-custodial для end users)
Custody provider управляет активами (professional-grade security)
Smart contracts обеспечивают transparency и immutability
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	Non-custodial (MetaMask)	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:

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

Our Challenges:

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

Market Trends¶

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
MetaMask 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)
MetaMask Integration Stability: Required by Month 2 Phase 1 (Impact: User onboarding blocks)

Business Documentation:

Economic Model - Детальная финансовая модель и tokenomics
External Integrations Strategy - Custody и vault integration roadmap
Banking Window Concept - Философия в деталях

Technical Documentation:

Architecture Overview - Техническая архитектура платформы
Integration-Only Architecture - Enterprise API integration approach

User Documentation:

Getting Started - Гайд для пользователей
Staking Guide - Как работает стейкинг

✍️ Document Information¶

Author: Saga Core Team Contributors: Product, Engineering, Business Development, DeFi Specialist Reviewed By: CEO, CTO Approved By: Board of Directors Next Review Date: 2026-01-01

Questions or Feedback? Contact: team@saga.surf или create issue с тегом business-documentation

📋 Метаданные¶

Версия: 2.4.82

Обновлено: 2025-10-21

Статус: Published

Saga Whitepaper: Банковское Окно DeFi¶

Executive Summary¶

Key Points¶

Main Conclusions¶

Recommendations¶

Overview¶

Purpose¶

Scope¶

Target Audience¶

Background¶

Context¶

Problem Statement¶

Solution: Банковское Окно DeFi¶

The Banking Window Concept¶

Approach¶

Value Proposition¶

Differentiation¶

Market Analysis¶

Market Size & Opportunity¶

Target Segments¶

🏆 Competitive Landscape¶

Key Competitors¶

Competitive Positioning¶

Market Trends¶

Business Model¶

Revenue Streams¶

Cost Structure¶

Unit Economics¶

🗺️ Implementation Roadmap¶

Phase 1: Foundation (Q4 2025)¶

Phase 2: Growth (Q1-Q2 2026)¶

Phase 3: Scale (Q3-Q4 2026)¶

Success Metrics & KPIs¶

Key Performance Indicators¶

Measurement Framework¶

Risks & Mitigation¶

Key Risks¶

Risk Matrix¶

Strategic Partnerships¶

Target Partners¶

Partnership Model¶

Dependencies & Assumptions¶

Key Assumptions¶

External Dependencies¶

Internal Dependencies¶

Related Documents¶

✍️ Document Information¶

📋 Метаданные¶