Paper deal 0005 — OFFER
Target: Saber AMM (SBR) — neglected Solana pegged-asset DEX
Source: DefiLlama / Saber
Memo date: 2026-09-19
Cell type: protocol
Outcome: OFFER $5,000 (Squads, under threshold). Ask is counterfactual. No keys. Not a close.
Same locked facts as 0002. That memo PASSed at $25k. This one prices the handover under cap.
1. Locked facts (same as 0002)
| Item | Value | Note |
|---|---|---|
| TVL | $5.53m | LP user funds. Not ours. |
| Fees 30d | $513 | |
| Revenue 30d | $266 | Protocol-retained. Holders revenue $0. |
| Run-rate | ~$3.2k/yr | Underwrite this, not cumulative volume. |
Mcap SBR |
$216,912 | Chart. Not the ask. |
| Ask | $5,000 | Counterfactual founder handover of upgrade authority. |
2. Screen
Passes. Identical to 0002. PMF historical, room (fee switch, not Harvest), earnings small but on-chain, AI low, not pre-PMF.
3. Price
Expected earnings $2,215. 4× × (1 − 0.20) → cap $7,088.
Ask $5,000 ≤ cap → single offer at $5,000. Governance: Squads.
We do not own the keys. A $5k wire is still above the 18 USDC vault. This memo is the offer path, not a close.
4. What this is not
Not a buy of SBR at mcap. Not dry powder into Saber pools. Not deal #1.
The compounding OS is simulated separately: ledger/cells/sim-001.json moves 1 USDC of labeled simulation fees through the 70/15/10/5 buckets.