Saber Launches First Synthetic BTC Pool on Solana With Synthetify and Ren

xBTC is Synthetify’s synthetic BTC token which tracks the price of BTC to enable liquid, low slippage trades of xBTC and other synthetic assets. xBTC is a fungible, SPL token and it tracks the price of BTC via a decentralized network of Oracles. Users can purchase xBTC tokens after minting xUSD on Synthetify’s website. To learn more about the relationship between BTC, xUSD, and xBTC, check out Synthetify’s docs.

Users should note that Synthetify includes borrowing and that while Synthetify’s tokens are overcollateralized by SPL native tokens, there is always risk involved with synthetic assets and debt mechanisms including liquidation failures in volatile price movements and standard smart contract risks.

renBTC is BTC bridged to Solana using the Ren protocol bridge. To learn more about their bridge mechanism, check out the Ren darknode docs. Saber is excited to partner with Synthetify and enables increased liquidity for xBTC and renBTC on Solana and support for synthetics trades which improve market efficiency.

About Saber Labs

Saber is the leading cross-chain AMM for pegged assets on Solana, such as stablecoins and wrapped assets. As Solana’s core cross-chain liquidity network, Saber helps facilitate the transfer of assets between Solana and other blockchains. Users deposit crypto into a Saber liquidity pool to earn passive yield from transaction fees, token-based incentives, and eventually automated DeFi strategies.

Website | Twitter | Discord | Medium

About Synthetify

Synthetify is a decentralized synthetic assets protocol built on the Solana blockchain. The protocol allows for the creation and exchange of synthetic assets that closely track the price of specific assets. Synthetic tokens are based on the SPL-Token standard that gives them the ability to be easily integrated with other DeFi applications like AMM. Synthetify leverages the Solana ecosystem to enable a fast, cheap, and intuitive trading experience for users of the platform while keeping it fully decentralized thanks to an infrastructure built on top of several smart contracts and blockchain oracles. Synthetify doesn’t use an orderbook, which means no slippage (the price stays the same no matter the size of the trade) even in a volatile market.

Website | Twitter | Discord | Docs

⏩ SOURCE