Saber Launches New FRAX-UST and FRAX-CASH Pools On Solana
Saber is excited to announce in collaboration with Terra, Frax Finance, and CASH, FRAX-UST and FRAX-CASH pools are coming to Solana!
Frax Finance is the first fractional-algorithmic stablecoin, the concept of which is when a cryptocurrency is partially backed by collateral and partially stabilized algorithmically.
UST is a USD-pegged token from the Terra ecosystem with over $2B in circulating supply. UST maintains its peg through an arbitrage mechanism collateralized by LUNA. LUNA is the native token of the Terra blockchain, and wLUNA is a wrapped version of LUNA that functions as an SPL token on Solana.
CASH is a USD stablecoin backed by Saber USDC / USDT LP Tokens. Users can mint CASH via these LP tokens, and redeem LP tokens for CASH on cashio.app. Learn more about how Cashio built a stablecoin using Saber LPs on Cashio’s Twitter. Saber is excited to continue supporting the diverse stablecoin ecosystem on Solana!
About Saber Labs
Saber Labs contributes to Saber, the leading cross-chain stablecoin exchange on Solana. Saber provides the liquidity foundation for stablecoins, which is a type of cryptocurrency whose value is pegged to another asset, like the US dollar or bitcoin. 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.
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