SwapBox introduces Multi-chain Synthetic Stablecoins

Published on: 15.04.2022

Multi-chain Synthetic Stablecoin on SwapBox Layer 2 Pools- USDTN/USDCN

What is USDTN/USDCN?

USTDN/USDCN are multichain synthetic stable coins that you can obtain by adding liquidity on SwapBox Layer 2 pools.

Assets exist in different forms on different blockchains. For example, USDT/USDC are the most common stable coins, the demands for USDT/USDC are huge on BNB Chain, Ethereum, Polygon, Tron, and more. Currently, most users are relying on CEX to transfer USDT/USDC over different blockchains, but SwapBox provides an easier way to swap USDT/USDC on multichains.

How is USDTN/USDCN generated?

USDTN/USDCN can be obtained at a 1:1 rate based on the amount of USDT/USDC that exists on your blockchain address (Currently supports Ethereum/BSC/Heco/ OKExChain/ Avalanche/ KCC/ Cronos/ Polygon/ Hamony/ Arbitrum).

First, you need to transfer USDT/USDC to SwapBox layer2 pool, then you will receive the same amount of USDTN at your corresponding address.

When withdrawing USDTN/USDCN, you can withdraw it to all supported chains. Once the withdrawal action is taken, USDTN/USDCN will be burned and you can choose the amount of USDTN/USDCN you want to withdraw to either address (Ethereum/BSC/Heco/ OKExChain/ Avalanche/ KCC/ Cronos/ Polygon/ Harmony/ Arbitrum)

How is the security ensured?

To issue/lock USDTN/USDCN, it is required to access the underlying code of Nerve nodes, which makes it impossible to be attacked by smart contract vulnerabilities. Meanwhile, approval of 66% of virtual banks is a presupposition to add a new form of USDT/USDC from other blockchains to the SwapBox layer2 pools. With all of that being done, the safety and quality of the assets will be greatly enhanced.

What are the use cases of USDNT/USDCN?

USDTN/USDCN is currently used as the main stable coin in NerveNetwork. You can stake USDTN-NVT LP on Nerve mainnet mining NVT.

About SwapBox

SwapBox is a smart DEX integration that aims to find the best swap channels for users with 0 slippages. Users can swap assets across multi-chains by adding liquidity in Swapbox Layer 2 protocol.