xGOLD is our new synthetic asset
April 5, 2022
GM! 👋
As a result of our DAO proposal, we are introducing a new synthetic asset - xGOLD.
It is the first time ever you will be able to buy gold on Solana. Even if you haven’t heard of this “safe-haven” solution, you should definitely consider it - this post will provide you with reasons why and how it works.
Synthetic assets closely track the price of specific assets assigned to them e.g. xBTC will have the same price as BTC on centralized exchanges. Synthetic assets have a form of the SPL-Token and can be freely transferred between wallets or used in other DeFi applications. Prices of all synthetic assets are provided by decentralized oracles built on top of the Solana blockchain ⚡
It’s an innovative form of bridge between traditional finance and DeFi. Synthetic gold is a combination of real gold and digital cryptocurrency. This is all possible due to the oracles provided by the Pyth Network.
We are excited to see you get xGOLDen 😎
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