USDb intends to utilize Merlin Chain’s efficient, scalable, and secure transaction foundation to expand the Decentralized Finance (DeFi) realm of Bitcoin (BTC), introducing new and innovative applications.
Umoja’s synthetic dollar USDb kicks off on Merlin Chain
Umoja, an innovative “intelligent money” system, has formed a lasting partnership with the forefront Bitcoin secondary network, Merlin Chain. Consequently, USDb, the inaugural high-yield Bitcoin-pegged dollar stablecoin, will be launched on Merlin.
With MerlinLayer2, we’re introducing a new product: $USDb – the first high-yield synthetic dollar built on Bitcoin. Our goal is to make crypto investing accessible to all! Together, we’re leveraging Umoja’s advanced technology to make it happen. 😊🔗[Bitcoin] [$USD Synthetic] Investment Opportunity: Merging Forces with MerlinLayer2 to Introduce $USDb – A High-Yield Synthetic Dollar on Bitcoin 🌍
— Umoja (@UmojaProtocol) April 16, 2024
USDb sets itself apart from other crypto stablecoins as the initial one grounded in principled, protected high-yield synthetics backed by tokenized trading strategies. Unlike traditional stablecoins secured by collateral or relying on algorithmic means to keep the U.S. dollar peg, it trusts transparent, on-chain trading techniques for value maintenance.
Robby Greenfield, the founder of Umoja, explained that Merlin Chain was selected due to the similar perspective held by both teams regarding the importance of a decentralized economic system.
Among the reasons I selected Merlin, there are a few key factors. Firstly, it’s the most decentralized, accessible, and least risky option available. Moreover, the currency with the lowest risk and highest reward potential is likely to gain the broadest acceptance. And that currency can only be developed based on Bitcoin.
Umoja acts as crypto’s synthetic asset manufacturer, producing synthesized variants of digital assets using tokenized trading techniques known as “Synths.” These Synths offer enhanced yields and stronger safeguards compared to other cryptocurrencies. Synths serve as specialized tokens that mimic the functions of conventional financial instruments and Decentralized Finance (DeFi) trading strategies.
Novel use case for leading L2 on Bitcoin (BTC)
For Merlin Chain, integrating Bitcoin-based Decentralized Finance (DeFi) instruments is anticipated to showcase the potential benefits.
After its debut, Merlin Chain has successfully accumulated over $3.6 billion in Total Value Locked, showcasing its ability to rapidly expand within the Bitcoin community.
It facilitates safe, flexible, and swift bitcoin transactions, providing a strong base for projects specifically built on the Bitcoin network.
Additionally, the new partnership is sure to pique the interest of Bitcoin maximists, decentralized finance advocates, traders, and individual investors.
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2024-04-16 19:23