SORA Launches SORA Synthetics (XST) Offering Over 30 Synthetic Assets

sora synthetic asset launched

The SORA community is excited to announce the release of SORA Synthetics (XST), a groundbreaking advancement that brings more than 30 new synthetic assets to the SORA ecosystem. This release marks a significant milestone for SORA as it enhances the network’s capabilities and expands the range of trading opportunities available to users.

Key Highlights:

The integration of SORA Synthetics (XST) has been made possible through a pivotal partnership with Band Protocol Oracle Blockchain. This collaboration ensures accurate and reliable data feeds, a crucial element for the functioning of synthetic assets. The connection to BandProtocol Oracle Blockchain establishes a robust foundation for SORA Synthetics, enabling users to confidently engage in trading activities backed by trustworthy price data.

In an important announcement, SORA has revealed that the newly introduced 30 synthetic assets will become available for trading on Polkaswap. However, access to these assets will be granted with the governance voting process. This voting mechanism reflects the network’s commitment to community involvement and decentralized decision-making.

Restrictions & Liquidity:

To maintain the integrity of the SORA Synthetics trading experience, certain restrictions and liquidity measures have been implemented. Synthetic assets can only be exchanged through the XST liquidity source or XSTUSD-based pairs. This careful design ensures that trading remains efficient and streamlined, enhancing the overall user experience.

To optimize liquidity conditions and consolidate liquidity on the XOR-XSTUSD pool, SORA Network has imposed restrictions on adding liquidity to the XSTUSD-XOR pool. By concentrating liquidity in a specific pool, SORA Network aims to achieve the best possible trading environment for users.

Safety Mechanisms:

Recognizing the importance of safeguarding against potential disruptions, SORA Network has incorporated robust safety mechanisms into the SORA Synthetics infrastructure. In cases of Oracle data feed outages, an automatic fallback mechanism is triggered, effectively disabling the affected synthetic asset. This responsive approach prevents potential price manipulation and ensures the integrity of the trading ecosystem.

Furthermore, the introduction of the OracleProxy pallet paves the way for seamless integrations with future Oracle chains. This innovation underscores SORA Network’s commitment to remaining adaptable and incorporating technological advancements to enhance user experiences.

In conclusion, the launch of SORA Synthetics (XST) on the SORA Network represents a significant leap forward in the world of decentralized finance. With the integration of accurate data feeds through the BandProtocol Oracle Blockchain, a comprehensive range of synthetic assets, and stringent safety mechanisms, SORA Network continues to solidify its position as a leading platform in the DeFi landscape. As the governance voting takes place this week, anticipation builds for the exciting array of trading opportunities that SORA Synthetics will bring to users on Polkaswap.