The synthetic assets sector experienced tremendous growth and innovation in 2021 and 2022. These financial instruments promise to bring various benefits, including permissionless access to all real-world asset classes.
SORA Synthetic Asset Platform
In a few months, SORA will launch its synthetic asset platform. Initially started with the algorithmic stablecoin $XSTUSD, a USD synthetic, the platform will quickly expand to various other synthetic asset classes such as Gold and Silver. The SORA Synthetic asset protocol enables users to mint and trade synthetic assets using a unique price stability mechanism. Furthermore, it allows any asset to become cross-chain interoperable with the Trustless EVM HASHI bridge to the Polkadot ecosystem and to other relevant EVM chains. Synthetic assets bring real-world assets on-chain in a permissionless manner, making financial assets widely accessible to everyone through the creation of synthetic assets. They are tokenized derivatives on the blockchain, following the price of real-world assets, like Gold, and making them permissionless, liquid, and tradable without any third party. The price of the real-world asset is provided on-chain by a decentralized oracle. For SORA Synthetics, Band protocol, a cross-chain data oracle platform, is used.
SORA’s New Development and Public Testnet Release: XST Platform
The public testnet release of the XST Platform is one of SORA’s exciting developments. This release allows the SORA network to access off-chain data in a trustless and decentralized manner. It also introduces 30 new synthetic stable assets through the XST platform. For more details, read this post: [Link]
Future Prospects
As SORA continues to improve and optimize its system, we can expect further growth and innovation in the field of synthetic assets. With plans to integrate its own core Oracle technology, SORAcles, later in 2023, the future looks promising for this dynamic platform. The decentralized ownership of real-world assets on the SORA Blockchain has the potential to attract a massive influx of new community members.
