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xGOLD is our new synthetic asset

April 5, 2022

Synthetic gold

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.

What are synthetic assets?

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 ⚡

What is synthetic gold?

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.

Advantages of Synthetic Gold

  • Omits the issues occurring with physical gold: capacity limit, need for storage and transportation and infeasibility of division.
  • xGOLD is much more liquid asset than physical gold.
  • It's safe heaven (much mare stable than other tokens)
  • Your mom will finally understand what you invest your money in.

We are excited to see you get xGOLDen 😎

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