Thorchain's RUNE Token Rallies Double Digits Amid Wave of New Features Launched on Wednesday, synthetic assets are backed by liquidity pools within the Thorchain ecosystem.
And just like those LP tokens, synthetic asset holders can always redeem the synth token 1:1 for the real thing, be it synthetic Bitcoin for actual Bitcoin or synthetic Ethereum for a synthetic version.
🚨 SYNTHETICS ARE NOW LIVE ON @THORChain 🚨 1 Synthetic #Bitcoin on THORChain is always redeemable for 1 #Bitcoin from the liquidity pools.
It’s expected that this stablecoin would leverage a similar mint-burn scheme as seen by the market’s largest decentralized stablecoin, UST.
THORChain Synthetics Are LIVE! THORChain Synthetics are derivatives of cryptocurrencies that always copy their price.
This will enable many things but most notably:Interest Bearing SyntheticsLocking synths in vaults make the synthetics Interest Bearing.
🥧 Inside The Bakery 35: Community Call Debrief The numbers:202K in SLICE rewards distributed to 236 eligible addresses~65% governance participation rate (Amazing!)
SLICE could be redeemed for PLAY
