Clone, an open-source protocol facilitating the trading of non-native tokens on Solana’s blockchain, announced the launch of its public mainnet featuring Clone Markets and Clone Liquidity, according to the information shared with Finbold on March 1. 

The launch marks the arrival of highly liquid markets for non-native assets through Clone’s ‘cloned assets’ (clAssets), promising more accessible and smoother trading on Solana’s platform which already leverages fast transaction processing and low fees. 

What does SUI mean for Solana?

Despite the scope and activity of its DeFi ecosystem, Solana still lacks a dependable spot trading environment for non-native tokens, as users have been reluctant to provide liquidity to bridged asset trading pools.

Clone aims to address the issue by introducing non-native assets to Solana with its clAssets, that is, cloned versions of existing on-chain assets on the Clone protocol. 

This facilitates trading through liquidity providers, relying on Clone’s innovative Comet Liquidity System which ensures sufficient liquidity and minimal slippage.

New user experience on Solana

Clone’s vision is rooted in efficiency and accessibility, aiming to provide an integrated platform with deep liquidity and low capital requirements. 

The launch introduces two key user interfaces: Clone Markets, a decentralized clAsset trading platform, and Clone Liquidity, which enables liquidity providers to access the Comet Liquidity System, supporting cross-margin liquidity pools with USDC as the only collateral. 

The solution greatly enhances liquidity pool efficiency, making Clone’s liquidity pools at least twice as capital-efficient as those of the competitors.

The cSUI token

The launch of Clone’s private mainnet on February 1st featured the introduction of clARB and clOP, facilitating the trading of Arbitrum (ARB) and Optimism’s (OP) network tokens on Solana. 

The public mainnet not only makes these clAssets available to all but also introduces a new token, cloned SUI (clSUI), allowing Solana users to trade SUI tokens on the platform for the first time.

In other words, Clone traders can now manage their portfolios on Solana, benefiting from faster, lower-cost transactions.

Evan Deutsch, Co-Inventor of Clone, stated:

“With Clone’s mainnet launch on Solana, we’re not just enabling trading of non-native tokens; we’re envisioning a future where Solana becomes a universal trading platform. Our mission is to make any token tradable without leaving Solana, expanding our community and unlocking the blockchain’s true potential.”

– Evan Deutsch, Co-Inventor of Clone

Clone’s mainnet launch thus marks a significant milestone, introducing scalable cloned asset trading to the Solana blockchain and enabling liquidity providers to earn substantial yields.

Source link

Open next page to continue reading

Leave A Reply