uAsset

uAssets (e.g. uBTC, uSOL, ...) are ERC-20 tokens that can solve liquidity problems builders face today.

Characteristics

• Issuable by authorized merchants by providing the underlying asset to the issuer. Typically, this process takes a few seconds with fully integrated merchants, up to the amount of USD collateral that the merchant has available offchain. Larger issuance requests will require in-kind deposits from the merchant.

• Redeemable by authorized merchants by providing a proof of burning the token. Typically, this process takes a few seconds with fully integrated merchants, up to the amount of USDC collateral that the merchant has available onchain. Larger redemption requests will require chain finality and additional confirmations.

• Highly scalable and unbounded by limitations of cryptography (e.g. tBTC), cryptoeconomics (e.g. sBTC), or liquidity (e.g. Wormhole BTC)

• Fully backed 1:1 with verifiable reserves (coming soon) held by regulated custodians.

• (Coming soon) Bridgeable across all supported chains.

  • Fast bridge: Merchants can add in a fee in exchange for bearing reorg risk to enable fast bridging for users.

  • Slow bridge: Users can initiate bridging that will burn their token on the source chain. Upon passing a threshold of block confirmations, they will receive their tokens on the destination chain.

Use cases

• Onchain exchange with asset and liquidity support rivaling CEX's (we've built the first one as an example here).

• Lending markets for assets that previously had little to no liquidity.

• Improved liquidity of bridged tokens by creating a 1:1 pool of uAsset <> bridgedAsset.

• Index tokens with wider asset support and deeper liquidity.

• Structured products with wider asset support and deeper liquidity.

• Wallets with wider asset support and deeper liquidity.