The post Asymmetry and Ampleforth Introduce afUSD: Taking Aim Against Centralization appeared on BitcoinEthereumNews.com.

[PRESS RELEASE – San Francisco, US, California, June 12th, 2024] DeFi Protocol, Asymmetry Finance, Announces Partnership with Ampleforth and Unveils afUSD, Redefining the Stablecoin Market Asymmetry Finance, a leading liquid staking tokens (LST) protocol, is set to launch its afUSD product in partnership with Ampleforth, marking a significant milestone in the DeFi landscape. Designed as a fully on-chain synthetic dollar, afUSD aims to offer competitive potential yields, scalability, and resilience to market fluctuations while remaining fully on-chain. afUSD, built on the innovative infrastructure pioneered by Ampleforth, distinguishes itself by its scalability, stability, and user-centric design. Unlike traditional stablecoins, afUSD utilizes Ampleforth’s AMPL with a unique supply-adjustment mechanism, eliminating the need for conventional collateral and associated risks. Its fully on-chain nature enhances decentralization and security, and by employing perpetually rotating AMPL tranches, afUSD aims to provide scalability and resistance to market volatility, with a design to be competitive with leading stablecoins. “Asymmetry is pioneering new financial markets on top of the ever-growing pool of staked assets. We believe this is an enormous opportunity in DeFi and are proud to invest in the team. We look forward to collaborating closely with their ecosystem to continue innovating this category,” said Evan Kuo, Co-Founder of Ampleforth. “We’ve proven what we can do by engineering the best place to liquid stake CVX on the market. Our primary target now is to improve the synthetic dollar market and offer a more DeFi native option compared to more centralized competitors,” said Hannah Jojo, Founder of Asymmetry. As part of its roadmap, Asymmetry has already introduced afCVX, a staking product for Convex Finance, capturing over 1,000,000 CVX in its first week, representing 21% of the total TVL of the largest CVX wrapper in DeFi. Asymmetry also plans to launch afeETH in Q3 of 2024, a Liquid Restaking Token…

---

Filed under: News - @ June 12, 2024 10:20 pm