Umoja partners with Merlin Chain to launch the first Bitcoin-based synthetic dollar USDb
Umoja, a smart money protocol that aims to help users build wealth through investing in digital assets, said it has teamed up with Bitcoin Layer 2 network Merlin Chain to introduce a Bitcoin-backed synthetic dollar called USDb.
Merlin Chain is developing a native Bitcoin Layer 2 platform that facilitates secure, scalable, and efficient transactions on the Bitcoin network and provides a robust infrastructure for projects built on Bitcoin. The protocol has garnered a total of over $3.6 billion in value locked (TVL) since its inception, demonstrating its ability to accommodate rapid expansion within the Bitcoin ecosystem.
USDb is a secure, high-yielding synthetic dollar that maintains a fully self-sufficient peg through Umoja's transparent on-chain trading strategy. It operates as a mechanism to combine Bitcoin assets to generate significant returns while maintaining a peg to the US dollar. This setup ensures stability and profitable returns, providing users with price stability and passive income opportunities.
The new asset will utilize the Merlin Chain's transaction layer to take advantage of the opportunities offered by Bitcoin decentralized finance (DeFi) and leverage Umoja's smart money capabilities.
“I chose Merlin not only for these reasons, but also because the money that is most decentralized, most accessible, lowest risk and highest return will have the greatest adoption. And that money can only be built on Bitcoin,” said the founder. said Robby Greenfield. Umoja, written statement.
Umoja and Merlin Chain join forces to improve access to asset management tools
Umoja is a smart money protocol that leverages blockchain technology to enable individuals to generate smart money. Integrating automated investment strategies into digital assets promotes autonomous trading of tokens, hedges against market volatility, and maximizes returns, improving the efficiency of financial resources for everyone.
Umoja also acts as a synthetic asset factory within the cryptocurrency sector, allowing the creation of synthetic versions of various digital assets through tokenized trading strategies known as “Synths”. These synths offer better returns and stronger protection than other cryptocurrency assets. Synths are specialized tokens designed to mimic the functionality of traditional financial instruments and DeFi trading strategies. This is achieved through participation in derivatives trading on centralized exchanges and activity in DeFi protocols.
The collaboration between these companies will enable partners to contribute to a more inclusive financial future by improving access to wealth management tools. USDb will also play an important role in achieving this goal.
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