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Singapore, Singapore – (Newsfile Corp. – December 30, 2021) – The Crafting Finance synthetic asset issuance and trading platform, developed on the basis of the NEAR ecology and the WASM virtual machine, will complete its launch on the main network at the end of January. Since NEAR Protocol focuses on creating a friendly platform for developers and users, Crating Finance, as the name of its first release – Columbus, is considered to be the pioneer to empower the financial application in the NEAR ecosystem.
The first version of Columbus being launched will include full functions for issuing and trading synthetic assets, supporting general synthetic assets and synthetic stable currency assets. This will allow users to mortgage their digital assets through the platform to generate synthetic assets for non-slip synthetic asset transactions, spending their mining income.
The main goal of the first version of Crafting Finance is to work with synthetic assets, which is a smart invention to process distributed transactions of different types of assets, including stocks, debt and derivatives. They are widely used in traditional financial markets in very large volumes. Synthetic assets are also a financial instrument made up of one or more derivative assets. Since the asset classes supported by traditional synthetic asset projects are still quite limited, Crafting Finance is committed to ‘simulating’ almost all of the resources found in the real world, reaching all kinds of financial assets. at low cost and allowing the realization of any type of financial asset contract.
Presentation of artisanal finance
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Raft and RaftStable will also be launched with this version. In Crafting Finance, synthetic assets are named “Rafts”, and they coexist in a shared debt pool that can provide Rafts with almost unlimited liquidity, much like the sea. Rafts include both RaftStable, directly anchored to currencies trustees, and Raft, anchored to individual financial assets (e.g. rBTC anchored to Bitcoin, rAAPL anchored to Apple stock, rXAU anchored to gold, etc.).
Crafting Finance has also launched Kingsman, a decentralized trading platform based on the shared debt pool through which users can trade in various types of synthetic assets that have been struck. In Kingsman, all synthetic assets can be converted to other synthetic assets including rBTC, rETH, and rNear. Synthetic assets of this type of cryptocurrency can be currencies such as EUR, JPY, and CNY, and even gold and various stocks, all of which are synthetic assets produced by the system, rather than physical assets. Their conversion rate is determined by the actual external price provided by the oracle. No consideration is required and users can convert all assets supported by the system on the basis of unlimited liquidity. The shared debt pool allows the platform to support “assets of all types” and the liquidity sharing allows the platform to transact without slippage.
In Crafting Finance’s overall design process, Columbus is one of four main versions, all named after famous explorers. The release to follow, “Zhang Qian”, will mark the launch of synthetic bond assets, known as BondRaft. The next version, named after the famous Greenlandic explorer Thurwaldson, will launch with the UnivRaft application to perform the “simulation” of any financial asset or even all types of assets that exist in the real world. The fourth version will pay homage to the navigator Vasco da Gama, pioneer of the navigation route from Europe around the Cape of Good Hope to India. This version will launch the oracle with all the functions, while also marking the possibility for Crafting Finance to get all the real world asset data.
About Crafting Finance
Crafting Finance is a synthetic asset project, which provides the issuance and transaction capabilities of various synthetic assets, which can support the issuance and transaction of almost all types of cryptocurrency assets and ‘real assets. Important product modules include MintR, Kingsman and various synthetic assets (Raft, RaftStable, UnivRaft, BondRaft). MintR supports a variety of guarantees to generate various synthetic assets and even user-defined assets. The DEX Debt Pool (SDP) model used by Kingsman does not require any counterparties, which solves the problem of DEX trading depth.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/108708