Polygon, Unbound Finance Launch First-Ever Cross-Chain StableCoin
- Unbound Finance and Polygon will launch the first-ever cross-chain stablecoin to increase liquidity on AMMs.
- With Unbound, users can work on existing liquidity pool tokens.
- Polygon has been assisting Unbound since its testnet launch in late last year.
UND stablecoin creator Unbound Finance is partnering with Ethereum scaling solution Polygon to increase liquidity on AMMs based on Polygon.
In an effort to make AMMs more capital efficient, Unbound Finance will be launching the stable coin UND. It is the first cross-chain decentralized stable coin. This will be based on the Polygon network. Added to this, the Unbound Finance governance token UNB will also be tradeable on Polygon-based DEXes.
With Unbound Finance, users can collateralize their existing liquidity pool tokens on AMM-based DEXes like Dfyn, PancakeSwap, and Uniswap. These LPTs can mint the UND stablecoin.
Further, Polygon has worked with Unbound since it launched its testnet late last year. Polygon provided support to launch the network and introduce the key AMM partners to enable capital efficiency. Discussing the two companies’ new venture, Polygon COO Sandeep Nailwal said:
AMMs are here to stay and the amount of liquidity it has been able to get on DEXes along with the possibility of various tools such as yield farming or earning fee on market making for a regular user is indicative of its unmatched potential. Unbound’s dedicated development team has created something that makes all AMMs efficient and will make interesting money legos in the space further.
Tarun Jaswani, Founder and CEO of Unbound Finance also added, “We have built UND to be one of the most decentralized, cross-chain stablecoins on the market. With strong fundamentals, Polygon users will leverage the benefit of a fast, borderless stablecoin which will act as a great fiat on and off-ramp bridge. UND will also open up the benefits of DeFi through Unbound.Finance.”
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