Chainwire
Asymmetry and Ampleforth Introduce afUSD: Taking Aim Against Centralization
Partnering with Ampleforth, the new afUSD offers competitive yields and innovative scalability for the DeFi community.
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San Francisco, US, California, June 12th, 2024, Chainwire – 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 (LRT) in partnership with EtherFi.
To date, Asymmetry has raised $4 million from notable investors like Founders of Convex, Founder of Frax, Avon Ventures (a venture fund affiliated with the parent company of Fidelity Investments), Republic Crypto, Side Door Ventures, Comma3 Ventures, and more.
With its products and commitment to sustainability and innovation, Asymmetry is aiming to redefine the evolution of the stablecoin market through its synthetic dollar product.
Key Highlight
Interested users can visit Asymmetry’s website to learn more about afUSD.
About Asymmetry: Asymmetry is a pioneering force in the decentralized finance (DeFi) space, committed to providing sustainable potential yield sources and investment opportunities. With a team of experts, Asymmetry creates permissionless strategies embedded in smart contracts, enabling users to automatically accrue potential yields. Asymmetry aims to become the go-to hub for synthetic dollar, LST, and LRT high-real-yield products.
About Ampleforth: AMPL is a digital currency that adjusts its supply based on market conditions. It’s a decentralized protocol that will inflate or deflate the existing AMPL tokens in circulation based on the current market conditions. Ampleforth can be used for lending & borrowing, the creation of derivatives, and as collateral for a decentralized stablecoin.
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