Seamless usability is the ultimate goal of every asset and application in Web3. The Oasis community takes this goal seriously, which is why transforming the native Oasis asset from a token for the Oasis Network to an omnichain asset for any ecosystem in crypto presents a momentous improvement for the Oasis ecosystem.
With a launch date planned for Q4 2023, Oasis is excited to announce the forthcoming arrival of a synthetic iteration of ROSE, the native token for the Oasis ecosystem, called syROSE. syROSE will be available for additional liquidity on illumineX – the first DEX built on Oasis Sapphire – in partnership with the cutting edge innovators at SYNTHR.
Who are the SYNTHR team?
SYNTHR builds the technical plumbing that supports synthetic omnichain assets from several industry-leading blockchains, including Ethereum, Arbitrium, Avalanche, Polygon and BNB Chain. As industry leaders themselves, the SYNTHR team is guided by the mission of ensuring capital-efficient, slippage-free omni-chain liquidity for every user, investor, and trader in Web3.
Synthetic assets enhance the usability of any ecosystem’s native tokens, which allows holders of any asset with a synthetic companion to access their desired dApps across any ecosystem with ease. Instead of settling for the fragmented liquidity that often hampers asset utility, SYNTHR streamlines access to capital-efficient, omni-chain liquidity.
“We are proud to add the Oasis ecosystem to our portfolio of innovative teams who understand the utility that is unlocked through synthetic companion assets,” said Rtiwik Rudra, co-founder and CEO of SYNTHR. “Maximizing access and minimizing friction for Oasis users across any dApp or blockchain ecosystem is a goal that SYNTHR is proud to help the Oasis ecosystem to realize.”
How SYNTHR Improves the Oasis Ecosystem
With a synthetic companion asset for the native ROSE token, Oasis users can now transport their tokens with speed and ease to other ecosystems outside of Oasis. After it launches, syROSE will be available to all ROSE holders who want to swap real ROSE for its synthetic counterpart. Thanks to SYNTHR, all swaps can be executed with zero slippage and immediate execution.
With syROSE, Web3 natives will also be able to:
- Earn multi-chain yield adding liquidity to syROSE-ROSE pairs on illumineX.
- Swap other synthetic pairs (syASSET) on the slippage-free SYNTHR native DEX.
- Mint highly solvent synthetic assets by staking ETH, USDC, and USDT as collateral.
- Take price exposure to non-Oasis-native assets (e.g. UNI, CVX, CRV)
The diagram below illustrates the utility of SYNTHR within the Oasis ecosystem.
“The launch of syROSE marks a new chapter of seamless access to all of Web3 for the global Oasis community,” said Jernej Kos, Director at the Oasis Foundation. “Access to lending, swapping, staking, and other applications throughout crypto with synthetic Oasis assets is an enormous achievement for every Oasis user and builder.”
SYNTHR working with Oasis to launch syROSE represents more than a temporary collaboration. Both teams will continue collaborating to enhance the omnichain capability of the Oasis ecosystem’s native token while rooting these efforts in Oasis-native tooling like illumineX.
Learn more about the Oasis ecosystem here.