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Bittime - Solana has just launched a new feature that could change the way crypto assets are traded. Through the Clone protocol, Solana introduces cloned assets (clAssets) which allow users to trade non-native assets with high liquidity and capital efficiency. What is asset cloning and how does it work? Check out the following review.
What Are Cloned Assets (clAssets)?
A cloned asset is a digital asset that represents another asset on a different blockchain. For example, clSUI is a cloned asset of SUI, a token of the Sui Network running on Ethereum.
With cloned assets, users can trade these assets on Solana without having to switch chains or face interoperability issues. The cloned asset also has the same value as the original asset, so there is no risk of price differences or arbitrage.
How Does Cloning Assets Work?
Cloned assets are created using the Clone protocol, which is a crypto wrapping protocol that runs on Solana. The Clone Protocol allows users to freeze their original assets in a dedicated wallet and receive the corresponding cloned assets on Solana.
This process is carried out automatically and securely by the Clone smart contract. Users can also reopen their cloned assets and exchange them for original assets at any time.
Also Read How to Buy Crypto:
What are the Benefits of Cloning Assets?
Cloning assets has several advantages, including:
Increase liquidity
Cloned assets expand the market for non-native assets on Solana, meaning more supply and demand. This can increase trading volume and depth, as well as reduce slippage and spreads.
Increase capital efficiency
The cloned asset allows users to use USDC as the sole collateral to provide liquidity in the Comet staking pool. This system promises twice the capital efficiency compared to traditional AMM, which requires two different assets as collateral.
Improve user experience
Cloned assets make it easier for users to trade non-native assets on Solana with speed and low fees. Users don't need to bother dealing with cross-chain issues, such as gas fees, confirmation times, or bridges. Users can also access various DApps in the Solana ecosystem easily.
How to Trade Cloned Assets?
To trade cloned assets, users can use Clone Markets, which is a decentralized trading platform powered by Solana. Clone Markets offers a user-friendly interface and advanced features, such as order book, limit orders, and margin trading.
Users can buy and sell cloned assets quickly and cheaply on Clone Markets, as well as take advantage of arbitrage and speculation opportunities.
Conclusion
Solana Mainnet has launched a cloned asset feature that could revolutionize the way crypto assets are traded. Using the Clone protocol, users can trade non-native assets with high liquidity and capital efficiency on Solana.
Cloning assets also provides a better user experience with speed and low cost. Asset cloning is one of the latest innovations from Solana, which continues to demonstrate its capabilities as the world's leading blockchain.
How to Buy SOL Tokens on Bittime
You can buy and sell SOL tokens in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappbeti. SOL is available on Bittime with SOL IDR pairing.
To be able to buy SOL/IDR tokens on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of Bittime assets is IDR 10,000. After that, you can make SOL purchases in the application. Learn a more complete guide on how to buy SOL on Bittime.
Monitor price chart movements for Solana (SOL), Bitcoin (BTC), Ethereum (ETH) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
What is a Solana Virtual Machine (SVM)? Understanding the Core Technology Behind Solana
Get to know what Solana is, an Ethereum competitor
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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