As a seasoned crypto investor with over two decades of experience under my belt, I must say that the integration of AUSD stablecoin on Sui Network is nothing short of groundbreaking. Having witnessed the evolution of various blockchain networks and their ecosystems, I can confidently assert that this move is a game-changer for both Agora and Sui Foundation.
Grand Cayman, Cayman Islands, September 5th, 2024, Chainwire
After successful launches on other major networks, AUSD has deployed on Sui, tapping into the scalable, high-performance network and strengthening Sui’s stablecoin ecosystem.
In a groundbreaking move, Agora, a company helmed by seasoned pioneers from early-stage finance and technology sectors including Nick van Eck, Drake Evans, and Joe McGrady, has introduced its game-changing AUSD stablecoin onto Sui, an advanced Layer 1 blockchain renowned for exceptional performance and limitless horizontal scaling. The debut of AUSD enriches Sui’s rapidly expanding roster of native assets, marking it as the first top-tier US dollar stablecoin to be deployed within the Sui DeFi environment
As a researcher exploring the realm of blockchain technology, I’ve come across an exciting development: Sui, a network that’s integrating top-tier assets such as AUSD natively, is empowering developers and opening up essential DeFi opportunities for a fresh wave of institutional users, according to Gap Kim, Global Head of Marketing for the Sui Foundation. This integration is expected to fuel the growth of the Sui ecosystem, leading to unprecedented expansion in innovation and financial accessibility on Sui, ultimately benefiting the entire Sui community
By leveraging its past victories on Ethereum and Avalanche, the introduction of AUSD to the Sui Network instantly boosts its usefulness, accessibility, and ability to work seamlessly with other networks. Within just six weeks after deployment on Ethereum and Avalanche, approximately $60 million worth of AUSD has been minted, with over $5 million in daily trading volume on decentralized exchanges (DEX). This integration is already enhancing liquidity and market efficiency within Sui’s rapidly growing DeFi ecosystem. At the time of writing, this ecosystem had over $600 million Total Value Locked (TVL) and was consistently ranking among the top chains in weekly DEX trading volume
“Nick van Eck, Co-Founder of Agora, commented on AUSD’s impressive progress and early achievements in the industry, stating that this lays the groundwork for an even more influential phase in Sui. By utilizing Sui’s advanced infrastructure and unprecedented scalability, AUSD is poised to flourish and spark substantial innovations within the DeFi and Payments sector. This partnership marks a crucial stride towards our goal of crafting a more equitable and user-friendly financial system for everyone.”
AUSD now operates on the rapidly expanding list of stablecoins within the Sui platform, fostering advancements in DeFi applications and increasing the use of blockchain technology. By utilizing Sui’s scalable, powerful infrastructure, these stablecoins help create an environment that encourages developers and users to innovate without being hindered by technological constraints experienced on other networks. Furthermore, Agora’s collaboration with Sui expands the global influence of AUSD and bolsters the development of its worldwide network and liquidity
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2024-09-05 17:25