ART Coin Exchange Pioneers Synthetic Assets on NEAR Protocol


ART Coin Exchange is a decentralized asset exchange and native stable coin (aUSD) on NEAR Protocol created by NEAR’s Yifang Ma and Bo Yao. Similar to Ethereum based projects like Synthetix, Artcoin allows users to trade virtual assets and cryptos in a decentralized and permissionless manner. 

Existing virtual assets include: 

– Bitcoin (BTC)

– Gold 

– Euros 

– The S&P 500 Index 

Under its current design, the ART Coin Exchange provides a zero-slip, infinite liquidity and instantly exchangeable network for trading between any kind of cryptocurrency, commodity, stock and foreign currency. While existing assets operate on the NEAR testnet as a proof of concept, many more are currently being prepared for mainnet. 

Additionally, as one of the first native stable coins on NEAR, Artcoin provides a key piece of essential infrastructure to the development of the NEAR Ecosystem: Stable coins. Hailed by many as one of the first ‘killer apps’ of crypto, stable coins allow users to benefit from the stability of existing currencies, with all of the accessibility and benefits of holding a decentralized crypto. 

 “The killer app is already here and there is already good evidence of it. They are boring but they are stable coins. The big things holding back this ecosystem was the underlying volatility and mental overhead of  asset volatility in various cryptocurrencies. Once you remove that, and you have just a programmable dollar, this is the foundation of DeFi. The DeFi revolution doesn’t really happen without stable coins. 10 years from now we’ll look back and say that was the thing that already unlocked it all.” 

– Hack the Rainbow, Session 10

With aUSD the stability of an asset is guaranteed by ART token holders staking the ART token. As a native solution built on top of NEAR Protocol, all assets on ART Coin Exchange are NEP-21 tokens. Interested DeFi farmers can lock and stake ART to earn aUSD. 

DeFi on NEAR: Why Does it Matter? 

As early decentralized financial infrastructure continues to develop, NEAR Protocol offers a number of marked advantages to networks and protocols looking to offer decentralized financial services. 

In the case of ART Coin Exchange, NEAR’s extremely high efficiency and performance specifically in handling high-transactions at a cost-effective and accelerated rate means that it only takes ART seconds to be transferred between users with a miniscule transaction fee. 

Similar protocols living on Ethereum, such as Synthetix, currently suffer from delays due to high gas fees and network congestion: A transaction can take minutes to hours. 

ART Coin Exchange: A Bullish Future

In the context of the development of both NEAR Protocol and the future of DeFi, Artcoin Network is positioned as one of many new DeFi projects preparing to launch in the coming months. This launch comes at a time when synthetic assets continue to gain traction across the crypto-verse in spite of unfeasible gas fees on Ethereum. NEAR’s user-friendly account model combined with extremely low transaction costs, makes it an ideal alternative for both new and existing DeFi projects similar to Artcoin. With much development expected in the coming months – from new assets, and commodities to wrapped crypto –be sure to follow Artcoin’s development on NEAR.