8 months ago
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Clone has developed two easy-to-use interfaces for accessing its services: Clone Markets and Clone Liquidity.
Clone launches public mainnet on Solana, introducing cloned assets (clAssets) to enable seamless trading of non-native tokens. The introduction of a public mainnet for Clone Markets and Clone Liquidity on March 1st, 2024, will allow users to trade cloned versions of tokens from other blockchains directly on Solana with low slippage and fees. To unveil the new service, the open-source protocol introduced the Cloned SUI (clSUI), which will now allow the non-native token to be traded on Solana.
Trading non-native assets on Solana has been challenging up until now. Chains like Ethereum excel at offering deep liquidity and a wide selection of tokens to trade. However, their high gas fees and slower transaction times make frequent trading impractical. Solana offers blazing-fast speeds and fees that are fractions of a penny, but it lacks decentralized trading options for external assets.
This is where Clone comes in. The innovative protocol introduces cloned clAssets, which are tokenized versions of non-native crypto assets on Solana. For instance, clSUI is a cloned version of the Sui token, another layer-1 chain, enabling it to be traded on Solana for the first time. The cloning process gives these assets unique minting on Solana, so they gain full composability with other DeFi protocols in the ecosystem.
Introducing Clone Markets and Clone Liquidity
Clone has developed two easy-to-use interfaces for accessing its services: Clone Markets and Clone Liquidity. Clone Markets is a decentralized exchange built for buying and selling clAssets with deep liquidity. Trades carried out on this solution settle nearly instantly, thanks to Solana’s speed.
Clone Liquidity allows liquidity providers to supply assets to Clone’s pooled liquidity system, called Comet. Comet uses a novel structure of leveraged, cross-margin pools collateralized with USDC. This means liquidity providers only need the stablecoin to gain exposure to any clAsset pool on Clone simultaneously. The capital efficiency unlocks new possibilities for Solana’s DeFi ecosystem.
The public mainnet launch on March 1st, 2024, adds critical trading infrastructure for Solana. Clone’s clAssets system brings seamless movement between tokens like never before. The team previously launched a private mainnet on February 1st as a testnet for clARB and clOP based on Arbitrum and Optimism tokens. With the full public launch, Clone Markets will gain significant depth.
Looking forward, Clone aims to be the top decentralized trading venue on Solana for any crypto asset. The introduction of clSUI paves the way for expanding support to hundreds of new tokens. The protocol’s capital-efficient liquidity pools will facilitate reliable markets as adoption spreads. Ultimately, the goal is to make Solana the top destination for trading all crypto assets, not just native tokens.
“With Clone’s mainnet launch on Solana, we’re not just enabling trading of non-native tokens; we’re envisioning a future where Solana becomes a universal trading platform. Our mission is to make any token tradable without leaving Solana, expanding our community, and unlocking the blockchain’s true potential,” stated Evan Deutsch, Co-Inventor of Clone.
