Coin98 Finance, a blockchain-focused software company based in Vietnam, has officially announced the launch of its new DeFi product, Saros Finance, on the Solana blockchain network.
In an announcement on Tuesday, December 28, Coin98 Finance announced that SarosSwap, the core of its Saros Finance DeFi product is now ready to use with a finished audit from Inspex.
We are excited to officially launch @Saros_Finance, a DeFi Super-Network Built on S◎lana.
With #SarosSwap, we will let Coin98 Universe expand first to @Solana – the wonderland for DeFi apps to scale 🚀
— Coin98 Labs (@coin98_labs) December 28, 2021
What is Saros Finance?
According to Coin98, Saros is a Solana DeFi Super-Network that consists of a unified suite of three fundamental building blocks: SarosSwap, SarosFarm, and SarosStake. The project was first announced in September 2021.
Being a core of the network, SarosSwap is an automated market maker (AMM) decentralized exchange (DEX). SarosSwap is now ready to use that allows users to exchange SPL tokens. SarosSwap will bootstrap liquidity and help projects through a native launchpad while maintaining high liquidity through pools. It will maximize price discovery, drawing retail investors to Solana. SarosSwap will use a constant product AMM algorithm.
SarosFarm will entice and engage liquidity providers, resulting in a large inflow of funds while simplifying and accelerating liquidity bootstrapping and encouraging new projects to be built on Solana. At SarosFarm, users will be able to earn SAROS, the native token of Saros Finance, by staking their Liquidity Provider (LP) tokens.
SarosStake will provide the simplest way to earn free tokens on Saros Finance. All they have to do is stake SAROS and earn free tokens. SarosSatking will also allow users to stake other tokens besides SAROS.
Built on Solana
According to Coin98 Finance, Saros is the missing piece of the Solana puzzle. Solana has made its name in the crypto space thanks to the fast transaction processing speed of 50,000 TPS, low latency, and low transactions fees. These features give Solana the potential to become a new Ethereum.
However, DeFi on Solana hasn’t taken off yet because of fact that the number of assets on Solana is still limited. According to Coin98, Solana builders face three issues when it comes to issuing assets that include difficulty in bootstrapping the initial liquidity, maintaining and managing the liquidity, and the lack of launchpads.
Therefore, the launch of projects on the Solana is very slow. Saros Finance will also feature a launchpad, dubbed SarosPad. It is created to give real builders a productive launchpad. SarosPad will attract retail investors that will encourage more builders to build on Solana.
Coin98 and Solana Foundation
The project has come on the heels previous partnership between Solana Foundation and Coin 98 Finance. As Crypto Economy reported earlier, in January 2021, Solana Foundation launched a $5 million ecosystem fund in partnership with Coin98 Ventures, the investment arm of Coin 98 Finance, to support the Solana developer ecosystem in Southeast Asia.