Saddle x Celo: wCUSD Metapool Launch!

Today we are excited to announce the launch of Saddle wCUSD metapool. The Saddle wCUSD metapool comprises wrapped Celo USD (wCUSD) and Saddle USDv2 Pool (DAI, USDC, and USDT). This launch adds one more option for DeFi users to access cost-efficient, user-friendly, low-slippage trades between stablecoin assets.

CELO DOLLARS (cUSD)

Celo Dollars (cUSD) is a stablecoin with an algorithmic stabilization mechanism. cUSD provides a mobile-friendly form of digital money that the 6 billion smartphone users around the world can use. A reserve of crypto assets containing CELO, BTC, ETH, and DAI backs cUSD.

Celo's stability mechanism allows users to create new cUSD by sending CELO to the reserve or burn cUSD by redeeming it for their equivalent value in CELO. This mechanism relies on a series of Oracles, or information feeds from exchanges external to the network, to report the CELO to US Dollar market rates.

WRAPPED CELO USD (wCUSD)

Wrapped Celo Dollar (wCUSD) is an ERC20 token, representing a 1:1 share of wCUSD. wCUSD provides a simple and secure bridge to the Ethereum chain.

Wrapping (minting) is done by sending an asset to the custodian's deposit address and by submitting a wrapping request.

Unwrapping (burning) an asset is done by submitting a request to the custodian. Once unwrapped, the custodian will send the equivalent underlying asset (minus applicable fees) to the user's account.

CELO PROTOCOL

Celo is a mobile-first, carbon-neutral blockchain platform that makes financial dApps and crypto payments accessible to anyone with a mobile phone. With 6 billion smartphone users around the world, Celo’s mission is to build a financial system that creates the conditions of prosperity - for everyone. Some of the key features of Celo are:

Mobile-First: Celo makes sending payments as easy as sending a text to anyone with an internet connection, anywhere in the world.

Multi-Asset: Celo is turning crypto into usable money with a multi-asset system: a utility, governance, and staking asset (CELO) and a growing family of stablecoins.

Utility: CELO’s primary function is stabilization, ensuring the healthy velocity of stablecoins that globally circulate and transact with Celo. Using Celo’s stability mechanism (Mento), CELO allows platform-native stablecoins to algorithmically follow the value of their pegged currencies.

WHY CELO?

Both Saddle and Celo are committed to building the DeFi ecosystem. Celo’s mission is to bring cryptocurrency tools to every person with a smartphone, notably the unbanked. Our mission is to help users, devs, and LPs alike access the benefits and gains of cost-efficient / low-slippage AMMs.

Naturally, we came together to take one more step towards fulfilling the promise of financial Lego blocks :)

HOW TO LP IN THE SADDLE wCUSD METAPOOL

Head to saddle.exchange/#/pools and visit the wCUSD pool to provide liquidity (or saddle.exchange to swap between wCUSD, DAI, USDC, and USDT):

Depositing

Depositing assets into a pool on Saddle allows users to take part in the protocol as liquidity providers and earn reward incentives when available. Go to https://saddle.exchange/#/pools

• Step 1: Scroll down to the wCUSD pool
• Step 2: Click on Deposit

• Step 3: Enter the amount(s) you’d like to deposit (one or more of the assets listed in the pool).

Tip: Deposit into the pool in a balanced manner (50% of USDv2 & 50% of wCUSD), or deposit more of the underweight USDv2 asset to get a bonus.

Tip #2: If you’ve already LPing in the USDv2 pool, you can check the “Deposit wrapped” checkbox to deposit your USDv2 LP tokens instead.

• Step 4: Click Advanced Options to select options like slippage and gas.
  

• Step 5: Click Deposit and review the details and confirm the transaction.
  

Withdrawing

• Step 1: Scroll down to the wCUSD pool
• Step 2: Click on Withdraw

• Step 3: Enter the amount you’d like to withdraw from one or more of the assets listed in the pool.

Tip: Withdrawing overweight assets will yield a bonus.

• Step 4: Click Advanced Options to select options like slippage and gas.

• Step 5: Click Withdraw and review the details and confirm the transaction.
  

ABOUT SADDLE

Saddle is a decentralized AMM on the Ethereum blockchain, optimized for pegged value crypto assets such as stablecoins and wrapped BTC / wrapped ETH.

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