Jarvis Network integrates with Paraswap to enhance on-chain liquidity for synthetic stablecoins
Paraswap natively integrates the Synthereum protocol of Jarvis Network, providing unparalleled stablecoin liquidity for Jarvis and Mt Pelerin users, simplifying the integration process.Author: Jarvis Network
Compiled by: ChainCatcher
We are very pleased to announce that the leading DEX aggregator Paraswap has natively integrated Jarvis Network's Synthereum protocol, significantly enhancing the on-chain liquidity of Jarvis synthetic stablecoins. This integration allows Jarvis and Mt Pelerin users to obtain unparalleled liquidity for their fiat and stablecoins, comparable to top centralized exchanges, and enables wallets and other fintech projects to simplify Jarvis integration through Paraswap's API.
Paraswap is a leading DEX aggregator deployed on Ethereum, Polygon, BSC, and Avalanche, which has natively integrated Jarvis Network's Synthereum protocol on Ethereum and Polygon.
Currently, there is a huge source of on-chain liquidity spread across multiple DEXs, competing to increase liquidity to reduce slippage and attract more traders. DEX aggregators aggregate the entire on-chain liquidity and split your trades across multiple DEXs along the most efficient routes. This aggregation allows users to achieve the absolute best prices and lowest slippage!
The integration of the Synthereum contracts allows Paraswap to mint and burn jFIAT, utilizing its convertibility to USDC at oracle prices without affecting the price. Therefore, the on-chain liquidity of jFIAT has significantly increased for forex and cross-asset swaps!
Paraswap has indeed become the best place to exchange jFIAT on Polygon! This initial integration marks the beginning of a longer-term collaboration: more liquidity pools containing jFIAT will be integrated to further enhance jFIAT's liquidity.
Until today, integrating the minting and burning functions of jFIAT to leverage its on-chain liquidity required interaction with our smart contracts. Many projects and products, including custodial wallets, OTC desks/brokers, have shown great interest in using Synthereum as a backend to provide liquidity stablecoins for their users, but have been waiting for a robust API to begin integration work.
From now on, they can easily accomplish this using Paraswap's API! This will facilitate the integration of our protocol in global fintech!
Jarvis Network is a set of protocols and applications on EVM-compatible chains designed to connect legacy finance and decentralized finance (DeFi). Its mission is to build an infrastructure layer that anyone can leverage to develop use cases that promote DeFi adoption and build applications to attract the next billion users. Its first protocol, Synthereum, pioneered an innovative and capital-efficient way to issue and exchange a synthetic fiat currency called jFIAT, thanks to a fully on-chain forex market. jFIAT is a stablecoin designed for usability: it maintains its peg, has high liquidity, and is scalable.
ParaSwap is a DeFi middleware that enables simplified and efficient token swaps. It aggregates liquidity from decentralized exchanges and implements various trade route optimizations (MegaPath) to provide the best prices. On top of DEXes, ParaSwap can access competitive prices thanks to its own sources of liquidity: private market makers are incentivized by PSP tokens based on the decisions of PSP stakers. ParaSwap is used directly by end-users through the paraswap.io website and by other applications that wish to provide swap functionality to their users via API. It includes various services such as wallets (Metamask, Argent, Ledger, etc.) or DeFi applications (InstaDapp, Jarvis Network, etc.).
