Poly Network and the SuperNova algorithmic stablecoin platform have announced a strategic cooperation. NEO, SWTH, and FLM token holders can transfer assets and stake liquidity for sNEO rewards on the SuperNova.Cash platform, powered by the Huobi ECO Chain.
SuperNova.Cash, built by Higgs Network, algorithmically pegs its synthetic assets to market prices of the tokens it supports. Higgs Network is a hybrid liquidity and blockchain service infrastructure that was among the projects represented in the Neo Eco Zone at Blockchain Show 2019.
SuperNova.Cash utilizes hybrid cryptocurrency-collateral and algorithmic stability models with two tokens: sCASH and SHARE. sCASH is pegged to USDT at a 1:1 ratio on the HECO blockchain. The SHARE token distributes revenues from liquidity pools (referred to as “stablecoin stars”), synthesizes algorithmic stablecoins alongside collateral assets, and serves as the governance token.
Genesis mining allowed SuperNova.Cash users to stake tokens from various blockchain networks and receive sCASH (or sNEO in the NEO-based stablecoin star). To participate, NEO, SWTH, and FLM tokens holders must first convert to p-assets through the Poly Network bridge.
SuperNova released a step-by-step guide to assist its users in the conversion process.
sNEO became a stablecoin star on March 15, 2021. In its five-day genesis mining period, the platform reached the following total value locked for each token:
- pNEO: US $10,205,172
- pFLM: $419,013
- pSWTH: $75,445
The full announcement can be found at the link below: