Trading non-native tokens on Solana
Clone is a game changer, harnessing the power of Solana’s speed and low cost transactions to allow for the exchange of non-native “cloned” assets, dubbed clAssets. Clone’s clAssets are designed to precisely replicate the price dynamics of their original counterparts. Clone is taking trading on Solana to a new level and “redefining the possibilities of decentralized finance.” Users who trade on Clone are able to manage their entire crypto portfolio on a single platform. For example, users can trade non-native tokens like Arbitrum and Optimism on Solana.
Why use Clone? The developers suggest this point rests with the two primary interfaces: Clone Liquidity and Clone Markets. In Clone Markets, traders can buy and sell clAssets while taking advantage of instant settlement and no counterparty risk. The default trading option is to buy and sell clAssets with and for USDC. Clone Liquidity is where advanced users can provide liquidity to the clAsset pools.
Clone introduced the Comet Liquidity System (CLS), the first liquidity engine that supports leveraged and cross-margin positions through comet AMMs (cAMMs). Utilizing the Solana blockchain and the efficiency of CLS, Clone is “charting a course towards a platform of optimized, liquid non-native token markets.” Clone’s focus is to build “robust, scalable, and efficient infrastructure, tailored to the unique needs of Solana’s ecosystem.” “With the capacity to handle leveraged, cross-margin liquidity positions, comets embody a novel, highly efficient liquidity provision system. Comets allow users to add liquidity to all clAsset pools simultaneously using only USDC, contributing to the robustness and scalability of the platform.” Comets support leveraged liquidity, so you will be allowed to provide more liquidity than the amount of USDC you deposited. A “projected health score” is provided to help judge the general wellbeing of your comet.
Currently the platform is in Season 1 of its points system. Points can be earned by loaning out USDC via comets, trading clAssets, and most recently by having staked Jup. Like many other De-Fi apps on Solana, we can expect some sort of airdrop later this year when the season ends. There is a referral program in place that provides extra points.
I found Clone to be taking an interesting and pioneering path in the Solana de-fi space, introducing leveraged loans for the first time and providing the ability to trade non-native assets on Solana. Staying true to its promise of providing a one-stop-shop platform for users to trade and manage their assets all in one place, Clone is making waves as an exciting new application. I think we’re lucky to have them on Solana – what do you think?
Cheers,
Davie
Quoted lines taken directly from the Clone white paper and Clone Docs.
©2024
