Token

The Syron U$ dollar (SU$D) is a stablecoin crafted as a digital fungible token, seamlessly usable on the Bitcoin network, Internet Computer and other platforms.

What is a fungible token?

A fungible token is interchangeable with others of the same type and value. Each unit is identical and can be traded on a one-to-one basis. Fungible tokens are divisible and lack uniqueness, making them uniform and easily exchangeable, like money.

The fungible token infrastructure is a crucial aspect of the stablecoin metaprotocol's core design. It's designed to operate seamlessly on Bitcoin and other blockchain protocols, offering improved scalability and accessibility.

Tyron's Bitcoin-native stablecoins are premined and transferred to a Syron Bitcoin Minter (SBM). The balance of the SBM must not be considered in the circulating supply.

BRC-20

As a Bitcoin-native asset, Syron's first implementation adheres to the BRC-20 standard for holding and transferability, and it can be done using 4- or 5-byte tokens.

This fungible token type is based on the Ordinals protocol and thus requires inscriptions.

When making a BTC deposit into a Safety Deposit ₿ox, a transfer of SU$D shall be inscribed to the SBM address. When the withdrawal of dollars is submitted, the transfer inscription is given to the user's Bitcoin wallet, the SSI that owns the ₿ox.

const inscription: InscribeData = await api.createTransfer({
  receiveAddress: sbm_addr,
  feeRate,
  satoshis: 546,
  safetyDepositBox: box_addr,
  deposit: collateral,
  brc20Ticker: tck,
  brc20Amount: amt,
});

await api.sendBitcoin(inscription);

At the time of withdrawal, the SBM uses the above inscription's ID to send the SU$D to the user's wallet.

Runes

Coming soon!