STP Network has announced that its new iteration of its protocol will feature the synthetic tokenization of assets on Polkadot.
STP 2.0 will facilitate the issuance and trading of synthetic assets (ST-Assets) that track assets on other blockchain platforms. It will also give users access to multi-chain assets and new financial products on different blockchains, without expensive bridge fees or heavy overcollateralization.
The launch of STP 2.0 is planned for the end of Q1 2021 and the new Standard Tokenization Protocol is expected to be fully functional by Q3 2021.
Key features of STP 2.0:
- Cross-chain tokenization
- Multi-chain index
- Built on the Polkadot infrastructure
STP 2.0’s new cross-chain tokenization will facilitate the issuance and trading of ST-Assets between major blockchain platforms, providing users with more opportunities in decentralized finance including a wider range of products and increased liquidity.
The new Standard Tokenization Protocol will also allow users to issue and access multi-chain indices that track the performance of a group of assets across multiple blockchain platforms. Users will be able to leverage this index and employ a range of tools to interact with other decentralized protocols, such as automated market makers (AMMs) and lending protocols.
STP 2.0 will be entirely built upon the existing Polkadot platform and will take advantage of its cross-chain capabilities and parachain infrastructure. The goal of this is to allow for increasingly faster and cheaper transactions in the crowded Ethereum ecosystem.
Polkadot’s parachains will give STP 2.0 a significant advantage when it comes to the issuance and trading of synthetic assets on the platform.
Polkadot is a platform built to connect private and consortium chains, public and permission-less networks, and other technologies. The platform facilitates an Internet where independent blockchains can exchange information and complete transactions in a trustless way via Polkadot relay chains, making it easier to create and connect decentralized applications, services, and institutions.
The Polkadot platform is the flagship project of the Swiss Web3 Foundation, a company founded to facilitate a fully functional and user-friendly decentralized Web. Polkadot is at the core of the company’s vision for a Web where users are in control and free from centralized authorities.
About STP Network
Standard Tokenization Protocol is an open-source standard for defining how tokenized assets are issued and transferred. Tokens built on top of STP use the protocol’s on-chain validator to verify compliance with all necessary regulations and issuer-specific requirements. STP-tokenized assets are fully transferable across any blockchain platform.