DeFi and Gold – Why the Biggest DeFi Projects Are Looking to Integrate Gold
As these platforms look for new, ever more innovative ways to improve yields for their users, many have begun adding support for gold-backed cryptocurrencies like CACHE Gold (CGT) and Tether Gold (XAUT). This use-case has resulted in rampant interest for gold-backed cryptocurrencies on DeFi platforms.
As a result, gold-backed cryptocurrencies are now available to use on several major DeFi platforms, including Celsius Network, Uniswap, Kyber Network, and more. The rampant interest in asset-backed DeFi solutions has spawned the development of a variety of synthetics issuance platforms, like Synthetix, which allows users to tokenize a variety of traditional assets to form derivate assets called “synths”.