The Auric Network (“Auric”) created a digital currency that is pegged to the price of gold through programmatic supply fluctuation. In aspiring to create a synthetic commodity money that will become the cornerstone of decentralized finance (“DeFi”) on the Ethereum Network, the Hong Kong-based blockchain solutions company left nothing to chance.
Through a partnership with Bluebird Merchant Ventures Limited (“BMV”), a publicly listed mining company (LSE:BMV), and Mine Foundation, a commodities investment marketplace, the new elastic supply token (“AUSCM”) can be used to purchase physical gold at a discount.
The arrangement ensures that the fledgling synthetic commodity money not only maintains its price through rebasing, but also possesses a price floor grounded in reality.
Auric’s founder facetiously remarked that the use case is the first yield-farming asset that “uses bleeding-edge technology to bring the world back a couple centuries”.
According to the press release, AUSCM will make it easier to take economic shelter in gold. The token is not just meant to be a refuge for the Ethereum DeFi community, but also broader society.
Joseph Lee, CEO of BMV Korea, mentioned present geopolitical and economic uncertainties and today’s unprecedented levels of demand for gold before stating, “We are pleased to partner with the Auric Network and Mine Foundation to broaden access to gold. The token is truly a breakthrough in financial technology and we are excited for the future.”
BMV’s gold-rich mines located in South Korea have been inactive since the 1970s due to legislative decisions to pivot away from mining to technology. Recent geological assessments have revealed nearly 4 million tons of ready-to-mine gold.
“Since the initial assessments, we’ve discovered a number of additional veins of gold that continue beyond what we expected,” Joseph Lee reports. “Sharing access to these resources while providing an alternative investment source for the public is a win-win.”
Currently, Auric’s AUSCM is listed on Uniswap.org. There is a minimum AUSCM ownership threshold that must be passed to attain access to the gold discount. To learn more, visit https://auric.network.