Token

The Syron US dollar (SUSD) 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 meta-protocol'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 SUSD 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 SUSD to the user's wallet.

Runes

Coming soon!