The Auric Elastic Supply Gold Peg

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The Auric Network (โ€œAuricโ€) 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 (โ€œDeFiโ€) on the Ethereum Network, the Hong Kong-based blockchain solutions company left nothing to chance.

Through a partnership with Bluebird Merchant Ventures Limited (โ€œBMVโ€), a publicly listed mining company (LSE:BMV), and Mine Foundation, a commodities investment marketplace, the new elastic supply token (โ€œAUSCMโ€) can be used to purchase physical gold at a discount.ย 

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.

Auricโ€™s founder facetiously remarked that the use case is the first yield-farming asset that โ€œuses bleeding-edge technology to bring the world back a couple centuriesโ€.

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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 todayโ€™s unprecedented levels of demand for gold before stating, โ€œWe 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.โ€

BMVโ€™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.ย 

โ€œSince the initial assessments, weโ€™ve discovered a number of additional veins of gold that continue beyond what we expected,โ€ Joseph Lee reports. โ€œSharing access to these resources while providing an alternative investment source for the public is a win-win.โ€

Currently, Auricโ€™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.

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