cNGN gets a Solana liquidity pool on Orca as the Dangote IPO goes on-chain
Mariblock
The Signal
cNGN now has liquidity pools on at least four networks, with nearly $210,000 in combined liquidity. They let users swap into or out of the naira on-chain without going through the issuer. More liquidity will be essential for cNGN to gain wider use.
cNGN, the naira-pegged stablecoin, now has a liquidity pool on Orca, the Solana-based decentralized exchange, weeks after Celo created one for the token on Uniswap.
“Finally, a cNGN liquidity pool on Solana. Thanks to members of SuperteamNG & Orca,” cNGN managing director Uyoyo Ogedegbe wrote on X.
The details: The pool pairs cNGN with USDC and holds nearly $26,000 in total value, according to Solscan data as of Sept. 17 — about 25 million cNGN and 7,253 USDC.
- It recorded five transactions in its first 19 hours.
Why it matters: GetEquity, a participant in the Nigerian SEC’s Accelerated Regulatory Incubation Program, is putting Dangote’s IPO on-chain through DPRI tokens on Solana and Base. The subscription settles in cNGN while the underlying shares clear through the NGX, Nigeria’s primary stock exchange.
- Until Orca launched its pool, cNGN had no liquidity pool on Solana. Felix Daniel of NectarFi, which accounts for most DPRI purchases on Solana, said on X that the platform had to bootstrap liquidity through OTC transactions.
As of 1 pm WAT on Sept. 17, Mariblock’s data shows nearly ₦14 million worth of DPRI subscribed on-chain, with four times as many purchases on Solana as on Base.
Catch up quick: Earlier this month, Celo, the Ethereum layer-2 network, launched a cNGN-USDT pool on Uniswap. That pool holds $180,700, the largest of any cNGN pair.
How it works: Liquidity providers deposit a pair of tokens into a smart contract, and traders swap between them through the pool without an intermediary.