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The $GOLD algorithmic token serves as the backbone of a rapidly growing ecosystem aimed towards bringing liquidity and new use cases to the Fantom network.
The protocol's underlying mechanism dynamically adjusts $GOLD's supply, pushing its price up or down relative to the price of $FTM.
Unlike previous algorithmic tokens, $GOLD is not pegged to a stable coin— it is instead pegged to $FTM. Why is this? Pirate Finance believes in the potential of Fantom, and has chosen to align its mission to both provide value to and derive value from $FTM's future growth.
One of the primary shortcomings of past algorithmic tokens has been a lack of use cases, leaving no good reason for somebody to want to use or hold them. In order to successfully maintain the peg in the long-run, the Pirate Finance team will maintain a focus on innovation around enhanced functionality and use cases.
