Skip to main content
Mariblock logo
Newsletters
Newsletters
Stablecoin
△Trend
Signal

cNGN gets a Solana liquidity pool on Orca as the Dangote IPO goes on-chain

An illustration of cNGN and USDC coins floating in a swimming pool
Mariblock
IMG 1285
Sam Adeyemo
Add Mariblock on Google

Add Mariblock as your preferred source to see more of our stories on Google.

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.