Launched in November 2022, ONS Silver Token (ONSS) is an asset-backed token redeemable 1:1 for 1 ounce of silver. Issued by Token Teknoloji Anonim ?irketi, this token is fully backed by silver on the blockchain at a 1:1 ratio and is indexed to the price of ounces of silver. For each ONSS created, an equivalent amount of physical ounces of silver is held as collateral in the company's reserves.
ONSS provides a cost-effective, fast and secure solution for global users, offering direct ownership with no storage costs and high accessibility for 24/7 transactions and transfers, regardless of geographical boundaries. Unlike silver transaction limits in the market, there are no minimum transaction limits for ONSS transactions.
ONSS transactions are executed instantly and any amount of ONSS tokens can be converted to fiat currencies, ensuring quick and efficient transactions.
ONSS is created and runs on the Avalanche C-Chain and Polygon blockchain, and it is compatible with all blockchain wallets that support EVM. It uses smart contracts to automatically manage the collateralization process.
As the demand for ONSS tokens increases, the Token Teknoloji Anonim ?irketi will add the equivalent amount of physical ounces of silver to its reserves for each ONSS token upon the request of institutions wishing to meet their demand. This ensures that the 1:1 ratio between ounces of silver and ONSS is maintained whilst keeping the market in balance between supply and demand.
And a coin burn function is built into the blockchain's smart contract to remove a pre-determined amount of ONSS tokens from circulation when needed, ensuring a balance between ONSS and the ounce of silver. Thanks to this mint-and-burn mechanism, the price of ONSS is always in equilibrium with the price of the physical ounce of silver.
