> For the complete documentation index, see [llms.txt](https://canza.gitbook.io/baki-white-paper/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://canza.gitbook.io/baki-white-paper/introduction.md).

# Introduction

Baki is an Infinite-liquidity FX protocol that allows for slippage-free swaps between African currencies. The protocol allows users to deposit stable coins and mint overcollateralized, synthetic assets, called **zTokens**, pegged to African currencies, creating the **first on-chain implementation of African stablecoins.**

Any **zToken** can be burnt to mint the equivalent value, of **zTokens** in another currency. Currently, Baki supports the minting of US Dollars **(zUSD)**, Nigerian Naira **(zNGN)**, West African CFA **(zCFA),** and South African Rand **(zZAR)**.

All FX conversions between currencies are provided at the central bank rates, offering users access to dollar markets at the best possible rates.