Asymptotically free AdS₃/CFT₂

We propose a new AdS₃/CFT₂ duality, in which the bulk string theory has a target spacetime AdS₃ times a squashed three-sphere S♭3, and the dual CFT₂ is a symmetric product of sigma models on ℝ_ϕ×S♭3, deformed by a ϕ-dependent ℤ₂ twist operator. The duality maps the asymptotic region of AdS₃ to the region ϕ → ∞, where the twist interaction in the CFT₂ turns off. The AdS₃ backgrounds in question have R_AdS< ℓ_s, and so lie on the string side of the string/black hole correspondence transition. As a consequence, the high energy density of states consists of a string gas in AdS₃ rather than an ensemble of BTZ black holes. This property allows us to derive the dual CFT₂ by a systematic analysis of the worldsheet string theory on AdS₃.