Asymptotically free AdS3/CFT2

We propose a new AdS(3)/CFT(2 )duality, in which the bulk string theory has a target spacetime AdS(3) times a squashed three-sphere S-b(3), and the dual CFT2 is a symmetric product of sigma models on R-phi x S-b(3), deformed by a phi-dependent Z(2) twist operator. The duality maps the asymptotic region of AdS(3) to the region phi -> infinity, where the twist interaction in the CFT2 turns off. The AdS(3) 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 AdS(3) 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 AdS(3).