Synthetix
🤝

Synthetix

Synthetix is the minting house for sUSD, the native token to the derivative eco-system built on top of Synthetix.

Quality Check:

✅ Audited

✅ Active community

✅ Active team

✅ Billions $$ of liquidity

✅ Decentralized, DAO

Community Links:

👉 Synthetix website

👉 Synthetix twitter

👉 Synthetix token

👉 Synthetix founder

👉 Synthetix docs

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What Is Synthetix? 🤔

  • Issue Synthetic assets (stocks, oil, forex currency...)
  • Every synthetic asset is backed by SNX token as collateral.
  • Synths are minted when SNX holders stake their SNX as collateral using Mintr.
  • Synths minted must have at least 650% collateralization ratio.
  • 1 - SNX stakers get ~0.3% of all Kwenta exchanges between synths
  • 2 - SNX tokens are minted from treasury and rewarded to stakers (From March 2019 to August 2023, the total SNX supply will increase from 100,000,000 to 260,263,816, with a weekly decay rate of 1.25% (from December 2019). From September 2023, there will be an annual 2.5% terminal inflation for perpetuity.)
  • Minting = staking SNX in exchange for sUSD. (stable coin)
  • Burning = trading your sUSD back for SNX you staked.

Why Trade Synthetic Assets? 🤔

  • More flexible than centralised exchanges. (i.e can trade gold for apple shares directly)
  • Your synthetix shares can be used in DeFi (provide liquidity etc..) more utility...
  • Less friction and censorship resistance (remember robinhood halting buying of GameStop?)

Dapps Built On Synthetix: 👇

  • Dhedge - Build your own hedgefund on the blockchain! (or invest in others)
  • Kwenta - trade commodities, FOREX, stocks etc... on the blockchain!
  • Paraswap - Smart routing for crypto swaps, to ensure least slippage (save $$$)

How Does It Work?

(video coming soon)

What Are The Risks Of Using Synthetix?

  • Bugs, exploits in the smart contracts, are always possible.