Synthetix is the minting house for sUSD, the native token to the derivative eco-system built on top of Synthetix.
✅ Active community
✅ Active team
✅ Billions $$ of liquidity
✅ Decentralized, DAO
👉 Synthetix website
👉 Synthetix twitter
👉 Synthetix token
👉 Synthetix founder
👉 Synthetix docs
What Is Synthetix? 🤔
- Issue Synthetic assets (stocks, oil, forex currency...)
- Every synthetic asset is backed by SNX token as collateral.
- Synths are minted when SNX holders stake their SNX as collateral using Mintr.
- Synths minted must have at least 650% collateralization ratio.
- 1 - SNX stakers get ~0.3% of all Kwenta exchanges between synths
- 2 - SNX tokens are minted from treasury and rewarded to stakers (From March 2019 to August 2023, the total SNX supply will increase from 100,000,000 to 260,263,816, with a weekly decay rate of 1.25% (from December 2019). From September 2023, there will be an annual 2.5% terminal inflation for perpetuity.)
- Minting = staking SNX in exchange for sUSD. (stable coin)
- Burning = trading your sUSD back for SNX you staked.
Why Trade Synthetic Assets? 🤔
- More flexible than centralised exchanges. (i.e can trade gold for apple shares directly)
- Your synthetix shares can be used in DeFi (provide liquidity etc..) more utility...
- Less friction and censorship resistance (remember robinhood halting buying of GameStop?)
Dapps Built On Synthetix: 👇
- Dhedge - Build your own hedgefund on the blockchain! (or invest in others)
- Kwenta - trade commodities, FOREX, stocks etc... on the blockchain!
- Paraswap - Smart routing for crypto swaps, to ensure least slippage (save $$$)
How Does It Work?
(video coming soon)
What Are The Risks Of Using Synthetix?
- Bugs, exploits in the smart contracts, are always possible.