Synthetify is a simple decentralized protocol for synthetic assets built on Solana. In this article, as Kriptokoin.com, “What is Synthetify?” We will answer the question. In addition, we will touch on other questions about the project.
What is Synthetify? What does it do?
Synthetify is Solana’s decentralized protocol inspired by the growth of a derivative stage (artificial power) based on the blockchain. The protocol enables the generation, exchange and (burning) of price-based synthetic assets powered by a decentralized oracle system. In Synthesize, the production and exchange of artificial assets is based on the origin public debt pool. Also, participants earn proportional exchange rates when you act as counterparty in Debt pool Transactions.
Debt pool participants must always have sufficient security of SNY tokens to guarantee platform stability. Transaction bandwidth has increased significantly thanks to Solana, which can now handle more than 50,000 transactions per second. Moreover, transaction confirmation is completely instantaneous. The average confirmation time in the Solana system is 0.6 seconds. So there are almost zero transaction fees. The average transaction fee is about $0.0001.
Eliminating Oracle arbitrage with regular updates, Oracle sends updates to the blockchain every few seconds. It lists less liquid tokens and controls the debt pool by offering a maximum resource for each aggregated asset. Synthetify’s goal is to take DeFi applications to the next level. It is also aimed to consistently and easily combine to expand the ecosystem while maintaining the benefits of decentralization. To achieve this goal, Synthetify plans to keep the growth of the platform transparent and open-source, while gradually expanding functionality to meet current market requirements.
What is SNY coin?
SNY coin is Synthetify’s native token. However, Synthetify (SNY) is designed to be used for the following purposes:
- It will serve as security for making synthetic assets in Synthetify.
- It will provide discounts on trades on Synthetify.
- In the future, SNY will acquire voting rights in management choices.
How does Synthetify work?
In the protocol, securities are combined to act as a mutual debt pool for many minted assets (for example, artificial assets such as sUSD and sBTC). It allows users to trade between synths without a direct counterparty while solving liquidity problems and slippage. (The volatility in the price of an advantage causes the holder to sell or own it in anticipation of an increase or decrease in the price of the asset.)
What is Synthetify? How to buy SNY coin?
Synthetify is currently traded on a small number of cryptocurrency exchanges. People who want to invest in the project should open an account in one of the exchanges where the project is traded. However, the exchanges that Synthetify is traded are listed as follows: FTX, Gate.io, Hotbit, ZT. In other words, users who want to invest in the project should open an account in one of these exchanges.
