Find out what Synthetify (SNY) is? Details about the Synthetify project and the SNY coin

What is Project Synthetify (SNY)? )

Synthesize Inspired by the growth of a derivative stage (artificial strength ) Synthetix based on Solana’s blockchain. The protocol enables the production, exchange, and (burning) of price-established synthetic assets powered by a decentralized oracle system. On Synthesize, the production and exchange of artificial assets is based on the origin public debt pool (Public Debt Liquidity Pool) enables almost unlimited liquidity and no slippage, even for large trades. Attendees Debt pool Earn pro-rated exchange prices when you act as a counterparty to trades. Debt pool participants must always hold adequate Synthetify Token (SNY) token security to guarantee platform stability.

Highlights of the project

• Transaction bandwidth has increased significantly thanks to the Solana blockchain, which can now process more than 50,000 transactions per second.
• The transaction confirmation is all but instantaneous. The average affirmation time on the Solana system is 0.6 seconds.
• Nearly zero transaction fees. The average transaction fee is about $ 0.0001.
• Eliminate Oracle arbitrage with regular updates Oracle pushes updates to the blockchain every couple of seconds.
• List less liquid tokens and control the debt pool by introducing a maximum source for each aggregated asset.

Synthetic resources

Synthetic assets generated on the Synthetify Exchange will carefully monitor the price of the underlying asset provided by decentralized organizations. All synthetic assets are based on the SPL standard and work the same as the other tokens on Solana, allowing for even greater use on other platforms like AMM with practically no integration. Debt pool participants will need to burn aggregate resources to increase their mortgage prices or release collateral.

Log functions

Mark out

Users lock their SNY tokens and mint (mint) the aggregate advantage with debt known as Stakers. Traders benefit from trading on the Synthetify Exchange by incurring proportional exchange fees for each trade. All stakers must hold a decent proportion of their collateral or a number of their security can be liquidated to guarantee network security. The collateral is determined by the price of the SNY token, and the debt is calculated based on your debt ratio across the platform.

deal

Traders use Synthetify to trade between different synthetic assets. Traders do not need SNY tokens to execute transactions, but holding SNY reduces the asset swap fees. Only swaps involving artificial assets on Synthetify are allowed based on current prices provided by Oracle. Some limited distribution assets could be minted.

Liquidation of resources

To guarantee the stability of the platform, Staker can be liquidated and part of its security will be transferred to the liquidator in exchange for repayment of part of Staker’s debt. The liquidation includes penalties of 80 percent to the liquidator and 20 percent to an account owned by Exchange to improve the stability of the platform.

How Synthetify (SNY) functions

In the Synthetify protocol, security is pooled to function as a mutual pool of debt for many minted assets (e.g. artificial assets like sUSD and sBTC). It enables users to trade between synths without a direct counterparty when solving liquidity issues and slippage. (The volatility in the price of an advantage causes its owner to sell or own it in expectation of a rise or drop in the price of the asset.)

For instance:

Step 1: Both Alice and Olivia have the same amount of debt (50 percent ). The total debt is $ 10,000. Olivia holds $5000 as xUSD tokens and Alice holds $5000 in xSOL as artificial assets.

Step 2: The price of xSOL doubled, bringing Alice’s balance to $ 10,000, bringing the total debt to $ 15,000. Olivia is still holding xUSD and the value of the token hasn’t changed.

Step 3: Both Alice and Olivia are still responsible for all of the guilt of the protocol, 50 percent each. Debt will increase by $ 5,000, so Alice and Olivia’s debt increases by $ 2.5 million. If Alice and Olivia’s debt positions are balanced, Alice will earn a profit of $ 2.5,000 and Olivia will lose $ 2.5,000 as her debt increases that sum.

Timetable

• State 1: Form a group and begin a notion.
• Phase 2: Deploy product development.
• Level 3: Solana Hackathon Award Winning Alpha.
• Level 4: Release beta version.
• Level 5: Synthesize token statement (SNY).
• Level 6: Start mainnet.

What is Synthetify Token (SNY)? )

Synthetify (SNY) is designed to be used for the following purposes:

• As security to make synthetic assets on Synthetify. .
• Discounts on swaps on Synthetify.
• In future, SNY will signify voting rights in governance choices.

Some basic information about the Synthetify Token (SNY)

• Token title: Synthesize tokens
• Ticker: SNY
• Blockchain: Solana
• Standard token: SLP
• Contract speech: Update
• Circulating provide: Update
• Total offer: 100,000,000 SNY

Synthetify Token Allocation (SNY)

• Private sale: 6%
• Team: 20%
• Ecosystem Reserve: 30%
• BILLIONExchange account: 2.4%
• IEO / IDO: first%
• Incentive funds for ecosystems: 20%
• Liquidity decrease: 10.6%
• Total pool debt resources: tenpercent

In the future, the aggregated assets will print inflation rates

* Synthetify Debt Pool Liquidity and Token Activation Date estimated and determined by the Synthetify platform launch date

Synthetify (SNY) project development group

Update

Partners and investors

Earn and own Synthetify Tokens (SNY)

SNY will be IDO on Raydium AcceleRaytor on June 29, 2021.

• Total number of tokens collected: 700,000 SYN (0.7% supply war) and no lock.
• Fixed price: 1.5 USDC for 1 SYN
• Total call capital: 1,050,000 USDC
• Paradigm: Lottery distribution
• Distribution of the winning tickets: 100 USDC (66.666666 SYN)
• Total tickets: 10,500
• Open pool: 12:00 UTC on June 29, 2021 (i.e. 19:00 Vietnam)
• Pool heap: 16:00 UTC the same day (i.e. 23:00 Vietnam)
• Pool opening times: 4 hours
• period Deadline Minimum wager 100 RAY before 7:00 p.m. on June 22, 2021

Details are available here: https://raydium.medium.com/synthetify-launching-on-accelerraytor-3755b4903f88

Synthetify Token Storage Wallet (SNY)

SNY is an SLP standard token, it is possible to store two hot pockets now, Sollet Wallet, Solflare and Coin98 Wallet.

Similar jobs

Synthetix (SNX), Horizont (HNZ), PerlinX (PERL),…

Summary

Synthetify is the platform which won 3rd prize at the 1st Solana Hackathon and 2nd prize at the 2nd Solana Hackathon. The Synthetic Asset Protocol is an indispensable foundation in the software that command every blockchain ecosystem to help individuals. Users have the chance to make the most of the arbitrage of resources without actually owning them. All information in the article is data compiled by TinTucBitcoin and doesn’t constitute investment advice. TinTucBitcoin isn’t responsible for direct and indirect dangers. Good fortune !