Synthetify update: SNY Live price, price chart, news and markets

Synthetify Protocol: Overview

The Synthetify protocol provides an overview of the creation, exchange, and burning of synthetic assets. These assets are based on prices provided by a decentralized system of oracles. Trading on the Synthetify exchange occurs against a public debt pool, ensuring almost infinite liquidity and zero slippage, even for large trades. Participants in the debt pool earn pro rata exchange fees for acting as counterparties during trades. To maintain platform stability, debt pool participants must hold sufficient collateral in Synthetify tokens (SNY).

Synthetify Token (SNY): Utility

Synthetify (SNY) serves multiple purposes within the ecosystem:

• It serves as collateral for creating synthetic assets on Synthetify.
• It offers a discount for performing swaps on Synthetify.
• In the future, SNY will have voting rights in governance decisions.

Distribution of SNY

The initial distribution of SNY is as follows:

• Private Sale: 6%
• Team: 20%
• Ecosystem Reserves: 30%
• Exchange Liquidity: 2.4%
• IEO/IDO: 1%
• Ecosystem Incentivised Fund: 20%
• Liquidity Mining: 10.6%
• Synthetify Debt Pool: 10%

Total supply: 100,000,000

*Team, Family, and Private Sale tokens are subject to a 4-year lockup program. In the future, Synthetify will introduce perpetual inflation.

Synthetify Founders

Synthetify is developed by a team of experienced blockchain developers focused on delivering safe and reliable blockchain systems. Norbert Bodziony is the CEO and founder of the company. The project was launched in 2020 in Poland, and Synthetify Labs was established as a company in April 2021. The Synthetify team achieved 3rd place in the first Solana hackathon and 2nd place in the second hackathon in 2021. The team prioritizes the product and user experience.

Where to Buy SNY

SNY is available on various exchanges, with stablecoin pairs currently offered. The following exchanges offer SNY/USDC pairs:

• FTX
• Serum DEX
• Raydium