Synthetify Platform Launched on Solana
Oct. 6, 2021
Quick Points
- Synthetify is developed to be a simple-to-use and fully decentralized protocol for synthetic assets
- The team behind Synthetify participated in two Solana hackathons
An Introduction
Synthetify is developed to be a simple-to-use and fully decentralized protocol for synthetic assets which is built on the Solana Blockchain. Before the launch, on October 4, Synthetify announced that they are doing a giveaway for five users who will use the app within the first 4 hours. On October 5, Synthetify did indeed go live and did an entire Twitter giveaway where users had to submit screenshots from the app to get their reward. This marked a huge moment for the protocol and paved the way for its future.
Synthetify Explained
Diving a bit deeper into Synthetify, its synthetic assets are backed by what is known as SNY tokens, which act as the native cryptocurrency token on the Synthetify protocol.
That being said, when users stake these SNY tokens, they can participate in a global debt pool that acts as a counterparty for other users to trade against.
These participants in the pool can earn a share of the fees generated by the exchange of synthetic assets, and users can free up their staked token through a burning process. This burn needs to be the same value as the debt in question. The price of these assets is also determined by oracles.
These oracles are intended to gather specific asset prices and post them on the Solana blockchain. Additionally, these synthetic assets can be additionally used across all other applications, such as Serum or Raydium, and can be migrated into other chains through the usage of a bridge.
Furthermore, the Synthetify exchange users can have near zero-fees, or ones that cost $0.001 and have almost instantaneous confirmation times. Founder, Investors, Story, and Future of Synthetify.
The founder and lead developer of Synthetify is Norbert Bodziony. Prior to creating Synthetify, he worked as a Software Engineer at Rumble Fish Software Development and was a Trader at Star Beta Poland. He achieved a master’s degree as a data analyst at AGH University of Science and Technology.
The team behind Synthetify participated in two Solana hackathons, where they gained 3rd place at Solana’s Inaugural Hackathon and 2nd place at the Solana X Serum DeFi Hackathon.
The notable investors behind Synthetify include the Solana Foundation, Alameda Research, BuidlHodl Capital, CMS, Divergence Ventures, e^{i} Ventures, and the DeFi Alliance. That being said, SNY is the only collateral asset at the beginning, while more tokens are expected to be added in the future. You can swap five different synthetic assets throughout this starting period, including xUSD, xBTC, xSOL, xFTT, and xETH.
That being said, throughout the first 40 hours, users can subscribe for the first staking round, where the total reward pool is 20,000 SNY tokens and increases on a weekly basis. It is important to note here that Synthetify had some Pyth Network oracle issues at the time of its launch. However, this was resolved within hours by Norbert Bodziony.
The content of this article, analysis, report, or webpage is not investment advice and does not constitute an offer or solicitation to offer or recommend any investment product. This content is for general purposes only and does not take into account your individual needs, investment objectives, and specific financial circumstances. The author may hold digital assets mention in this report
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