What is Synthetify (SNY) | What is Synthetify token | What is SNY token
In this article, we’ll discuss information about the Synthetify project and SNY token
Synthetify is an organization that develops a blockchain based platform which aims to provide a bridge between synthetic assets and fiat money, cryptocurrencies, stocks and other financial instruments. The recent expansion of DeFi projects brought multiple, useful and innovative platforms to the ecosystem, unfortunately each of these projects is still centralized or governed by a small group of participants making it difficult to make a smooth integration with other platforms. Synthetify aims to aggregate all current and future DeFi applications under the same ecosystem that can be managed in a decentralized way without an unnecessary fragmentation. This approach will allow for quick development and a more efficient market for users.
Synthetify idea
Synthetify’s aim is to take DeFi applications to the next level and unify them into one consistent and easy to expand the ecosystem while keeping the benefits of decentralization. To achieve this goal Synthetify plans to keep the growth of the platform transparent and open-source, while incrementally expanding functionality to match current market necessities. In the initial stages, the project will be centrally controlled by the Synthetify team to ensure the right direction and quickly provide users with new functionalities. At later stages, the supervising of the project will be moved to owners of the Synthetify token, which will be able to propose changes to the way protocol behaves. The Synthetify team wants to stay flexible and quickly respond and adapt to rapid changes in the blockchain world, leveraging an incremental and modular growth.
The first application
To make the first steps in crypto ecosystems under the Synthetify brand, we decided to develop an Ethereum based platform that establishes financial exchanges as pools of assets with derived interest rates, connected with demand and supply for given assets. That kind of application will be able to provide quick access to a variety of assets from one place using single collateral. Similarly to Compound, users will have access to lending and borrowing on demand without the interference of third-party actors with competitive rates.
The Price Oracle
To determine the current exchange price (e.g. ETH/USD, the platform uses Oracles that pull prices from well known online exchanges throughout a certain interval. The received prices from multiple sources are stored in the system. An algorithm takes aggregated values for each asset, rejects outliers and finally computes the average price. We also consider the possibility of choosing which sources will be used for each asset or even dynamically changing the list of sources. Synthetify will create a system of Oracles to ensure access to even non-blockchain native assets, but at the same time, will remain open for other sources of price feed, that will be reliable and accessible.
Governance
Our platform would be governed by SNY token holders. They can vote on governance decisions depending on community needs. Potential decisions could include such aspects as updating a list of used oracles, increasing or reducing an amount of fee for a given asset or updating the interest rate percentage.
Future services
- Marketplace
- Synthetify’s going to enable users to trade a wide range of assets including crypto, equities, options, government bonds, real estate, commodities and many others.
- Native stablecoins
- We want to emit our own native stablecoins such as USDfy, EURfy and PLNfy. In many cases around the crypto world, synthetic counterparts seem to be more flexible than traditional fiat money.
- Complex financial instruments
- The cryptocurrency is constantly evolving and new financial instruments are necessary to keep up with the users’ demands. Sythetify will give users access to leverage, options, insurance, etc.
What exactly is this platform?
It’s an Ethereum based platform that establishes financial exchanges as pools of assets with derived interest rates, connected with demand and supply for given assets. That kind of application will be able to provide quick access to a variety of assets from one place using a single collateral. Similarly to Compound, which it is based on, users will have access to lending and borrowing on demand without the interference of third-party actors with competitive rates.
What’s cool about it?
Our platform offers:
- full decentralization, combining Compound protocol and Chainlink Oracles
- additional benefits for users who will become our $SNY token owners
- ability to access your various assets using only one platform
We’re only getting started!
Next up is our $SNY token release, which will be divided between users of the platform, our team and a budget for future needs. In the future, our plan predicts, the token owners will be able to govern over the platform and the possible profits it generates.
We’re planning to distribute the $SNY token among our users (75%), our team (15%) and use it as a budget for future needs (10%).
But that’s not all. We have tons of ideas for the future and we can’t wait to bring them to life!
Interested in our project?
Check out our website! And while you’re there sign up for our newsletter!
See our Price Oracles here! And find more information in our Litepaper!
Keep in touch!
- Let us know what you think on twitter: Synthetify
- Visit us on discord to see us at work: /Synthetify
- See updates on Telegram: https://t.me/synthetify
- Become our partner! contact@synthetify.io
Also you may find interesting that…
we’re giving away of 100 $SNY on Twitter! Follow us to not miss out!
How and Where to Buy Synthetify (SNY)?
You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…
We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.
Binance is a popular cryptocurrency exchange which was started in China but then moved their headquarters to the crypto-friendly Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services. Binance exploded onto the scene in the mania of 2017 and has since gone on to become the top crypto exchange in the world.
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…
Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)
Next step - Transfer your cryptos to an Altcoin Exchange
Since SNY is an altcoin we need to transfer our coins to an exchange that SNY can be traded. Below is a list of exchanges that offers to trade SNY in various market pairs, head to their websites and register for an account.
Once finished you will then need to make a BTC/ETH/USDT/BNB deposit to the exchange from Binance depending on the available market pairs. After the deposit is confirmed you may then purchase SNY from the exchange
The top exchange for trading in SNY token is currently FTX, Serum DEX and Raydium
There are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once SNY gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!
Top exchanges for token-coin trading. Follow instructions and make unlimited money
☞ https://www.binance.com
☞ https://www.bittrex.com
☞ https://www.poloniex.com
☞ https://www.bitfinex.com
☞ https://www.huobi.com
Find more information SNY
☞ Website ☞ Source Code ☞ Social Channel ☞ Social Channel 2 ☞ Social Channel 3 ☞ Message Board
🔺DISCLAIMER: The Information in the post isn’t financial advice, is intended FOR GENERAL INFORMATION PURPOSES ONLY. Trading Cryptocurrency is VERY risky. Make sure you understand these risks and that you are responsible for what you do with your money.
🔥 If you’re a beginner. I believe the article below will be useful to you
⭐ ⭐ ⭐ What You Should Know Before Investing in Cryptocurrency - For Beginner ⭐ ⭐ ⭐
I hope this post will help you. Don’t forget to leave a like, comment and sharing it with others. Thank you!
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