Many bullish protocols are built during bear market
One of them: @synthr_defi
An innovative, omnichain and slippage-free synthetic assets protocol β‘
AIRDROP IS CONFIRMED π
𧡠Thread (1/12) π
One of them: @synthr_defi
An innovative, omnichain and slippage-free synthetic assets protocol β‘
AIRDROP IS CONFIRMED π
𧡠Thread (1/12) π
SYNTHR is a synthetic asset protocol that is currently built on several chains:
β’ Aptos
β’ Ethereum
β’ Sui
β’ Sei
Basically, it allows you to mint/trade on-chain derivatives (allows you to trade the movements of an asset you do not own) using trustless financiel contracts
β’ Aptos
β’ Ethereum
β’ Sui
β’ Sei
Basically, it allows you to mint/trade on-chain derivatives (allows you to trade the movements of an asset you do not own) using trustless financiel contracts
You might already know some protocols that use synthetic assets, such as: Synthetix; Mirro Protocol...
But what's the point of synthetic assets? π
But what's the point of synthetic assets? π
Synthetic assets are decentralized, it means that they are not under regulations and you don't have to KYC compared to centralized platforms such as Binance or (previously) FTX
There are also no 3rt party involvement, no broker with exorbitant fees and control
There are also no 3rt party involvement, no broker with exorbitant fees and control
With SYNTHR, you will be able to create, manage and speculate on synthetic assets than can represent any financial asset
Wanna trade bonds? Currencies? It will be possible
Wanna trade bonds? Currencies? It will be possible
In order to do this, you will be able to mint syAssets by depositing ETH, USDT or USDC as collateral at a Collateralization Ratio of 150%
It means you have to deposit $1500 USDC as collateral to mint $1000 syUSD
This ratio ensures the stability and solvency of the ecosystem
It means you have to deposit $1500 USDC as collateral to mint $1000 syUSD
This ratio ensures the stability and solvency of the ecosystem
SYNTHR will offer slippage-free cross-chain swaps through their product called "SynthSwap"
Using SynthSwap, you will be able to swap synthetic assets
How this works?
You have syUSD and you want to swap them for syETH
SYNTHR automatically burns syUSD and mints syETH
Using SynthSwap, you will be able to swap synthetic assets
How this works?
You have syUSD and you want to swap them for syETH
SYNTHR automatically burns syUSD and mints syETH
An oracle ensures that you get the best price on your swap, making it zero-slippage, even during high-volatility period
You can enter SYNTHR by buying seETH on a DEX such as Uniswap, then trade it on for any other syAsset, from any chain, without the need to bridge
You can enter SYNTHR by buying seETH on a DEX such as Uniswap, then trade it on for any other syAsset, from any chain, without the need to bridge
They integrated Chainlink Price Feeds on Ethereum and plan to do it on futures chains (Avalanche, BSC, Polygon...)
This will ensure that you always have the correct prices when you mint and trade syAssets
This will ensure that you always have the correct prices when you mint and trade syAssets
SYNTHR received a grant from Kardia Foundation and, more recently, Telos foundation
The protocolβs vision is to create an ecosystem that thrives on unified liquidity and allows traders to move between networks seamlessly
They plan to have their own token for governance and fee distribution
And I found this on the whitepaper π
They plan to have their own token for governance and fee distribution
And I found this on the whitepaper π
Their testnet will launch very soon and I will keep you updated for sure
Next step π How to use the testnet
I will definitely keep an eye on SYNTHR
Next step π How to use the testnet
I will definitely keep an eye on SYNTHR
Follow @MingoAirdrop so you don't miss next alpha
And if you can drop a RT + Like on the tweet below, to help me with Twitter algo π
And if you can drop a RT + Like on the tweet below, to help me with Twitter algo π
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β’ News
β’ Alphas of the week
β’ My advices
mingoairdrop.substack.com
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