Place/Date: - January 25th, 2022 at 2:00 am UTC · 3 min read
Contact: AscendEX, Source: AscendEX
Synthetify is a multi-collateralized, decentralized exchange of synthetic assets built on Solana. The platform aims to provide a bridge between cryptocurrencies, stocks, fiat currencies, and other financial instruments directly from one location. Synthetify solves critical problems seen on other synthetic asset platforms including high fees, long confirmation times, and losses caused by arbitrage during sharp market moves.
Unlike other layer-1 blockchains, Solana prioritizes convenience by offering fast, low-cost transactions, making it the ideal host for synthetic asset exchanges like Synthetify. While a handful of Synthetify’s competitors also operate in the Solana ecosystem, Synthetify offers unique capabilities that allow it to better service its customers. For example, Synthetify features crypto assets both inside and outside of the Solana ecosystem, as well as key features such as minting and exchanging synthetic assets. Synthetify will also allow its users to short crypto assets in the coming weeks, further diversifying itself from other platforms in the space.
Synthetify Token (SNY) is the platform’s native token, which allows users to participate in the protocol by staking SNY in a smart contract and posting it as a collateral for creation of synthetic assets. Although Synthetify allows users to stake a variety of tokens, the use of SNY comes with several benefits. With SNY, users have the ability to participate in debt pools and earn pro-rata fees for providing liquidity, vote in governance decisions for the future development of the platform, and receive discounts on swap fees.
With a wealth of professional experience in crypto and finance, Synthetify’s team is well-equipped to understand the growing needs of its user base. The platform’s developers are highly concentrated on curating a top-tier user experience through continuing to improve upon Synthetify’s features and performance. Synthetify is currently active on mainnet and working to build strong partnerships with Solana-based projects to develop a promising future, full of possibilities, for synthetic assets.
AscendEX is a global cryptocurrency financial platform servicing more than one million institutional and retail traders with the resources needed to obtain more value from their crypto investments. Operating at the nexus of centralized finance and decentralized finance, AscendEX’s platform features access to margin, futures, and spot trading, a robust wallet infrastructure, and staking support for over 200 industry-leading blockchain projects, all producing industry-leading yields and returns, further driving the growth of the crypto ecosystem. In efforts to cultivate scalable and secure forms of decentralized financing, AscendEX has emerged as a leading platform by ROI on its “initial exchange offerings” through supporting some of the industry’s most innovative projects from the DeFi ecosystem.
To learn more about how AscendEX leverages best practices from both Wall Street and the cryptocurrency ecosystem to extract the highest value per dollar to its users, please visit: Twitter, Telegram, Medium.
Synthetify is a multi-collateralized, decentralized exchange of synthetic assets built on Solana. The platform aims to provide a bridge between cryptocurrencies, stocks, fiat currencies, and other financial instruments directly from one decentralized exchange. Synthetify solves critical problems seen on other synthetic asset platforms, like high fees, long confirmation times, and losses caused by arbitrage during sharp market moves.