Synthetify SNY Price

What is Synthetify (SNY)?

Synthetify (SNY) is a decentralized platform built on the Solana blockchain that allows users to create, exchange, and manage synthetic assets. These assets mirror real-world assets like currencies, stocks, and commodities, giving users access to various markets without owning the actual assets. Synthetify offers high liquidity and zero slippage, even for large trades, thanks to its unique debt pool model.

How Does Synthetify Work?

Synthetify’s core feature is its ability to create and trade synthetic assets. The platform uses a decentralized system of oracles to ensure accurate pricing, reflecting real-world market values. Trades are executed against a public debt pool, which provides nearly unlimited liquidity. Participants in this pool earn exchange fees for acting as counterparts in the trades. To ensure stability, users need to hold collateral in Synthetify tokens (SNY).

What is the Synthetify Token (SNY) Used For?

SNY is the native token of the Synthetify platform, and it has several important functions. It is used as collateral for creating synthetic assets, giving users discounts on swap fees, and will eventually allow holders to vote on governance decisions. This makes SNY crucial for platform operations and its future growth.

Synthetify Token Distribution

The total supply of SNY tokens is 100 million, with the following initial distribution:

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

Team, private sale, and family tokens are subject to a four-year lockup period, and Synthetify plans to introduce perpetual inflation in the future.

How is Synthetify Secured?

Synthetify secures its platform by requiring participants to hold sufficient collateral, primarily in SNY tokens. It enforces a high collateralization ratio of 300%, which helps protect against market fluctuations. The platform also relies on decentralized oracles for accurate price feeds and uses arbitrage mechanisms to ensure fair pricing of synthetic assets.

Who Are the Founders of Synthetify?

Synthetify was founded by Norbert Bodziony and a team of experienced blockchain developers. The project launched in 2020, and Synthetify Labs was established in Poland in 2021. The team gained recognition by achieving top placements in Solana hackathons.

Where Can You Buy SNY?

SNY tokens are available on several exchanges, including FTX, Serum DEX, and Raydium, where they can be traded against stablecoins like USDC.

Conclusion

Synthetify offers an innovative solution for creating and trading synthetic assets, enabling users to engage with various asset classes while avoiding traditional ownership. With its decentralized approach, SNY token utility, and liquidity pool model, Synthetify is a promising project in the growing world of decentralized finance (DeFi).

What is unique about Synthetify (SNY)?

Synthetify (SNY) offers a decentralized platform on the Solana blockchain for creating and trading synthetic assets with high liquidity and zero slippage through a public debt pool. This allows for seamless, large trades without market impact, providing unique access to various assets.

Who are the founders of Synthetify (SNY)?

Synthetify (SNY) was founded by Norbert Bodziony and a team of experienced blockchain developers, with the project launching in 2020 and Synthetify Labs established in Poland in 2021.

Who are the backers/investors of Synthetify (SNY)?

The backers and investors of Synthetify (SNY) are not explicitly mentioned in the provided information. However, the platform has gained recognition in the DeFi space and participated in Solana hackathons.

Where can I buy Synthetify (SNY)?

 Gate.io, AscendEX (BitMax), Raydium