In traditional finance, risk management has always been the core link. A series of financial derivatives are important tools for risk management. Market segments including contracts, futures, options, bonds, etc. have become traditional financial derivatives. An important target in the product field.
Returning to the encryption market, in the process of rapid development of DeFi, in addition to common products such as leverage, contracts, and options, the derivatives sector still has huge development prospects. For example, encrypted synthetic assets have attracted widespread attention in the market.
Synthetic assets are blockchain-based cryptocurrency derivatives whose value is derived from an underlying asset or index. Synthetic assets are tokenized derivatives, which means that the relationship between the derivative and the underlying asset is tokenized rather than created through the use of contracts. By doing so, users gain exposure to different assets within one cryptocurrency ecosystem without needing to hold the underlying asset.
The following is the organization of the AMA text content, and the content has been deleted.
The following is the organization of the AMA text content, and the content has been deleted.
Analysis of Synthetify
At the beginning of the AMA, Norbert Bodziony gave a brief introduction to the characteristics and birth background of the Synthetify protocol.
The story behind the team
The story behind the team
The rapid development of the Synthetify project from its establishment to the present must be inseparable from the efforts of the team members. Norbert Bodziony pointed out that Synthetify made its debut at Solana's DeFi Hackathon last season when sharing interesting stories about the team behind it.
Synthetify's code is 100% independently completed by team members, and the design is all independently completed by designers. Most of the team members are friends from college and are therefore undergraduate and graduate students in computer science.
financing progress
financing progress
Synthetify has always attracted the attention of many investment institutions. When talking about the current financing progress, Norbert Bodziony pointed out that Synthetify has just completed a private round of financing and has announced the list of investors on Twitter, including Solana Foundation, Alameda Research , CMS, DeFi Alliance, BuidlHodl Capital, Divergence Ventures, ei ventures.
No further financing is currently under consideration.
For more details, please refer to:
https://twitter.com/synthetify/status/1400806882214830083
Development Status of Synthetic Asset Track
Synthetify mainly makes synthetic assets. Norbert Bodziony shared his views on the current development status of the synthetic asset track, future development direction, application scenarios and other topics.
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Synthetify Differentiation
At present, projects such as Synthetix, Linear, and Mirror have emerged on the synthetic asset track. Speaking about Synthetify's features and differentiating advantages compared to these projects, Norbert Bodziony said:
Synthetix is too expensive to use, no one wants to spend $200 for a transaction. Although Linear and Mirror are relatively more user-friendly, they still lack the oracles that can really stimulate the potential of synthetic assets and the integration with the outside world.
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synthetic asset class
Regarding the assets that Synthetify currently supports minting and the difference between different assets, Norbert Bodziony replied that currently Synthetify plans to only support encrypted assets such as xSOL and xBTC, as well as specific assets supported by Pyth oracles.
These synthetic assets are SPL-Solana chain tokens and can be used in other applications such as Raydium and Serum.
Between different types of synthetic assets (xUSD<-> xBTC <->Whether xSOL) can be traded directly, and there will be losses such as handling fees in the transaction, Norbert Bodziony pointed out that Synthetify provides users with the possibility of cross-currency transactions.
At the same time, there is no handling fee problem on Solana. It only costs about $0.00002 per transaction, so don't worry. The transaction confirmation speed is also very fast, only about 2 seconds, and there will be no congestion in the storage pool.
Regarding the topic of whether minting synthetic assets is equal to shorting assets, and how to encourage users to mint assets on the Synthetify platform, Norbert Bodziony pointed out that Synthetify does not currently support shorting assets, but will consider developments in this area in the future.
Synthetify will launch liquidity mining at the same time when the token is issued to boost the development of the entire ecology, and then the token will be inflated as planned.
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Synthetify oracle price feed mechanism
Regarding topics such as how Synthetify tracks the price of the underlying asset, whether it uses an oracle machine price feeding mechanism, and how to ensure price stability with the underlying asset, Norbert Bodziony replied that Synthetify initially used an independently developed oracle machine, but now It has been completely migrated to the oracle system developed by Pyth Network.
Pyth Network is currently the leading oracle system in the Solana ecosystem, providing a sub-second level price feeding mechanism for tokens. In the future, some other oracle machines may be integrated to build the most powerful system.
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Synthetify liquidation mechanism
Norbert Bodziony then gave a brief introduction to Synthetify's liquidation mechanism. He pointed out that since there will not be too much liquidation in the early stage, Synthetify's liquidation mechanism is still in its infancy.
When the asset mortgage rate drops below 200%, the user will have 24 hours to process the assets, and the assets will be liquidated after the time limit. During the liquidation process, fines need to be paid, part of which will be transferred to the ecological fund account for ecological construction.
Public chain track
Public chain track
Norbert Bodziony then shared some views on the development status of the public chain track.
When asked about the advantages and characteristics of the future ecology of the Solana public chain compared with Ethereum, Polkadot, BSC and other public chains that have formed a certain ecological foundation, what are the most optimistic about the development of the track, and where are the shortcomings, etc. topic, Norbert Bodziony replied:
All protocols of other public chains will be slower and more expensive than Solana, and it has reached an unbearable point. Although Solana is still in its early stages, this new architecture is far more complete and flexible than other existing EVM-based blockchains.
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Join the Solana Ecosystem
After talking about the development status of the public chain track, Norbert Bodziony shared why Synthetify chose to join the Solana ecology and its positioning in the Solana ecology compared to other public chains.
He said that other public chains are too expensive and slow for users, and it is unwise to develop any project based on outdated technology. Hopefully Synthetify will be available to everyone, not just those who can afford to pay the $200 fee.
Token Value Capture
Token Value Capture
Regarding value capture, Norbert Bodziony shared Synthetify's token economic model, how to motivate users to hold tokens for a long time, token application scenarios and other topics.
Norbert Bodziony pointed out that most tokens will be pledged in the Synthetify exchange to obtain transaction fees and pledge rewards. Users who hold SNY tokens can also enjoy discounts in transactions.
Recent Development Plan
Recent Development Plan
Finally, Norbert Bodziony shared the latest developments in Synthetify's recent development plans, products, and ecological cooperation development.
According to Norbert Bodziony, the SNY token is a utility/governance token. At the same time, we are constantly exploring all possible directions of project expansion, so we don’t want to limit ourselves to a certain field now. What is certain is that Synthetify is the focus of work at this stage, but we are also very optimistic about Sushiswap’s vertical integration. Of course, in the future, we will also cooperate with high-quality projects to further expand the application scenarios of SNY and synthetic tokens.
CryptoJ (WeChat public account: CryptoJ) is a new generation of blockchain investment, research and service institutions, and has established deep partnerships with leading media, developer communities, business elites and financial institutions in the encryption world. CryptoJ brings together a wide range of KOL network systems, professional industry information, in-depth research and analysis, high-quality communities, hot market project dynamics and other multi-faceted blockchain industry resources. Match differentiated services in the market in real time, provide analysis and customized services, form community alliances, cooperate with exchanges to promote, and build vertically segmented channels such as self-media services at home and abroad. CryptoJ will provide real marketing value to your project and build broad brand awareness in China and the world.
About CryptoJ
CryptoJ (WeChat public account: CryptoJ) is a new generation of blockchain investment, research and service institutions, and has established deep partnerships with leading media, developer communities, business elites and financial institutions in the encryption world. CryptoJ brings together a wide range of KOL network systems, professional industry information, in-depth research and analysis, high-quality communities, hot market project dynamics and other multi-faceted blockchain industry resources. Match differentiated services in the market in real time, provide analysis and customized services, form community alliances, cooperate with exchanges to promote, and build vertically segmented channels such as self-media services at home and abroad. CryptoJ will provide real marketing value to your project and build broad brand awareness in China and the world.
