Connect with us

Published

on

 

 

Synthetics are undoubtedly playing a key role in the expansion and overall adoption of DeFi protocols and products. As the appetite for decentralization grows, these solutions will only become more popular and it will be interesting to see which become the go-to platforms for the next generations of DeFi users.

 

Synthetix Protocol Review

Synthetix is a protocol that enables the issuance of synthetic assets on the Ethereum blockchain, supporting fiat currencies, cryptocurrencies (long and short) and commodities. 

Originally launched as Havven (HAV), a decentralized stablecoin protocol, Synthetic rebranded and now offers users a wide variety of options for synthetic asset creation and on-chain exposure to real-world currencies.

 

Synthetix Protocol Founder

The Synthetix protocol was originally conceived as early as 2017 by Kain Warwick. Warwick is currently also a Non-Executive Director of blueshyft, a network of over 1,200 retail locations in Australia.

 

SNX Token

Basically, SNX is an ERC20 token and the native token of the SNX protocol. The SNX token was initially called the HVV token when the protocol was originally Havven.

At that time, the total supply of HVV token was 100,000,000, the team also raised  $30 million in ICO by selling 60 million HVV tokens in 2018.

To buy SNX, you can go to these 3 trusted crypto exchanges Binance, Coinbase pro and Huobi.

Also, you can store them on ERC20 token compatible wallets like; Ledger, Trezor, MyEtherWallet, Metamask, Exodus, etc.

SNX token is the strength of the entire Synthetix ecosystem, and they are used as collateral to mint the Synths.

Still on the Synthetic Protocol Review you can determine the value of SNX because when users mint synths, new SNX tokens are generated.

 

Staking SNX Token

By staking the protocol’s native SNX token, users can synthesize their own assets on the Mintr dApp; all Synths created by staking SNX tokens are backed by a 600% collateralization ratio, which is determined through community governance. 

Stakers are incentivized to create Synths through  receiving the rights to a fixed amount of inflation as well as fees on the trading of the Synth itself, but they also incur debt when they mint Synths and to unlock their staked SNX tokens they must burn a proportion of Synths they minted.

 

The Steps for Staking SNX

  • First, you have to buy SNX on any exchange and connect to a Web3-Wallet (e.g., MetaMask).
  • Then visit Mintr, Synthetix’s proprietary portal interface for embossing and managing synths.
  • Connect your web3 wallet to Mintr.
  • Click on ‘Mint’ and select the type of Synth you want to mint.
  • Take into account the 750% collateralization rate.
  • Enter the number of synths you would like to mint.
  • Click on ‘mint now.’
  • Confirm the transaction in your Web3 wallet.
  • After that, your SNX tokens will be clocked automatically.
  • You can now enjoy rewards generated from trading fees. Furthermore, you participate in the inflationary behavior of the SNX tokens.

 

Synths

These are synthetic assets e.g. (sUSD, sBTC) that anyone can mint on Synthetix.

Basically, what traders do on the synthetix platform is to mint and trade synths (synthetic asset) for profit.

However, to mint synths you will need to lock the the SNX token as a collateral. you earn rewards as incentives for staking SNX.

These rewards come in two ways;

  • From the exchange fee generated by the synthetix exchange
  • From the protocol’s inflationary monetary policy ( SNX generated from its debt poll, and distributed to stakers on weekly basis)

 

Is Synthetix Protocol Safe and Credible

Having received investment from several well known funds including Three Arrows Capital, Synthetix successfully completed their public token sale back in 2018 and has since received a further $12 million in investment from venture capital firms Coinbase Ventures, Paradigm and IOSG.

Synthetix (SNX) is one of the leading platforms in decentralized finance (DeFi). Synthetix itself is primarily a decentralized exchange but also a platform for the issuance of synthetic assets.

 

Is Synthetix Protocol Legit 

Importantly, I always warn my blog readers first not to fall for Ponzi schemes and other investment frauds inrespective of the model, either Smart Contract, MLM, Income program, HYIP Schemes etc.

This is because these platforms involve paying longer-standing members with money from new participants, instead of actual profits from investing or selling products/services to the public. 

Obviously, this cannot be sustained and will always collapse eventually in a space of weeks or months.

 

Conclusion on Synthetix Protocol Review

As one of the leading DeFi protocols, Synthetix has great potential. It is very successfully enabling users around the world to create and trade synthetic assets.

DeFi protocols such as Synthetix have experienced tremendous growth in recent months. Whether this is sustainable or not will, of course, only be seen in the future. But given the trillions of dollars pooled in the Central Finance Administration (CeFi), it is not far-fetched to assume that DeFi is in all likelihood still in its infancy. 

The market share that synthetic products on the blockchain will have could undoubtedly be significant.

 

Disclaimer

This Synthetix Protocol Review Article isn’t aimed at defaming Synthetix Protocol nor is it targeted to promoting them. 

This article is strictly for enlightening purposes and a honest guide from our perspective because we strongly believe every brand needs a good background check.

Therefore, you are at liberty to accept or reject this article and act base on your own perspective of the platform. You are encouraged to share your own opinion or views about the platform with us via the comments box below so as to further improve this Synthetix Protocol review.

Team Xycinews is no third party and we can’t handle any queries whatsoever. 

 

LEGIT BUSINESS OPPORTUNITIES 🔻🔻

 

Naabiae Nenu-B is a Medical Health Student and an SEO Specialist dedicated to flushing the web off fake news and scam scandals. He aims at being "Africa's Best Leak and Review Blogger" and that's the unwavering stand of Xycinews Media.

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

E-Games

Barrel riding is yet another thing I missed in Zelda: Breath of the Wild

Published

on

Bilbo would be proud

This is legit folks, I missed it.

Just like I missed that you could see all four divine beasts from the top of Link’s house in Zelda: Breath of the Wild. XprtGamer44 of Reddit (apt name) discovered something else a lot of folks had completely missed too: barrel riding. Ah a fellow barrel rider!

Succinctly put, after nearly 1000 hours with the game, they finally discovered this oddity and decided to share it. And like all 1000 other clips, it makes me want to immediately boot up the game and go do it myself.

In case you’re curious, you can find one in the Great Plateau near “the Old Man’s Hut!” Lanayru Wetlands or Eventide Island are also options. And the barrels do float!

Oh, and in what has become a tradition for a lot of Breath of the Wild clip sharers, XprtGamer44 notes that the outfit in the video is “the Hylian Hood, Climbing Gear, chest, and Royal Guard Boots, dyed white.”

975+ hours into the game and I just realized, this is a thing… [Reddit]

975+ hours into the game and I just realized, this is a thing… from r/Breath_of_the_Wild

Continue Reading

E-Games

Warpips adds some meta-tension to the usual tug-of-war game

Published

on

Gambling with my army

There came a point in Warpips where I was going into battles that I knew I was underprepared for. This game is, at its most core level, about managing limited funds and capacity to field an army that can defeat your opponent’s. And in its campaign mode, Warpips really lets you ride the line between success and failure.

If you haven’t played a tug-of-war game before, it’s not too dissimilar from the “autobattler” craze that took hold for a little while in 2019. Unlike games like Teamfight Tactics, you’re working on a single “lane,” and using your incremental influxes of cash to purchase units that will automatically run down the lane and fight the enemy.

This game type was somewhat popular in places like Flash game development and in Warcraft custom games, and Warpips does feel something like a spiritual successor to those ideas. You can buy little soldiers and send them jogging down towards the enemy, and use a few static defenses like turrets, sandbags, and mines to hold off enemy advances and establish forward positions.

What Warpips does a little different is in the strategy layer, through its campaign. The campaign mode asks you to slowly conquer an island, seizing adjacent territories and advancing your frontline to the enemy’s home base. Every victory gets you some chips to spend, but more crucially, you can win new units.


Any units you deploy in a battle, win or lose, are “spent” on that battle. So if you want to deploy a heavy machine gunner, or possibly retain some air strike capability to thwart a potentially powerful wave of enemies, you’ll have to dip into your stock of those resources. And once those are depleted, they’re gone until you either win some more or spend some chips to buy units from the shop.

I really dug this, because it makes your army less of a static lineup and more like a collection of poker chips to bet at the table. I started out trying to min-max the system, finding the exact number of units I could use to barely eke out a win. This resulted in some pretty crushing losses, as the enemy would simply steamroll my army of weak units, no matter how many I could field.

Eventually, I had to come to terms with using my big guns when needed. This might sound fairly straightforward, but it was tough! I’m someone who will finish an RPG with 99 Mega-Potions in their pack. I prefer spending as little as possible, and maximizing my profit.


So when it came to conquering the Warpips island, I had to make some tough choices. Did I have the right units to deal with theirs? Could my mercenaries deal with vehicle assaults, or do I need to send in some regular soldiers instead? 

During the battles, you have to play a balancing act as well—destroying enemies in battle levels up your forces, allowing you to invest in their rank, increase the max amount of units you can field during the fight, or get a quick hit of cash. Maybe the units you brought in need some extra rank to really shine, or it might be better to get more units out first.


Warpips is still in Steam Early Access, so it’s still building up a fair bit and balancing the combat. I’ve only made it to the second island as well, where Warpips starts introducing vehicles as another piece of its rock-paper-scissors system of strengths and weaknesses. Most likely that means I’ll be gambling a lot of infantry trying to take down a tank, just so I can field that same tank the next time around. But it’s a pretty enjoyable gamble to make.

Continue Reading

E-Games

These Stardew Valley Junimo keyboard key caps are fire

Published

on

I want all of them

Stardew Valley is such an unstoppable force that you probably know at least one person who has played it. And a good deal of those people are incredibly into the game: so much so, that they put their passion into action.

Like many gifted Stardew artists and crafters before them, Reddit user robotmon shared one of their latest works: Junimo key(board) caps. Stardew fans will recognize these little creatures as the mysterious nature spirits that help the player character along in their journey, and assist them in the very late game via Junimo Huts.

They come in various colors, and nest nicely right above keys, stating that they’re more decorative than functional: and would work best on lesser-used keys rather than the center letters on keyboards. It’s amazing how much the game’s creator Eric Barone supports the crafting community, which allows stuff like this to flourish on the regular.

If you’re interested beyond a few quick “ooos and aaahs,” there’s a video of them in action from the creator here; and they plan on making them available in some fashion, with a link to a future Etsy store on their Instagram.

My passion project from the past few months – Junimo Keycaps [Reddit]

Continue Reading

Trending

  • bitcoinBitcoin (BTC) $ 49,610.00
  • ethereumEthereum (ETH) $ 4,084.61
  • binance-coinBinance Coin (BNB) $ 599.05
  • dogecoinDogecoin (DOGE) $ 0.554279
  • xrpXRP (XRP) $ 1.39
  • cardanoCardano (ADA) $ 1.98
  • tetherTether (USDT) $ 1.00
  • polkadotPolkadot (DOT) $ 47.66
  • bitcoin-cashBitcoin Cash (BCH) $ 1,303.18
  • litecoinLitecoin (LTC) $ 326.95
  • uniswapUniswap (UNI) $ 40.41
  • chainlinkChainlink (LINK) $ 46.55
  • usd-coinUSD Coin (USDC) $ 0.990126
  • stellarStellar (XLM) $ 0.658521
  • ethereum-classicEthereum Classic (ETC) $ 106.88
  • vechainVeChain (VET) $ 0.186657
  • solanaSolana (SOL) $ 42.78
  • eosEOS (EOS) $ 11.11
  • theta-tokenTheta Network (THETA) $ 9.89
  • matic-networkPolygon (MATIC) $ 1.64
  • okbOKB (OKB) $ 34.28
  • tronTRON (TRX) $ 0.125354
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 49,755.00
  • filecoinFilecoin (FIL) $ 120.33
  • binance-usdBinance USD (BUSD) $ 0.990027
  • aaveAave (AAVE) $ 600.59
  • moneroMonero (XMR) $ 409.93
  • neoNEO (NEO) $ 100.11
  • compound-ethercETH (CETH) $ 81.42
  • terra-lunaTerra (LUNA) $ 16.38
  • bitcoin-svBitcoin SV (BSV) $ 335.12
  • cosmosCosmos (ATOM) $ 26.43
  • klay-tokenKlaytn (KLAY) $ 2.48
  • huobi-tokenHuobi Token (HT) $ 34.04
  • safemoonSafeMoon (SAFEMOON) $ 0.000009
  • iotaIOTA (MIOTA) $ 1.93
  • tezosTezos (XTZ) $ 6.40
  • pancakeswap-tokenPancakeSwap (CAKE) $ 31.68
  • kusamaKusama (KSM) $ 584.30
  • ftx-tokenFTX Token (FTT) $ 57.36
  • avalanche-2Avalanche (AVAX) $ 36.74
  • daiDai (DAI) $ 1.00
  • thorchainTHORChain (RUNE) $ 18.77
  • makerMaker (MKR) $ 5,013.56
  • algorandAlgorand (ALGO) $ 1.47
  • cdaicDAI (CDAI) $ 0.021176
  • crypto-com-chainCrypto.com Coin (CRO) $ 0.166809
  • bittorrent-2BitTorrent (BTT) $ 0.006189
  • compound-usd-coincUSDC (CUSDC) $ 0.021741
  • compound-governance-tokenCompound (COMP) $ 767.74
error: Content is protected !!