Read on Twitter
Why you need to add $snx to your portfolio and why I think its going to moon this year, a thread.
Firstly, what is @synthetix_io?
Synthetix is a derivatives liquidity protocol on Ethereum that enables the issuance and trading of synthetic assets.
Firstly, what is @synthetix_io?
Synthetix is a derivatives liquidity protocol on Ethereum that enables the issuance and trading of synthetic assets.
2/
Why is this so cool?
You can turn real life assets into tokens which track the assets 1 to 1. For example $SUSD is a synthetic token derived from the $USD. Its a stablecoin backed up by collateralised crypto debt. similar to $dao from $mkr.
Why is this so cool?
You can turn real life assets into tokens which track the assets 1 to 1. For example $SUSD is a synthetic token derived from the $USD. Its a stablecoin backed up by collateralised crypto debt. similar to $dao from $mkr.
3/
so what?
Well this is only one of the many synthetic assets that have been, and will be made. Some notable synthetix that have been minted:
crypto:
$sbtc from $btc
$slink from $link
$seth from $eth
Metals:
$sXAU from $XAU
$sXAG from $XAG
AND MANY MORE!
so what?
Well this is only one of the many synthetic assets that have been, and will be made. Some notable synthetix that have been minted:
crypto:
$sbtc from $btc
$slink from $link
$seth from $eth
Metals:
$sXAU from $XAU
$sXAG from $XAG
AND MANY MORE!
4/
Why is this any different to the synthetic assets in #wallstreet and #stocks?
While the tracking of the value of an asset by the synthetic version is the same in both stocks and $snx coins, $snx has the advantage by being decentralised and backed up by real locked up $snx.
Why is this any different to the synthetic assets in #wallstreet and #stocks?
While the tracking of the value of an asset by the synthetic version is the same in both stocks and $snx coins, $snx has the advantage by being decentralised and backed up by real locked up $snx.
5/
What does $snx solve?
The synthetix pool collateral model allows users to directly
convert synthetic tokens with the smart contracts.
SO??
Well this avoids the need for counter 3rd parties and solves huge liquidity and slippage problems experienced by other platforms.
What does $snx solve?
The synthetix pool collateral model allows users to directly
convert synthetic tokens with the smart contracts.
SO??
Well this avoids the need for counter 3rd parties and solves huge liquidity and slippage problems experienced by other platforms.
6/
OPTIONS
$snx has binary options available for $fiat, #crypto, #commodities, #indices and #equities.
I have been in the markets for a while and I have personally never seen such an easy to use, wide range of options, especially on the lower cap #cryptocurrency coins.
OPTIONS
$snx has binary options available for $fiat, #crypto, #commodities, #indices and #equities.
I have been in the markets for a while and I have personally never seen such an easy to use, wide range of options, especially on the lower cap #cryptocurrency coins.
7/
$snx use cases
$snx is primarily used staking token. As to create a synthetic asset, one has to lock up their $snx.
What are the BENEFITS?
- fixed staking rewards
- higher network security
- rewarded in perspective to inflation, unlike the $usd which loses value over time
$snx use cases
$snx is primarily used staking token. As to create a synthetic asset, one has to lock up their $snx.
What are the BENEFITS?
- fixed staking rewards
- higher network security
- rewarded in perspective to inflation, unlike the $usd which loses value over time
8/
THIS IS A DEMOCRACY
Users have a say on the direction of the protocol as $SNX becomes more decentralised. Do you have a voice when it comes to #wallstreet protocol? Lets ask #GameStop
THIS IS A DEMOCRACY
Users have a say on the direction of the protocol as $SNX becomes more decentralised. Do you have a voice when it comes to #wallstreet protocol? Lets ask #GameStop
9/
Make $SNX for FREE???
Yield Farming time!
Provide liquidity to the mining pool. Earn returns on your idle $BTC. Over time you can earn fees and get $SNX and $ren rewards as they are linked.
Make $SNX for FREE???
Yield Farming time!
Provide liquidity to the mining pool. Earn returns on your idle $BTC. Over time you can earn fees and get $SNX and $ren rewards as they are linked.
10/
So why am I buying $SNX now?
I'm a technical analyst in discipline but I can't ignore the financial and growth potential of @synthetix_io. It will be one of the leaders in the $defi space and according to chart analysis, $defi and $eth are gearing for a big year
So why am I buying $SNX now?
I'm a technical analyst in discipline but I can't ignore the financial and growth potential of @synthetix_io. It will be one of the leaders in the $defi space and according to chart analysis, $defi and $eth are gearing for a big year
