Synthetix Review: DeFi Gem for 2020 ๐Ÿ’Ž

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๐Ÿ”ฅ TOP Crypto TIPS In My Weekly Newsletter ๐Ÿ‘‰ https://signup.coinbureau.com/newsletter
โ–บ Complete Written Review ๐Ÿ‘‰ https://www.coinbureau.com/review/synthetix/
โ–บ Get Synthetix Network Token on Kucoin ๐Ÿ‘Š https://www.coinbureau.com/out/kucoin

BTC Tipjar ๐Ÿ™๐Ÿป: 35YDYtYAB999JxiXQXewzLvMGX4ki2d3WL

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โฐ Time Stamps โฐ

1:30 Introduction
2:00 What is a Synthetic Asset?
4:00 Crypto Synthetics
5:00 What is Synthetix?
6:51 Anything can be Traded
9:27 How to use Synthetix Exchange
11:20 Benefits of Synthetix
13:14 SNX Tokens
14:30 Future of Synthetix
17:40 Conclusion

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โ›“๏ธ ๐Ÿ”— Helpful Links ๐Ÿ”— โ›“๏ธ

โ–บ Website: https://www.synthetix.io
โ–บ Litepaper: https://www.synthetix.io/uploads/synthetix_litepaper.pdf
โ–บ GitHub: https://github.com/Synthetixio
โ–บ The future of SNX: https://thedefiant.substack.com/p/balance-sheet-as-a-business-model
โ–บ Chainlink partnership: https://blog.synthetix.io/chainlink-decentralizes-first-wave-of-synthetix-price-feeds/

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๐Ÿ“ฑ๏ธ Socials ๐Ÿ“ฑ

โ–บ Official Blog: https://blog.synthetix.io
โ–บ Twitter: https://twitter.com/synthetix_io
โ–บ Discord: https://discordapp.com/invite/AEdUHzt
โ–บ Reddit: https://reddit.com/r/synthetix_io

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๐Ÿ“ Simple Overview ๐Ÿ“

Synthetix is one of the hottest projects in the DeFi space right now, with its market cap rocketing from under $10 million in mid-2019 to over $200 million at the time of this videoโ€™s release.

๐Ÿ“ˆ What is Synthetix? ๐Ÿ“ˆ

Put simply, Synthetix is a trading platform for synthetic assets, built on top of the Ethereum blockchain. But what the heck is a synthetic asset? In short, they are simulated representations of real-world assets.

Right now, you can trade synthetic assets on the platform like fiat currencies, crypto, commodities, and stocks are coming soon too.

โ“ Why Use A Synthetic Asset? โ“

Itโ€™s a fair question to ask why someone wouldnโ€™t want to hold the real thing? It all boils down to the user wanting a simple way to get price exposure without using any centralized entities.

๐Ÿ’ฑ The Synthetix Exchange? ๐Ÿ’ฑ

To use the exchange, youโ€™ll need to connect a MetaMask, Trezor or Ledger wallet.

Synthetixโ€™s stable coin is the gateway into the Synthetix ecosystem and you can buy this on decentralized exchanges or Kucoin.

Prices for each asset are determined by price feeds. These are only partially decentralized as some are completely centralized and controlled by the Synthetix team. However, there are plans to completely decentralize all price feeds with some help from Chainlink.

๐Ÿ‘ Benefits of Synthetix Exchange ๐Ÿ‘

– Being practically decentralized means there is no KYC and the exchange is non-custodial, which means you control the keys to your crypto assets.
– You are not trading with other people on the exchange. Synthetic assets are bought or sold through the minting/burning of synthetic tokens. This means you donโ€™t have to worry about liquidity!
– In theory, there is an unlimited number of synthetic tokens that can be issued. That means you donโ€™t have to worry about the token supply.

๐Ÿ’ฐ What Is SNX Token? ๐Ÿ’ฐ

In short, its the fuel of the entire Synthetix ecosystem. SNX token holders lock up their coins to earn staking rewards. These locked tokens are used as collateral and back up the values of all issues synthetic assets.

๐Ÿ”ฎ The Future of Synthetix ๐Ÿ”ฎ

The Synthetix exchange is a prototype. However, the project aims to become a huge decentralized trading platform where users can trade synthetic assets for anything in the world.

There are 4 key things in the pipeline:

– The introduction of non-SNX collateral options.
– A liquidation mechanism to stabilize under collateralized positions.
– Decentralize price feeds by collaborating with Chainlink. Work has already started on this.
– Create better trading tools like stop losses and leveraged trading.

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๐Ÿ“œ Disclaimer ๐Ÿ“œ

The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading Forex, cryptocurrencies and CFDs poses considerable risk of loss. The speaker does not guarantee any particular outcome.

#Synthetix #SNX #crypto #Ethereum #Review #Dex #Synth #Defi #blockchain

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