Synthetify to Receive Boost from AcceleRaytor

The boost will raise capital and drive liquidity in a decentralized manner, ensuring the entire Raydium ecosystem benefits from token offerings.

By
Utulu Hope
on
June 21, 2021
Category:
Breaking News

Introduction 

Synthetify is set to team up with the AcceleRaytor launchpad to boost their platform. The decentralized protocol for synthetic assets will launch on AcceleRaytor on the 29th of June 2021, according to Raydium’s Medium. Raydium announced the details of the launch on the 20th of June 2021 via Twitter. 


Synthetify to Launch On AcceleRaytor 

AcceleRaytor is an initiative created by Raydium to drive the development of Solana-based projects and improve the Solana ecosystem. It serves as a launchpad for new Solana projects to raise capital and drive liquidity in a decentralized manner. The program ensures that new projects in the Raydium community participate in token offerings. For every AcceleRaytor launch project, there are two types of pools available: Community Pools and RAY Pools. 

Source

As the name implies, community pools will be open to a wider community, while RAY pools will be strictly for users who stake RAY tokens on Raydium. Synthetify is one of the many projects that will raise capital from launching on AcceleRaytor. This represents a significant boost for the protocol and will drive more people to the Solana ecosystem. Synthetify’s launch on AcceleRaytor will be in two parts — the public raise and the IDO (Initial DEX Offering) on Raydium. An IDO is the initial offering of a token on a DEX platform, and is usually when projects incentivize purchasing their tokens the most. Users wanting to learn more about public raise and IDO, eligibility, pool details, and specifics of the launch can refer to the aformentioned Medium blog post. 


About Synthetify 

Source

Synthetify is a decentralized protocol that offers the creation and exchange of synthetic assets for tracking the price of underlying assets. The protocol’s synthetics comply with the Solana Program Library (SPL) token standard, ensuring that they are easily integrated with Decentralized Finance (DeFi) applications on Solana. 

Synthetify taps from Solana’s fast and cheap network to provide the best trading experience for users, staying decentralized in the process, thanks to a well-built system powered by smart contracts and blockchain oracles. 

The native token — SNY, gives users the power to participate in staking on the protocol. Stakers benefit from fees generated from trading activities on the protocol, including additional rewards. The token also acts as collateral for the protocol’s synthetic assets, and each of the tokens will give users voting power on plans/governance. 


Final Thoughts 

Synthetify will benefit significantly from launching on AcceleRaytor. The protocol will be boosted with a public raise, and an IDO on Raydium made possible by the AcceleRaytor launch. According to the Medium post, the IDO will feature a Fusion pool which will allow users to earn yield from staking. Users will also get rewards via lottery from participating in the public raise. Rewards mean more community participation. Raydium is one of the most popular Solana-based projects and Synthetify can leverage their exposure to increase adoption.

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Utulu Hope

UC Hope is a passionate fan of crypto who could weave the latest event into sparks of inspiration and information. He leaves no stone unturned to get to the core of a story. Aside from writing, he spends his hours poring over algorithms and protocols, preparing for a future career as a computer programmer.