Synthetify Update sees Vaults Released

Synthetify Vaults allows users to securely borrow synthetic assets, while opening trades in dual directions on a single synthetic asset.

By
Robert D. Knight
on
January 10, 2022
Category:

Synthetify Vaults Enables Secure Synthetics Borrowing

Solana-based synthetics minting and exchange platform Synthetify has announced its latest update, releasing the Vaults feature on its mainnet to allow users to securely borrow synthetic assets based on their collateral.

The Vault is a smart contract allowing users to store their crypto assets, using assigned tokens that can later be used as collateral. This secures the assets themselves, and allows for pools of funds that can be used in multiple strategies to maximize returns on the assets. Currently users can borrow and buy/sell using 3 available pairs: mSOL-xSOL, mSOL-xUSD, and xSOL-xUSD.

“Borrowing is a game changer. It not only allows the user to borrow synthetic assets, but also enables them to short and long a single synthetic asset!” states the official blog post on January 4. The post indicates that future Vaults will be added based on community requests: “We will add new ones on a regular basis. You will decide which one will be next.”

Since launching its mainnet in 2021, Synthetify claims to provide a non-custodial means to trade synthetic assets professionally with sub-second settlement time, using the Pyth network price oracles to ensure a constant flow of price update aggregation. The ecosystem currently holds about $31.2 million in collateral and $13.8 in synthetics. SNY token traded at $1.91 on Monday.

Synthetify Vaults page (Source)

What is Synthetify?

Synthetify is Solana-based protocol for the creation and exchange of synthetic assets. It aims to directly bridge cryptocurrencies, stocks, fiat currencies, and other financial instruments from a single decentralized exchange. The platform solves critical problems experienced on synthetic assets platforms such as long settlements, costly fees and arbitrage losses during periods of volatility. 

Where to find Synthetify:

Website | Twitter | Discord |

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Robert D. Knight

Robert D. Knight is an experienced journalist and copywriter who has been working in crypto for 4+ years. His bags are heavy and he also hodls some cryptocurrency. Robert