As per the official description of the derivates liquidity protocol, Synthetix, it is an advanced financial elementary enabling the development of synthetic assets. In addition to this, Synthetix is gaining significant traction in offering distinct derivatives and exposure to assets that have some magnitude in the real world on the blockchain.
Synthetix powers decentralized perpetual futures the deep liquidity and composability of which is already leveraged by many platforms. This is done in order to deliver better traders while facilitating lower slippage, hedging, and other distinct use cases. It should be noted that you can access the Synthetix decentralized perpetual futures exclusively through Kwenta.
For all the people interested in the world of assets, investments, and trading, Synthetix might be a good platform to make use of. The platform allows the user to capture the price movements of all the popular and trending cryptocurrencies along with fiat currencies, stocks, and commodities.
The Pros of Getting Involved With Synthetix
What adds further to its value is the fact that it does so without any slippage. Another exciting thing about this project is the presence of Synthetic assets, which are called Synths. These assets are voted into existence by the community backing the project.
By staking SNX, the native token of Synthetix, the user can earn weekly rewards and collateral for the debt pool that are a combination of protocol fees and inflammatory supply. Additionally, you can trade Synths at low to no slippage and deep liquidity both in the spot as well as in the futures market.
Well, it can be definitely said that the platform is thriving as many platforms are joining the Synthetix ecosystem to deliver better trades with lower slippage and hedging. Some of the most popular platforms that have recently got on board with Synthetix are 1inch, Yearn, Aelin, Paraswap, Drudge, and Curve.