AscendEX Lists the Synthetify Token, SNY
Disclaimer: The text below is a press release that was not written by Cryptonews.com.
AscendEX is excited to announce the listing of the Synthetify token, SNY, under the trading pair SNY/USDT on the AscendEX platform, starting January 25 at 2 p.m. UTC.
Synthetify is a multi-collateralized, decentralized exchange of synthetic assets built on Solana. The platform aims to provide a bridge between cryptocurrencies, stocks, fiat currencies, and other financial instruments directly from one location. Synthetify solves critical problems seen on other synthetic asset platforms including high fees, long confirmation times, and losses caused by arbitrage during sharp market moves.
Unlike other layer-1 blockchains, Solana prioritizes convenience by offering fast, low-cost transactions, making it the ideal host for synthetic asset exchanges like Synthetify. While a handful of Synthetify’s competitors also operate in the Solana ecosystem, Synthetify offers unique capabilities that allow it to better service its customers. For example, Synthetify features crypto assets both inside and outside of the Solana ecosystem, as well as key features such as minting and exchanging synthetic assets. Synthetify will also allow its users to short crypto assets in the coming weeks, further diversifying itself from other platforms in the space.
Synthetify Token (SNY) is the platform’s native token, which allows users to participate in the protocol by staking SNY in a smart contract and posting it as a collateral for creation of synthetic assets. Although Synthetify allows users to stake a variety of tokens, the use of SNY comes with several benefits. With SNY, users have the ability to participate in debt pools and earn pro-rata fees for providing
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