In the DeFi space, one of the most unique platforms where you can trade your cryptos is Synthetix Exchange. It is a decentralized finance exchange with a twist and the twist makes it a bit special than the others in the market.
So, in this article, you will read about this exchange in detail, and also we will discuss the special feature which makes it a class apart from the others in the DeFi space. The article will guide you thoroughly about the exchange, how cryptos are traded on this platform, how you can connect the wallet, fees, cryptos that are supported, and other information crucial for the crypto traders.
|Legal Name||Synthetix Exchange|
|Supported Cryptos||Bitcoin, Ethereum, USD, XAG, others|
|Trading Options||Crypto Trading, Swapping, Staking|
What is the Synthetix Exchange?
Synthetix Exchange is a decentralized finance exchange where you can trade cryptocurrencies. However, this is not the only thing you do here. This platform is used for the issuance of synthetic assets and that is what makes it different from the others.
The platform has both options that are you can trade crypto assets that are supported by it and also issue them. Here you can also stake your crypto assets and provide liquidity. By providing liquidity, you can earn extra income (incentive) from that as well.
The platform was founded by Kain Warwick in the year 2017 but it came into the light in the year 2018. This platform does not require any KYC for your registration like the traditional financial institutes.
Here you can create synthetic assets with the underlying assets which are real assets like cryptocurrencies, fiat, stocks, and others, and then speculate on them and earn from the same. This is done using the Oracle Feeds.
Another thing that makes it special is that this platform can be used for withdrawing assets worth an exponential amount and then bring them to the Ethereum network.
The platform also has its token called SNX. It is mandatory for creating synthetic assets called Synths. This token can be brought from different cryptocurrency exchanges and then you can store them in the wallet and link it to the Synthetix platform.
Synthetix Exchange features
Let us see the features which make this platform so special –
- Infinite Liquidity: When you trade on Synthetix Platform, you do not need to worry about the liquidity quotient. There is infinite liquidity on this platform. Thus, there is no slippage and even without any order book, you can trade as much as you want.
- Collateral Pool: The crypto you trade on this platform is backed by collateral made of crypto assets only. This makes your trades much more secure. There is a distributed pool of crypto collateral that you can use for backing your trades.
- Peer- To – Contract Trading: The platform has multiple assets, synthetic assets, which can be traded without any hassle.
- Complete Control of your assets: There is no third party involved in the trades. You can directly buy or sell the assets on this platform.
- No personal information required: Since there is no KYC requirement, you do not need to enter any of your personal information on this platform.
- Effective Security measures: The security on this platform is quite effective and the platform is highly immune to hackers’ attacks.
Synthetix Exchange fees and Limits
The fees that you need to pay on this platform is fixed. As a trade consists of two parties one is ‘maker’ and another one is ‘taker’ both need to pay 0.30% of the trade value. This is quite higher than the other platforms.
There are no withdrawal fees as there is no withdrawal in real terms and everything is wallet to wallet.
Currencies supported by Synthetix Exchange
How to connect Wallet on Synthetix Exchange?
To connect the wallet you need to –
- Click on the extreme right-hand corner of the Synthetix Exchange Website where you find the ‘Connect Wallet’ option.
- Once you click this page will open
- Then you can click on the wallet you want to connect to the Synthetix Platform
- Once you connect all your assets in the wallet can be used for trading and staking on Synthetix Platform.
How to Stake Crypto on Synthetix Exchange?
The process for staking crypto on this platform is as follows –
- Buy SNX from any cryptocurrency exchange
- Store them in the wallet you have connected with Synthetix Platform
- Visit ‘Mintr’ which is the proprietary site interface of Synthetix to emboss and manage synths.
- Now connect your wallet to this site
- Click on the option ‘Mint’ and then select the variety of Synths that you want to mint
- 750% is the collateralization rate that you need to take into the account
- Choose the number of synths
- Then click on the ‘Mint now’ option
- Confirm the transaction by checking your wallet
- Enjoy the rewards you earned from the trading fees.
Synthetix Pros and Cons
- Issuance of synthetic assets
- Multiple cryptocurrencies
- High security
- User-friendly interface
- A distributed pool of collaterals
- No fiat is accepted
To conclude, we can say that Synthetix is a unique platform for trading and staking cryptocurrencies. Being one of the most interesting platforms on the DeFi space, it charges a bit of higher fees though but provides great features against the same. The platform is based on Ethereum Blockchain which is secure and used across this space.
MicroStrategy Completes Another $1 Billion Bitcoin Buy
MicroStrategy, the company, spearheaded by one of Bitcoin’s biggest proponents, MicroStrategy, has just confirmed the purchase of another 19,452 BTC.
- In an announcement published today, February 24th, MicroStrategy, the largest independent publicly-traded business intelligence company, has revealed the purchase of 19,452 bitcoins.
- The company paid approximately $1,026 billion in cash for the BTC.
- The average price at which MicroStrategy executed the trades is approximately $52,765 per coin, which includes the expenses and fees.
- With this, the company now sits on approximately 90,531 bitcoins, currently worth just shy of $4.6 billion.
- This equates to 0.43% of the total supply of Bitcoin that will ever be in circulation.
Speaking on the matter, Saylor said:
The Company remains focused on our two corporate strategies of growing our enterprise analytics software business and acquiring and holding bitcoin. […] The company now holds over 90,000 bitcoins, reaffirming our belief that bitcoin, as the world’s most widely-adopted cryptocurrency, can serve as a dependable store of value. We will continue to pursue our strategy of acquiring bitcoin with excess cash and we may from time to time, subject to market conditions, issue debt or equity securities in capital raising transactions with the objective of using the proceeds to purchase additional bitcoin.
- The move was somewhat expected. As CryptoPotato reported earlier in February, the company revealed its price to offer convertible senior notes to raise money and buy Bitcoin.
Simplex Partners With Opera to Bring In-Browser Crypto Purchases
Users of the popular browser Opera will have the option to purchase cryptocurrencies directly from it following a partnership with the crypto-fiat processor Simplex. The integration will also enable users to set up personal cryptocurrency wallets to store the newly-purchased digital assets.
Opera Users To Buy Crypto From The Browser
Founded in 2014, Simplex describes itself as a company that has “been changing the status quo of crypto on/off ramps.” In a press release shared with CryptoPotato, the Israel-based firm announced its latest endeavor to bring cryptocurrencies to the masses.
Simplex has partnered with the multi-platform web browser Opera. As a result, Opera users will “be able to buy and sell cryptocurrency instantly within the privacy-centric browser.”
The statement reads that this strategic partnership comes amid times when the retail investors are looking for an easy way to enter the cryptocurrency space as the bull run has garnered their attention once more.
As such, being able to create their own digital asset wallets without having to leave the browser that enables them to buy, sell, or simply HODL their coins would enhance mass adoption, the firm said.
“Now Opera users can access Simplex’s extensive range of supported cryptocurrencies from within the browser wallet itself, and move between fiat and cryptocurrency with ease, enjoying competitive rates.” – reads the announcement.
Back in late 2018, Opera became the first web3 and blockchain-ready browser upon launching web3 support, dApp explorer, and its native crypto wallet for Android. Shortly after, Opera made the same upgrades for its desktop and iOS versions. The cryptocurrency wallet currently supports Bitcoin (BTC), Ethereum (ETH), and Tron (TRX).
A Member of the Visa Network
As recently reported, Simplex reached another milestone as it became a principal member of Visa in Europe. Consequently, the EU-licensed financial institution can now offer fiat to crypto solutions to users wishing to utilize digital assets for regular payments.
Following the partnership with Opera, the firm touched upon its relationship with Visa as both collaborations could help with its core mission to “democratize cryptocurrencies and pioneer new and innovative capabilities for the entire fiat to the crypto ecosystem.”
It’s also worth noting that Opera has now joined another browser in providing instant cryptocurrency purchases. Binance partnered with the Brave Browser last year, but it enabled only users of the popular exchange to interact with digital assets.
Student Coin Tokensale Now Live Till April 30
[PRESS RELEASE – Please Read Disclaimer]
After 12 years of existence, it was about time for crypto to be recognized as it deserves. Step by step, blockchain technology made its way to public institutions after it conquered vendors and business enthusiasts.
With all the issues that came with bank services, no wonder people are so hyped over the idea of crypto payments – which provide users with data and financial security.
Tokenization got its spotlight due to all the solutions they offer in terms of fair payments, loans, and votes.
And to bring the crypto area one step forward, a dedicated team developed one of the most intriguing utility tokens that will forever change the way we see crypto – the STC token, available on its dedicated ICO since February 1st.
What is an STC token?
STC is the core utility token of the Student Coin blockchain project – that makes possible the creation of personalized tokens without strong technical knowledge.
Having an account on the platform allows you to create:
- Personal tokens – unique assets tied to a single account;
- Startup tokens – assets that help you take a step forward to your dreams;
- Corporate tokens – unique assets dedicated to a single company;
- DeFi tokens – assets that allow you to perform various bank activities without the intervention of third parties;
- NFT Tokens – transferable tokens that make possible the switch between platforms.
All these tokens are valued based on the STC Token, and they can be used for exchanges, trades, even crowdfunds.
Why is the STC token special?
The thing that makes the STC token superior to other tokens is its focus on the most important people in the world’s economy – students.
They are the next generation of employees, which will mark the success of current and future companies. To give people the chance to better education, there’s a need to make university programs more accessible.
But it’s not that easy. Reducing tuition fees will lead to a lower budget to afford qualitative researchers, teachers, programs, international collaborations, and so on.
Until now, the solution was bank loans. However, with our unpredictable economy, people lost trust in bank services. And who can blame them?
Therefore, Student Coin’s team came with a solution that decentralizes student loans – crowdfunding with personal tokens.
How does it work?
The future student creates its personal token. This token is put on the Student Coin market. The STC holders purchase the tokens until the student receives the money needed for tuition. After the student graduates and finds a job, a part of his salary will be locked to pay the loan. The STC holders receive a cyclical profit payment for their involvement.
This project is sustained by over 500 top universities worldwide, including Harvard University, the University of Manchester, and the University of Copenhagen.
A simple way for students to get the funds they need to achieve their dreams. At least, that’s the main focus, but this process can also be done for visionary entrepreneurs.
And that’s not the only reason why Student Coin studs out. Holding STC tokens give users the chance to vote in the project’s development and even sign petitions if they’re needed. It’s an entire ecosystem created to give people what they need and raise the utility of cryptocurrencies.
How can you buy STC tokens?
To get your STC tokens as soon as possible, make sure you don’t miss the Student Coin Launchpad ICO, available until April 30th.
Although it started just 23 days ago, the team already raised $2 million worth of STC tokens and completed 35 phases.
Every phase finished till now had a hard cap of 100K USD, and the price increased by 0.0002 USD with every reloads.
Joining the ICO doesn’t just give you access to these tokens in advance, but it also gives you additional assets.
If you recommend the ICO to your friends and send them a unique referral link, you can earn 20% of ETH invested by every friend of yours, alongside 30% of their STC purchases.
Your friends also get an additional 5% of STC purchased.
Who is behind Student Coin?
Student coin is backed by a dedicated team of 44 people from 12 different countries, ready to expand crypto usability and create solutions for the world’s needs. Among them, you can find the former CTO of IBM for Europe, for example, or the president of the Harvard University Club of Poland.
By the end of 2021, the team plans to develop and implement STC Exchange, STC Terminal, and even an STC App, alongside listing the token on major crypto exchanges.
So, if their innovative ideas caught your attention, join the ICO and make sure to follow them on social media to be up to date with their features.
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