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.
Members of WallStreetBets Forum Alleged in Telegram Crypto Scam Stealing $2M in BNB and ETH
Members of the popular WallStreetBets Reddit forum were suspected of a presumable cryptocurrency fraud that could have caused losses of no less than $2 million. By creating a designated Telegram group, they duped investors by guaranteeing remarkable returns through capitalizing on the recent crypto market rally.
The Core of the Hoax
Per a report by Bloomberg, alleged members of the WallStreetBets Reddit Forum used the Telegram messaging service to execute a blatant scam. A particular account by the name of ”WallStreetBets – Crypto Pumps” presented users the chance to purchase a new token certified as WSB Finance before it was listed on crypto exchanges. The operation is known as a pre-mine sale.
The essence of the fraud was connected to the recent cryptocurrency boom as bitcoin and most altcoins skyrocketed in value lately. With some of the digital assets reaching 1,000% gains, the targeted WSB members conned investors into sending money without asking questions and with the potential of netting huge profits.
The notorious account also urged users to transfer popular cryptocurrencies such as Binance Coin (BNB) and Ethereum (ETH) to a designated crypto wallet and then to reach its ”token bot” to gain WSB Finance coins.
However, the perpetrators never dispatched those coins. Furthermore, another message on Telegram revealed that the people who had already issued a payment had to send an equivalent amount again or they would risk losing their initial investment.
After executing the hoax, more than 3,451 Binance Coins were withdrawn on Tuesday (May, 4th) from the wallet inside the Crypto Pumps messages.
Since the price of BNB at that point was approximately $625, the fraud caused losses of more than $2.1 million. Following the scam, thousands of people expressed their frustration and tried to expose the individuals behind the account. Moreover, the quantity of the other cryptocurrency – ether – still remains a mystery.
Two weeks ago WSB admins warned about offers that might try to take advantage of the forum’s name in order to allure the crypto audience. The ”WallStreetBets – Crypto Pumps” account has been removed from Telegram but whoever managed it left a message that might stun the affected victims:
”Buying Lambo now.”
South Korean Crypto Exchange Accused Of $1.5 Billion Scam
The South Korean cryptocurrency exchange platform V Global was accused of luring 40,000 people into illicit multi-level deceit. The entire scheme amounts to more than 1.7 million won, which equals $1.5 billion.
As reported by the Korean officials, the police raided many places in the country related to a virtual cryptocurrency exchange, and its notorious CEO – known as LEE – alleged to fundraising without regulatory permission. The authorities blocked the exchange’s cash deposits as a part of the investigation.
In total, the Gyeonggy Nambu Police Agency reported that it searched the exchange’s headquarters in southern Seoul along with 21 other places and froze more than $214 million left in the account.
Another report from today shed more light on the developments. According to Yonhap News, the name of the organization is V Global. The Korean police are examining the accusations against them for fraud under the Certain Economic Crimes Weighted Penalty Act, the Similar Receiving Act, and the door-to-door sales business.
The main accusation against the exchange is gaining a deposit of 1.7 trillion won ($1.5 billion) from 40,000 members in the period between August 2020 and January 2021. The announcement revealed that most of the people were elderly or housewives with no experience in cryptocurrency trading.
Too Good To Be True
The investigation revealed that the exchange urged investors to entrust their funds to an account and lured the members that the expected return would be three times higher than the initial investment. According to the authorities, there was a pyramid element in the scam as the exchange promised to grant an introduction fee of 1.2 million won ($1,065) for every newly recruited member.
The report affirmed that the trading venue paid some members in the form of a block. Therefore, people who signed up earlier received funds from individuals who entered the exchange later.
Moreover, the Korean police seem confident to deal with the fraud case as it revealed its intention to confiscate 240 billion won ($214 million) left in the V Global account as of the 15th last month, even before the prosecution process.
Georgia’s central bank is exploring ‘Digital Gel’ CBDC
The National Bank of Georgia said that it is considering launching a central bank digital currency.
In an announcement today, the central bank hinted at the issuance of a central bank digital currency, or CBDC, in an effort “to enhance efficiencies of the domestic payment system and financial inclusion.” The National Bank of Georgia, or NBG, said it would be inviting fintech firms and other financial institutions to participate in the project, named Digital Gel after the symbol for the country’s fiat currency, the lari.
“CBDC holds the promise to unlock the tremendous value of innovative business models for the benefit of society,” said the announcement. “The introduction of CBDC could increase financial intermediation efficiency, help introduce new financial technologies, facilitate financial inclusion, and reach previously unbanked populations.”
However, the bank mentioned the possibility of risks in the launch of a CBDC in the Republic of Georgia given the “new and potentially disruptive technology.” The NBG said it may conduct extensive testing of the CBDC in a controlled environment to ensure a smooth rollout, but did not provide any details regarding a timeline for launch.
With a population of roughly 4 million and a gross domestic product of approximately $15 billion, a nation like Georgia falls at the smaller end of countries exploring CBDCs. The Bahamas officially rolled out its Sand Dollar central bank digital currency in October, while China has been piloting its digital yuan in select cities prior to a full-scale launch. In the United States, Fortune 500 company Accenture announced this week it would be partnering with the Digital Dollar Foundation to conduct CBDC trials.
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