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 |
Headquarters | Australia |
Founder/s | Kain Warwick |
Year Founded | 2017 |
Exchange Type | Decentralized |
Fees | 0.30% |
Deposit Methods | Cryptocurrency |
Supported Cryptos | Bitcoin, Ethereum, USD, XAG, others |
Fiat | NA |
Customer Service | |
Trading Options | Crypto Trading, Swapping, Staking |
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.
Let us see the features which make this platform so special –
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.
To connect the wallet you need to –
The process for staking crypto on this platform is as follows –
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.
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