Synthetix is adding Tesla to its growing list of Synths
Synthetix is adding Tesla to its growing list of Synths

Synthetix is adding Tesla to its growing list of Synths

By Easyway | Geminiade | 11 Feb 2021


The addition of a synthetic TSLA asset was first initially and officially proposed and on the 2nd of Feb.

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Synthetix is readying its Bellatrix release. With the update, synthetic assets for Aave, Uniswap, Polkadot, and more will be supported.

However, the vote was put in motion on the 10th of Feb. and it required approval from the Spartan Council, a governance board that votes on proposals on behalf of the Synthetix community.

The good news is that the proposal passed unanimously, as all eight members of the Synthetix governance board voted to add sTSLA to the protocol.

With this addition of synthetic Tesla stocks, Synthetix users will now be able to trade on one of the biggest corporate stocks from a DeFi app rather than a retail trading app such as Robinhood.

Synthetix isn’t the only protocol to embrace synthetic stocks.

Injective Protocol turned heads when it announced support for FAANG stocks, Forex trading, and GameStop.

Another DeFi platform, Mirror Protocol, also lists its own synthetic TSLA stock. 

But with $2.87 billion in value locked inside Synthetix, those projects are trailing behind Synthetix by a wide margin.

Synthetix now launches a new group of synthetic DeFi tokens. 

Tokens for Aave, Uniswap, Yearn.Finance, Polkadot, REN, and Compound will all be available as Synths, the protocol’s label for its native synthetic assets.

The new token will also have a corresponding Inverse Synth. 


Easyway
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