Defi, SNX and Satoshi's vision

Defi, SNX and Satoshi's vision

If there was an award ceremony for crypto based on potential and innovative technology, SYNTHETIX would be academy award winner. 

Right in the middle of Defi is the derivatives market. The estimated combined value of all derivatives contracts is said to be at a whopping 1.2 quadrillion dollars.....

This is trillions of dollars more than the real estate market combined and SNX is leading the way.  What is SNX and what is a synthetic asset?  Well, first in order for us to see mass adoption traders need to see liquidity in assets.

 SNX is a distributed asset issuance protocol built on Ethereum, an ERC20 token. Which basically gives traders access to a variety of assets such as commodities, fiat, indexes, bonds and stocks without actually owning or purchasing the actual asset by performing conversions between synthetic assets directly with a smart contract.  Traders leverage contracts with the collateralized SNX token. This mechanism is enhancing and driving Defi to a whole new level by solving some issues such as liquidity and slippage which are common with Decentralized exchanges.

Satoshi envisioned a system that is accepted globally with out the need for third parties or banks and with minimal fees. Synthetix is contributing to this vision in a vital and unique way. I read Synthetix's white paper over a year ago and was very interested in the project. Decentralized isnt just one thing. It applies to every area of the project not just the development and code writing.  Projects such as SNX, Komodo, Monero and Dash are dead serious when it comes to thing called blockchain. They are setting  blockchain standards that other projects NEVER will be able to come close to. This is not an opinion. These projects are driving forward in development which in turn is driving value and ease of use.

Last year I started hearing the term synthetic asset and it really piqued my interest.  Synthetic assets refer to a mix of assets that have the same value as a real asset. Traditionally they combine various types of derivative products such as options, futures and swaps which simulate an underlying asset like stocks, bonds, commodities, indexes and last but not limited to,  CURRENCIES.

 So, SNX is the native token of the Synthetix platform which when locked in to a smart contract provides the issuance of synthetic assets called "synths". This pooled collateral model allows users to perform conversions between "synths" and are minted when SNX holders stake their SNX as collateral.

I've have experimented with this platform and what I have learned is that I am able to use my SNX tokens as collateral that mints synths and gives me exposure to other tokenized assets with out having to deal with a broker or some other third party or centralized exchange. sEth is one and so is sgold amongst others such as the sUSD. The sEth is synthetic Ethereum and the sgold is synthetic gold for example. I'm literally trading gold and stocks with out ever purchasing either one. Not only that but the SNX token is has gone up almost 2000% since Ive been holding it. Wowzers. 

In conclusion, I truly believe that this token has the potential to be a thousand dollar token. Do your own research and I'm sure you will agree. This is not any kind of financial advice but my personal experience and I believe in this project because they are showing real utility and innovation and ease of use taking Defi by the horns. Hope you enjoy. Please comment. c5f0815610594b14e25e33b3c60511e2d417d6bfa3befc3aa91dd9520efdb365.jpeg

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bobby d!gital
bobby d!gital

I'm a developer and love all kinds of technology

A cryptocurrency journey ongoing
A cryptocurrency journey ongoing

A journey ongoing. Lets explore projects with great potential, whitepapers, protocols and the emerging DeFi trends and maximize this new era in finance.

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