Synthetify (SNY)

The Synthetify Token (SNY) is a pivotal component of the Synthetify platform, a decentralised exchange on the Solana blockchain that specialises in synthetic assets. SNY goes beyond being a mere digital asset, offering a range of benefits and functionalities within the Synthetify ecosystem.

Central to SNY's utility is its role in facilitating user engagement with the Synthetify protocol. Users stake SNY in a smart contract, using it as collateral to generate synthetic assets, a fundamental operation of the platform.

In the trading sphere of the Synthetify exchange, SNY establishes a unique trading environment. This system allows for trades to occur without the need for a direct counterparty, as the protocol's stakers collectively fulfil this role, receiving a share of the exchange fees and inflation rewards, thus fostering a mutually advantageous ecosystem.

The platform upholds a fixed fee structure for trades, set at 0.3%, which remains constant across all trade volumes. Nonetheless, traders can obtain discounts on these fees under certain conditions.

A significant role of SNY is in governance. Holding SNY confers upon users the right to partake in governance decisions of the Synthetify platform, contributing to a more democratic decision-making process.

Staking SNY also presents its own set of advantages. Participants in the debt pool are remunerated with fees in proportion to their liquidity contribution. Moreover, traders who maintain a sufficient amount of SNY as collateral are eligible for discounts on trading fees, a notable benefit for regular users of the platform.

Operationally, Synthetify stands out for its continuous availability, operating around the clock, thus enabling users to trade and mint synthetic assets at any time. The platform currently supports two wallets: Phantom and Sollet, catering to varied user preferences in managing assets.

Synthetify's ethos heavily leans towards decentralisation, eschewing conventional account creation and KYC processes. Users need only connect a compatible wallet to access its features, reflecting the ethos of decentralised finance.

The founder and CEO of Synthetify is Norbert Bodziony.