Synthetify is a decentralized protocol allowing for creation and exchange of synthetic assets without the need of a counterparty.
Synthetify is a simple decentralized protocol for synthetic assets build on Solana. Synthetic assets are backed by SNY tokens. Staking of SNY gives users participation in a global debt pool, which acts as counterparty for other users to trade against.Participants of debt pool earn a share of fees generated by exchange of synthetic assets. Users can free up their staked tokens by burning synthetic tokens of value of users current debt. Price of assets is determined by oracles that gather the price of specific assets and post it to Solana blockchain. Synthetic assets can be used in all other applications (Serum,Raydium) or even migrated into other chains via bridge. Users of Synthetify exchange can expect fees near zero (0.001$) and close to instant confirmation time. Project is live here: https://synthetify.io/
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