October 30, 2021
Synthetify Token ($SNY) is a utility token that allows users to participate in staking and in the future as voting power in governance decisions.
✔️ Supply and distribution
Max supply of Synthetify token is 100.000.000.
We plan to release it in four years from our launch (April 2021).
The initial distribution of SNY is as follows:
Token unlocking dates:
Each trade has a static fee - currently 0.3% for all the sizes of the trades, however if you stake $SNY, it gets lower.
The exact range is provided below.
✔️ Staking and rewards
As we mentioned, you can use $SNY to participate in staking.
There are two levels of staking:
1. Depositing collateral
2. Minting synthetic assets
In the first level, you get lower fees on swapping between different synthetic assets. The exact discounts are shown in the figure above. If you would like to profit even more, you can use your $SNY as collateral and mint xUSD or other synthetic assets. This option gives you the opportunity to receive extra $SNY as rewards.
Currently, we give away 40.000 of $SNY tokens each claiming round. If you want to know more about staking and rewards CLICK HERE
✔️ Future plans
In the future, we are going to introduce additional features that will increase its usability, ie. voting in governance decisions.
✔️ How Synthetify generates revenue
The basic form of income for us is 20% of the fee (which is 0.3%) from each transaction. Another form of income is the Interest rate that is associated with:
*Swapline is a more straightforward way to get synthetic tokens. It exists to keep the price of each of the synthetic tokens close to their original counterparts. Tokens can be swapped from collateral to synthetic as long as the total swapped amount is below the swapline limit. They can also be swapped back from synthetic to collateral, as long as there are enough tokens in collateral reserve
Borrowing and Swapline are not yet available, but we are working to make them available to you as soon as possible.
What will we do with revenue?
In the near future we will introduce a “buy and burn” mechanism.
It meaning that we will buy $SNY in exchanges and burn it once a month.
Every month, we will buy $SNY equal to the profit from the sources presented above.
Learn more about Synthetify
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