Frequently asked questions
What is the Synthetify Token?
Synthetify Token (SNY) is a native token of the platform that allows users to participate in the protocol by staking SNY in a smart contract and using it as a collateral for creation of synthetic assets.
What is a synthetic token?
Synthetic token created on Synthetify exchange is an asset that strictly tracks the price of an underlying asset provided by decentralized oracles.
Where can I buy SNY?
SNY is available on Raydium, Bonfida, FTX, Blockfolio, Dexlab, CCAI, and Kermit Finance.
What is the Synthetify Token distribution and vesting schedule?
Synthetify will supply 100,000,000 SNY tokens. Perpetual inflation will be introduced in the future. For more information, check our Whitepaper.
Do I have to create an account or go through the KYC process?
No, Synthetify is a decentralized exchange. Only connecting a wallet is required to use Synthetify functionalities. There is no KYC process either.
What hours can I trade and mint on Synthetify?
Synthetify is available 24/7. Trading and minting can be done at any time.
What wallets can I use?
There are two wallets available right now: Phantom and Sollet.
Is it required to have SNY in order to use Synthetify?
SNY is only one of the tokens that will be used as a collateral and it is not required to use the exchange. That being said, it incorporates additional benefits.
What does it mean to mint?
Minting is the process of creation of a synthetic asset. For more information, please see here.
What are the costs of using Synthetify?
Costs are adjusted to the current market situation. For now, it is a 0.3% fee. Users who hold sufficient collateral in SNY will get an additional discount.
Are there any benefits from staking?
Participants of the debt pool earn pro rata shares of the exchange fees.
Is there any risk to participating in the pool?
The pool debt participant can remove their liquidity at any time. There is no risk of losing SNY tokens. However, its price is affected by market fluctuations, which means that the rewards may be less than the absolute price variation.
How can I verify that the transaction was completed?
The confirmation pop-ups on the screen.
How can I inform you about any problems/ideas?
Catch us on Discord or send an e-mail to firstname.lastname@example.org with an applicable note.
What is the address of SNY token?
What is the current SNY circulating supply and market cap?
Current circulating supply is 5,625,000 SNY. You can check the current market cap on sites like: CoinMarketCap or Coingecko.
When did the SNY token launch?
The IDO took place on 29th and 30th June 2021.
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