Synthetix (SNX) is a revolutionary decentralized finance platform that enables users to generate new cryptocurrencies by using SNX coins as collateral, replicating the value of real-world and digital assets such as the US dollar or Bitcoin. These newly created assets are linked to the value of other assets through oracles, which are data feeds. Users have the freedom to trade these synths without depending on any specific institution and are exposed to market fluctuations. Synthetix stands out as a prominent player in the DeFi sector, offering users a wide array of financial opportunities. This article aims to address two common questions: What is Synthetix (SNX), and how can one purchase Synthetix (SNX) using TRY?
Synthetix is a DeFi platform that operates through smart contracts on the Ethereum Blockchain, allowing users to create synthetic assets that mirror real-world assets like the US dollar and digital assets like Bitcoin. By utilizing a collection of smart contracts, Synthetix eliminates the need for a financial intermediary, ensuring that users rely solely on the code to carry out transactions. The platform creates these assets through collateralization, where users must acquire SNX coins and lock them into a specialized contract to mint synths such as sUSD (reflecting the US dollar) or sBTC (mimicking Bitcoin). These synths can represent various assets, including commodities like gold or currencies like the Euro. The values of these synths are tracked through oracles, enabling users to participate in market gains or losses.
In order to create a synth, users must obtain SNX coins and deposit them into the Synthetix platform. Subsequently, Synthetix generates a new synth token chosen by the user. The value of the locked SNX must be maintained at or above 750% of the value of the minted synth as per the platform’s regulations. For instance, if a user deposits SNX worth one thousand dollars, they will receive sUSD worth 133 dollars. This collateralization ratio ensures the stability and support of synthetic assets.
The value of SNX, like other cryptocurrencies, is determined by the open market. Consequently, the number of synths in circulation may vary with the price of SNX. If the price of SNX increases, surplus SNX coins that are no longer required to secure existing synths are released by the system. These released tokens can then be locked again to create additional synths. Synthetix employs oracles to price synths and facilitates a unique trading system where users can exchange synths at any time at a specified price without the need for a central exchange.
As of August 2020, Synthetix has emerged as a prominent DeFi project with over 800 million dollars locked in its contracts. The platform continues to expand by introducing new features and enhancing its infrastructure. The higher the price of SNX, the more synths can be created, thereby enhancing liquidity and user engagement. Synthetix’s capability to create and trade decentralized assets without intermediaries positions it as a key player in the DeFi space, providing users with a diverse range of financial opportunities and flexibility.
Binance TR serves as an ideal cryptocurrency exchange for Turkish investors looking to purchase Synthetix (SNX). With a user-friendly interface, Binance TR facilitates the buying and selling of over 100 cryptocurrencies, including SNX. To acquire Synthetix (SNX) using TRY on Binance TR, follow the steps detailed below.
Opening an account on Binance TR is a straightforward process. Visit trbinance.com and proceed with the “Create Account” step by entering basic information such as email address, phone number, name, date of birth, nationality, and T.C. identity number. After completing this step, undergo identity verification (KYC) to enhance security.
Identity verification on Binance TR is a crucial security measure that must be completed before commencing cryptocurrency trading. This process safeguards both users and the exchange. Verification can be done via the Binance TR website or through a mobile device.
To deposit TRY into your Binance TR account, utilize direct bank channels from various banks such as Vakıfbank, Ziraat Bankası, İş Bankası, and more. Follow the steps on the trbinance.com website to deposit funds into your account seamlessly.
After depositing funds, proceed to purchase SNX coins by clicking on the “Buy-Sell” option on the Binance TR website. Enter the desired price and quantity of SNX coins to complete the purchase.
Binance TR, launched by the world’s largest cryptocurrency exchange Binance, offers a secure and efficient platform for Turkish investors. Leveraging Binance’s technology and liquidity, Binance TR enables users to engage in fiat-to-crypto and crypto-to-crypto trading services with various cryptocurrencies and TRY trading pairs.
In conclusion, Synthetix revolutionizes the DeFi space by providing users with the means to create and trade decentralized assets without the need for intermediaries. With Synthetix, users can access a wide range of financial opportunities and flexibility in the rapidly evolving DeFi sector.
