Project Name: Synthex
Project Track: DeFi
Team Name: Coinster
Team Member(s): @Prasad @mubashirzebi @hi_manshu
DevPost URL: https://devpost.com/software/synthex
SyntheX is a synthetic asset issuance and trading protocol that brings multi-chain assets ($BTC, $ETH), stocks ($AAPL, $MSFT), forex ($EUR, $YEN, $INR), indices, gold, and much more to Tron’s DeFi ecosystem.
Synthex shall enable:
Assets overcollaterizated by TRON and USDD
No slippage trading of issued assets ($BTC <-> $ETH) in a debt pool
Multiple types of debt pools based on use-case (forex, commodities, futures, etc)
20+ Foreign currencies ($EURO, $YEN, $INR, $CAD, and much more) overcollaterized by TRX + USDD
Futures trading LONG/SHORT (upto 25x leverage)
SyntheX is a trustless asset issuance and trading platform for crypto derivatives, which bridges the gap between the real world assets and the DeFi ecosystem. It allows traders to gain exposure to multiple assets by issuing synthetic equivalents backed by TRON and USDD, with near unlimited liquidity. With Synthex, traders can also create debt pools to enable trading, or margin trading with leverage on $BTC, $ETH, $AAPL, $TRON, $CNY or $EURO. Synthex offers a variety of trading pairs that are as simple as entering the number of units you wish to purchase, alongside your purchase price. Trades under debt pools never have slippage and always have infinite liquidity, allowing users to place their trades exactly where they want them.
Project Website: https://www.synthex.finance/
Project Test Instructions:
Sign in using your TronLink wallet at https://app.synthex.finance and switch to Nile Testnet
Get some Tron NILE Testnet TRX tokens from the faucet (BTTC Faucet).
Follow the tutorial (SyntheX: Derivatives Trading Protocol on TRON - YouTube) to get started!
Synthex’s Trading platform provides a wide range of hybrid trading pools (aka debt pools) that enables no-slippage trading of synthetic assets. The protocol will also provide users with access to a large selection of cryptocurrencies and other digital assets, allowing them to diversify their portfolios while maintaining all of their funds in one place.
Support for 20+ foreign currencies: USD, INR, EUR, YEN, CAD, etc
Global payments and remittances: One of the most obvious uses for global payments is to allow people to send payments in their native currency instead of having to use intermediary currency like the US dollar or Euro
Stocks (AAPL, MSFT, etc) and Commodities (Gold, Silver, Oil)
- Bridge to real-world assets
- Exposure to traditional finance (Indices, CFDs, CDPs)
Cross chain assets without relying on bridges
DeFi derivatives (such as Indices, CDPs, Futures)
Synthex also allows traders to trade futures contracts, which is a type of derivative that allows them to buy or sell an asset at a specified price in the future. This strategy can be beneficial for people who want to trade assets but don’t have enough money right now—they can still take advantage of price fluctuations by borrowing against their future income.
- Pitch Deck
Development of Smart Contracts GitHub - synthe-x/synthex-contracts
Testing Smart Contracts
Indexer API Development
Q3 2022: V1 Testnet Launch
Q1 2022: Security Audit, V1 Mainnet Launch
Q2 2022: $SYN Token and Governance launch