Synthex - Derivatives Trading Protocol

TRON Hackathon Hackathon Season 3
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Project Name: Synthex

Project Track: DeFi

Team Name: Coinster

Team Member(s): @Prasad @mubashirzebi @hi_manshu

DevPost URL: https://devpost.com/software/synthex

Project Goal:

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)

Project Info:

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:

  1. Sign in using your TronLink wallet at https://app.synthex.finance and switch to Nile Testnet

  2. Get some Tron NILE Testnet TRX tokens from the faucet (BTTC Faucet).

  3. Follow the tutorial (SyntheX: Derivatives Trading Protocol on TRON - YouTube) to get started!

Project Details:

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.

  1. Foreign Currencies

    • 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

  2. Stocks (AAPL, MSFT, etc) and Commodities (Gold, Silver, Oil)

    • Bridge to real-world assets

  3. Financial Instruments

    • Exposure to traditional finance (Indices, CFDs, CDPs)

  4. DeFi

    • 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.

  • Whitepaper
  • Pitch Deck

Contract Address:

Project Milestones:

UI Development

Development of Smart Contracts GitHub - synthe-x/synthex-contracts

Testing Smart Contracts

Indexer API Development

Frontend Development

Testnet launch

Whitepaper

Future:
Q3 2022: V1 Testnet Launch
Q1 2022: Security Audit, V1 Mainnet Launch
Q2 2022: $SYN Token and Governance launch

Links:

Twitter

https://twitter.com/synthe_x

Github

Discord

15 Likes
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Hola, el planteamiento del proyecto parece interesante, se tiene que saber de que tipos de activos se trata, el costo por transacción, la operabilidad de los pares y que beneficios se puede obtener. Gracias

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Hi @antonio, thank you for your question.
We’re looking at integrating winklink’s price feed, so initially we would have synthetic version of $USD, $BTC, $ETH and $TRX backed by $USDD and $TRX. Also looking forward to talking to winklink about adding more price feeds, such as stocks, gold, indexes, etc.
The cost per transaction will be according to network fees–we’ll add trading fees in the future, which will be distributed to protocol token holders. The main benefit is infinite liquidity: there will be no slippage regardless of how large an order is. Another benefit is that your tokens are decentralized and stable (backed by overcollateralized assets), making them a better alternative to centralized assets like USDT or WBTC or bridges which can be compromised.

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Hola, en mi opinión es muy buen proyecto, suerte.

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How exactly do you plan to implement “infinite liquidity” for the platform?

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Synthetic derivatives by nature are infinite in liquidity. As we have some asset based on its price we can easily convert it to another based on the price of another asset. Here are some examples of synthetic assets - https://defillama.com/protocols/synthetics

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Thank you for the support @antonio

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I get that, but how do you plan to manage the real liquidity inside the contracts?
Example: 1 user buys 1 sBTC at $20000, than sBTC price increases and the user sells at $40000. Will the contract have the liquidity for payout. A system run purely on oracle prices, is bound to fail over time, especially if you plan to have a stablecoin as main collateral.

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If the price of an issued asset goes up, so does the debt liability of that issuance. Users could enter debt pools, where they could leverage trade to make profit. Also the type of collateral has no effect on the system

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Cool! I’m new here, is this like a competition where teams submit different projects for prizes? :thinking:

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UPDATE #1

We have completed development of our first version of smart contracts, and are currently testing it. In our first version, we have enabled trustless issuance of $USD, $BTC and $ETH assets backed by $TRON and $USDD. We are designing the interface for issuance, which will be available through our frontend

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Hi @abefrommich, welcome! You can find more info here - Welcome to TRON Grand Hackathon 2022!

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@Prasad Looking good, especially with all the centralized platforms collapsing lately, the space needs platforms that can match the centralized exchanges without having to give up KYC along with ownership of assets

Trust without trust :+1:

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I agree with you @Simon. Ownership and stability are essential factors for building trustless DeFi

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Update #2

  1. We have changed our brand from xTRADE to SyntheX to reflect our product’s updated capabilities, and we have developed the first version of our user interface.

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  1. We’ve created a Twitter page to stay abreast of the with the TRON Community https://twitter.com/synthe_x. And a Github page to keep up our open development: SyntheX · GitHub
    Do follow us on Twitter for more updates :slight_smile:
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Cool, thank you! I like your project!

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YGMI! hmu if you need help with any front-end work :wink:

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Update #3

We have completed testing of our smart contracts, development of frontend and indexer and are currently working on UI/UX of the app and APIs.

Supported Assets:

Asset Symbol
Bitcoin BTCX
Ethereum ETHX
Tron TRXX
Ripple XRPX
Binance Coin BNBX
Cardano ADAX
Apple AAPLX
Microsoft MSFTX
Google GOOGLX
S&P 500 ^GSPCX
Euro Dollar EURX
Japanese Yen YENX
Indian Rupee INRX
Gold AUXX
Oil CLXX
1 Like
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Hola, sigo pensando que es un buen proyecto, además al crearse en la red de Tron, ayudará a que la conversión de los sintéticos sea más económica. Suerte.

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