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New DeFi project adopting Velas Blockchain $VLX for extreme scalability!

In the last few months, the Decentralized Finance (DeFi) space has exploded in both interest and innovation, as ever more creative and accessible platforms and protocols emerge to build out an entirely new financial system that could be poised to shake up the way people manage their money. 

Now, a new platform known as Symblox looks set to continue that ambition, with the release of a pioneering new synthetics issuance and derivatives trading platform. 

Going Synthetic

Synthetic crypto assets have been kicking up quite the fuss lately, due to their capacity to make practically any asset more accessible, more liquid, and more fungible. 

Synthetics are essentially cryptocurrency tokens that represent traditional assets, derivatives, and practically anything else while mimicking their value. With synthetic assets, cryptocurrency holders can gain exposure to a range of simple and complex assets, ranging from fiat currencies to commodities, stocks, index funds and derivatives without needing to actually hold these assets or be subject to any associated limitations — like regional restrictions or liquidity issues. 

Image: Symblox

Through Symblox, users can deposit any of a range of supported assets to one of the Symblox collateral pools and receive an equal number of synthetic asset tokens in return, e.g. deposit 100 US dollars (USD) and receive 100 syUSD in return, or deposit 2 Bitcoin (BTC) and receive 2 syBTC in return. These synthetics can then be traded and exchanged for a profit in a permissionless manner on the Symblox protocol, or can be exchanged back to the original asset at any time. 

Symblox stands out from other synthetic token issuance platforms thanks to its extreme simplicity. It is designed to make minting and trading synthetics as accessible as possible, helping to grow the burgeoning DeFi industry, and break down barriers to entry through its clean, accessible user experience. It achieves this by cutti...

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