#KyberDeFi Partner Spotlight — Synthetix
Build with Synthetix and Kyber! 2 teams win $2500 in SNX tokens each, from a $42,000 hackathon prize pool!
Today we learn about our #KyberDeFi Virtual Hackathon partner Synthetix and their exciting tech!
Interested in building with Synthetix and Kyber? Synthetix is offering 2 bounty winners $2500 in SNX tokens each, from our total hackathon prize pool of $42,000!Synthetix Bounties — $2500 in SNX tokens x2 Synthetix x Kyber Prize: $2,500 in SNX tokens for the best project that uses/integrates both Synthetix and Kyber. Synthetix — Best Use Case: $2,500 in SNX tokens What is Synthetix?
Synthetix is a decentralized synthetic asset platform that provides on-chain exposure to real-world currencies, commodities, stocks, and indices.
The Synthetix protocol enables the creation of a wide range of tokens, each of which track the price of an underlying asset, including cryptocurrencies (long and short), indexes, commodities, and fiat currencies. These tokens (Synths) can be peer-to-contract (P2C) traded with infinite liquidity on our dApp, Synthetix.Exchange.
All Synths are backed by SNX tokens. Synths are minted when SNX holders stake their SNX as collateral using Mintr, a decentralised application for interacting with the Synthetix contracts. Synths are currently backed by a 750% Collateralisation Ratio, which means there is 7.5x the value of staked collateral compared to the total Synths minted. SNX stakers incur debt when they mint Synths, and to exit the system (i.e. unlock their SNX) they must pay back this debt by burning Synths.
SNX can be purchased on KyberSwap.com if required.What can you build with Synthetix? Hackathon Ideas 1) Kyber and Synthetix Integration
Atomic Synth Swaps
In order to make the full range of Synths more accessible we want to launch a fork of the KyberSwap UI to enable any Synth to be purchased directly from the KyberSwap ...