Written by: CHASE
Compiled by: TechFlow
Layer Zero is a rising star in the cryptocurrency world, and many excellent protocols are using its technology to build products. Synthr is one of them, and Synthr's testnet is coming soon, and generous test rewards may be waiting for us.
First of all, what is Synthr?
Synthr is a cross-chain asset protocol designed by Layer Zero that provides users with free-moving interoperability and multi-chain liquidity without slippage. It is also a synthetic asset protocol that enables users to mint and trade on-chain derivatives.
Synthetic assets refer to a form of crypto assets whose value comes from other assets in the ecosystem and can be considered a derivative.
For example, Synthr users can mint synthetic assets (by over-collateralizing up to 150% of collateral such as ETH, USDC, and USDT), and add liquidity on partnered DEXs, with 70% of the protocol fees going to LPs.
Synthr is currently being built on Ethereum, Aptos, Sui Network, and Sei Network. These ecosystems can gain many benefits:
1. Users can provide liquidity to partner DEXs and create synthetic assets through staking, helping DEXs increase their TVL.
2. Bring in more trading volume by allowing users to trade futures, options, and perpetuals without slippage.
3. Enable easy switching between assets within the ecosystem and users in different ecosystems.
4. By providing users with multi-chain liquidity access without cross-chain bridge risks, they have also integrated price feeds with Link, which you can also use to track the prices of some assets such as ETH/USD, BTC/USD, and BNB/USD.
They recently received liquidity from Kardia Chain. Not only that, but about two months ago, they also partnered with Sei Network on Cosmos.
On top of that, they will be launching a testnet soon, probably Q4/Q1. There may be an airdrop for testnet users, as they have already started planning to launch their own token, so I am sure there will be at least one airdrop in the future, stay tuned.
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