What is SYNTHR?
SYNTHR is a multi-chain interoperable synthetic asset protocol that allows minting, managing, trading and profiting from derivatives that represent global financial instruments.
In other words, with SYNTHR, users can tokenize any type of asset (in DeFi and TradFi) into synthetic assets, in the form of syAsset, covering company stocks, bonds, real estate, FX, commodities, cryptocurrencies, NFTs, etc…
*Full chain (multi-chain) is a term used to describe a platform that can interoperate with all blockchain networks, while providing a common infrastructure that allows all chains to interact and transfer data to each other.
syAsset - SYNTHR's core product
SYNTHR's product is a synthetic asset that exists in the form of syAsset, such as syUSD, syBTC, syTSLA (representing Tesla stock)... Its value is equivalent to the collateral and is determined through the underlying Oracle mechanism.
syAsset helps users improve capital efficiency and maintain stability for holders through the following mechanisms:
Yield Generating Mortgage
Yield-generating staking mechanism increases profits by:
Step 1: Users provide liquidity on other protocols and receive LP tokens as rewards.
Step 2: SYNTHR allows users to use the LP tokens obtained in the first step as collateral to mint syAsset and use syAsset to participate in DeFi activities.
Therefore, the profit obtained includes:
LP tokens in the first step.
Profits earned from participating in DeFi activities.
debt pool model
SYNTHR uses the Synthetix protocol’s debt pool model to ensure that syAsset assets are maintained at safe levels.
In other words, in the above model, when a user mints syAsset, there is already a debt in SYNTHR, and this debt will be distributed equally to all minters, rather than independently like other protocols.
Therefore, the profit obtained includes:
For example:
Step One: Vinh and Ky are two traders who minted approximately 50,000 syUSD together.
Step 2: Vinh uses syUSD to buy syBTC, while Ky keeps syUSD.
Step 3: BTC has risen by 50%, now Vinh will hold $75,000, Ky will hold $50,000, and SYNTHR’s total debt increases to $75,000 + $50,000 = $125,000.
Step 4: Since both Vinh and Ky had debts of 50,000 syUSD at the beginning, the debt ratio was 50:50. When the debt increases to $125,000, both parties will share a debt of $62,500. At this point, Vinh, who holds $75,000, will gain $12,500, while Ky, who holds $50,000, will lose $12,500 compared to the original.
Obviously, the debt pooling model described above will harm users, especially if they pledge less volatile assets as collateral. Therefore, the SYNTHR protocol has integrated a hedging pool engine into the debt pooling model, allowing users to protect their assets from market fluctuations.
Similar assumptions to the example above:
After Ky receives 50,000 minted syUSD, Ky proceeds to mint syUSD into the hedging pool as collateral to obtain hedging tokens.
When BTC grows by 50%, Ky’s hedging token will also grow by 50% to ensure that Ky’s debt is not affected.
Stability Pool
The stability fund pool helps maintain the stability of sy assets by implementing a liquidity mining plan called LP mining.
The workflow of the stable capital pool is as follows:
Step 1: Users provide liquidity to the capital pool (stable capital pool provider).
Step 2: When the mint collateral ratio drops to 120%, the stable fund pool provider activates the liquidation function to maintain the stability of the protocol.
Step 3: Stability pool providers are rewarded with SYNTH tokens (the protocol utility token).
Other SYNTHR products
In addition to the main product syAsset, SYNTHR has two other products, including: SynthSwap and Vaults.
SynthSwap
SynthSwap is the protocol’s decentralized exchange (DEX) that allows users to swap syAsset assets.
The workflow example of SynthSwap is as follows:
For users: Swap syUSD for syETH.
For the protocol: syUSD is burned and syETH is minted for users with 0 slippage.
Vault
SYNTHR allows users to provide liquidity into vaults: long farm vaults, short farm vaults, Delta-Neutra vaults and user-created vaults to maximize profits through rewards.
Long Farm Vault:
The Long Farm Vault helps users earn rewards by allocating assets based on predictions of future syAsset price growth.
Example of money movement in long farm vault:
Step one: There are 900 syUSD on the page. The page predicts that in the future, SYNTHR's partner exchanges will trade syUSD at prices higher than those offered by the protocol's Oracle engine. Therefore, Trang deposits 900 syUSD into the long farm vault.
The vault will automatically divide the page's assets into two parts, A and B, each part equal to 450 syUSD.
Step 2: The strategy of Long-Farm Vault is as follows:
Submit Part A to a third-party DEX to purchase another syAsset asset at a higher price than Oracle offers.
Use Part B to provide liquidity to another DEX's syAsset asset pair to earn rewards.
Therefore, the user receives the following profits:
Rewards are determined based on the difference between the syAsset price on the DEX and the Oracle. The bigger the spread, the bigger the reward (paid in SYNTH tokens).
Liquidity provision rewards are distributed in SYNTH tokens.
2. Short-Farm Vault
The short mining pool helps users earn rewards by allocating assets based on predictions of future price drops in syAsset.
Example of capital flow in long mining capital pool:
Step 1: This page holds 900 syUSD. The page predicts that SYNTHR's partner DEX exchanges will trade syUSD at a lower rate than the Oracle instrument in the future. Therefore, the page deposits 900 syUSD into the short mining fund pool.
The fund pool automatically divides the assets of the page into two parts A and B, each part is 450 syUSD.
Step 2: The strategy for shorting Vault is as follows:
Submit Part A to a third DEX to purchase another syAsset asset at a lower price than Oracle offers.
Use Part B to provide liquidity to a syAsset asset pair on another DEX to earn rewards.
Therefore, users receive the same profit as with a long-only Vault.
Step 3: User creates Vault
User-created vaults enable users to create, customize, and manage their own vault policies.
In other words, user-created Vaults allow users to manage their syAsset assets in the Vault and execute strategies such as: farming, borrowing, and earning profits. Assets in user-created vaults can operate within the SYNTHR ecosystem.
SYNTHR Highlights
POL (Protocol Owned Liquidity) Model: The protocol ensures deep liquidity through an incentive plan that provides liquidity.
Full-chain solution: SYNTHR uses LayerZero’s full-chain solution, allowing users to transfer assets between different chains in a single transaction.
Deep liquidity collateral: syAssets uses deep liquidity assets such as ETH, USDC or USDT as collateral to ensure a high degree of solvency.
Oracle Data Providers: SYNTHR uses data feeds (products that provide price data) to:
Providing the value of syAssets on-chain helps ensure the amount of assets that can be minted and the collateralization rate for users.
Providing value in the collateral type helps the protocol perform rebalancing operations and stabilize the peg ratio (peg).
What are SYNTHR tokens?
SYNTHR has two tokens, SYNTH (utility) and veSYNTH (governance).
SYNTH Token Key Indicators
Token name: SYNTHR
Token symbol: SYNTH
Blockchain: Updating...!
Token Contract: Updating...!
Token Type: Utility
Token supply: 590,047,619 SYNTH
Circulating supply: updating...!
SYNTH Token Purpose
SYNTH tokens are used for:
Stake SYNTH tokens to earn veSYNTH.
Provide liquidity.
Provide fees and rewards to users.
veSYNTH token usage:
Share the proceeds from the agreement.
Exercise management rights.
Reward incentives.
Project Support Fees.
Create a pool.
SYNTH tokens are distributed as follows:
Seed and private equity rounds: 26.6%
Sales: 2%
Team: 9.5%
Consultants: 3.4%
Governance, grants, liquidity provision, rewards: 33.9%
Legal, marketing and operations: 13.6%
Exchange and liquidity partnerships: 3.4%
Reserve: 5.9%
Bug bounty: 0.8%
Airdrop: 0.8%
SYNTH Token Release Plan
updating…!
SYNTH Token Sale
The project announced that it will conduct three rounds of sales, including: seed round, private placement round and public placement round.
route map
Q1 2023
Sponsorship Program
Early Contributor Program
EVM testnet deployment
Q2 2023
Deploy testnet
Aggregation DEX (decentralized exchange)
Stable capital pool
Q3 2023
veSYNTH
audit
Deploy mainnet
Fourth quarter of 2023
Hedging pool
vault
ecosystem development
project team
The project has not yet announced a team and will continue to be updated!
Project partners
SYNTHR announced partners include: Swapped, Redbelly, Strategy Exchange…
Similar projects
Projects similar to SYNTHR include:
Lybra: Lybra is a protocol in the Liquid Staking Derivative (LSD) puzzle that is expected to increase the flexibility of assets on Ethereum while simultaneously promoting user profitability through the development of eUSD, an interest-bearing stablecoin.
Swell: Swell is a liquid staking protocol that allows users to stake ETH, earn Liquid Stake Tokens (LST) and have full control over their assets.
in conclusion
Applications that can connect multi-chains (omnichains) in DeFi are increasingly used by many protocols. SYNTHR is a project without exception. Not only that, SYNTHR has also created different models to optimize financial efficiency for users. So this is an Omnichain (multi-chain) with huge growth potential in the future.
