Topic: [ANN][SYX] Symblox Official Thread (Read 365 times)

Why Symblox?

Let’s talk once again about the reasons our project stands out from the rest? We have prepared 6 points that will help you understand if Symblox is what you really need!

Easy as 1, 2, 3...

Just Stake, Mint and you’re ready to trade in the biggest financial markets in the world!

Trustless

Trade with no counterparty risk. Remain in control of your funds at all times.

Zero Slippage, Zero Surprises

With a collateralized pool as the counterparty, slippage and low liquidity is a thing of the past.

Withdraw Anytime — 24/7/365

Withdrawal with any Web3 compliant wallet directly with our open-sourced smart-contract.

Borderless, Globally Accessible

Connect with any crypto wallets and you’re in. No cumbersome registration, log-ins or KYC.

Radical Transparency

Your money is managed on the blockchain through 100% open-source, independently audited code.

Want to find more information about Symblox? Visit our website: https://symblox.io

How to use synthetic assets?

When buying synthetic gold you are exposed to the same price fluctuations as physical gold and gold contract holders. It is just one of the ways to purchase gold without a broker’s help — through tokens.

-Synthetic assets allow for a wide range of applications! For example:

-Financial speculation — you can bet on price going up or down

-Stablecoins — synthetic fiat is an interesting alternative to the current stablecoin market

-Hedging — insurance against volatile price movement against your positions

-Stocks and commodities — you gain access to the gold, silver and the stock market without leaving the convenience of the cryptocurrency space. All synths are tokenized, so they can be used in different DeFi protocols, as collateral, for example.

As you can see, there are a lot of opportunities to be had! Symblox lets you access all of it!

https://symblox.io/

What are ETH smart contracts?

In our last post we mentioned how our smart contract passed the audit. Today we wanted to elaborate on what smart contracts are!
Smart contracts are applications that run on the Ethereum Virtual Machine (EVM). These are applications that are executed automatically upon fulfilling certain prerequisites set by their programmers.

Smart contract advantages include a built-in protection from the human factor. Nobody can tamper with a smart contract, and there is no need to trust the third party to release money on time or validate a transaction. What’s also important is that the contract runs on the blockchain, and will continue to work for as long as there is electricity and the Internet on the planet, regardless of the status of the developer's website or other external factors.

Smart contracts are used for a myriad of applications, from data storage to crowdfunding. With that said, they are completely transparent and anyone can monitor the current state of the smart contract as well as audit all the transactions it has been a part of through a blockchain explorer such as Etherscan.

It is no wonder that we leverage this technology in our project. It allows us to make Symblox more reliable, transparent and decentralized!

https://symblox.io/

Want to learn more about Symblox?

It’s easier than you might think! To begin, visit our website: https://symblox.io/

There you will find information about our project, token, developer team and a lot of other interesting things! Think this is not enough? Subscribe to our social media pages:

🔅 Telegram chat https://t.me/Symblox
🔅 Reddit  https://www.reddit.com/user/Symblox
🔅 Twitter https://twitter.com/symbloxdefi
🔅 Bitcointalk  https://bitcointalksearch.org/topic/annsyx-symblox-official-thread-5278736
🔅 Medium https://medium.com/symblox
🔅 LinkedIn https://www.linkedin.com/company/77264510/admin/
🔅FaceBook https://www.facebook.com/Symblox-105407618361180

And another important thing: make sure to look at the public audit of our smart contract to see how reliable it is for yourself! https://github.com/symblox/symblox-yield-farming/blob/master/audit/PeckShield-Audit-Report-Symblox-1.0.pdf

What is Symblox Yield Farming?

You have just one week to join Symblox Yield Farming 2.0! You will find what it is and why you should make sure you don’t miss it — in this post.

First off, yield farming the ability to farm SYX tokens and make money!

The second season of liquidity mining plans to issue 800,000 SYX. After that, the total number of SYX rewards in each cycle will be reduced by 20% (for example, the total number of rewards in the third cycle is 640,000 SYX, and so on). Before the end of the second cycle of mining, SYX holders will vote according to the progress of the project to determine whether it is necessary to start the next cycle of liquidity mining.

The following yield farming pools are available:

SYX/VLX
SYX/ETH
SYX/USDT
VLX /USDT
VLX/ETH

Symblox is a community-driven project; decentralization is at the core of our project philosophy. To keep the project as decentralized as possible, Symblox’s smart contracts were coded to mint a pre-determined and/or pre-approved amount of SYX tokens. This means that once the smart contract is launched, no one is able to manipulate, alter or create extra tokens, not even the Dev team.
 
Find out more about the Symblox Yield Farming from a medium article about our project! https://symblox.medium.com/symblox-yield-farming-2-0-e9f3128680bd

Cryptocurrency Market News Digest
10.05.2021 - 16.05.2021

We’re continuing our tradition: every week Symblox will be publishing a short weekly cryptocurrency market news digest for you to stay informed on the latest trends. In this edition we look at what happened from 10 through 16 of May.

Tesla stopped accepting bitcoin as payment for its cars over environmental concerns regarding the network’s power needs. The price of the asset has taken a downturn, and the community has erupted with criticism.

Daily Ethereum mining revenue has peaked at $100 million, surpassing that of Bitcoin.

Bitcoin’s mining difficulty is at its highest. The first crypto saw its difficulty rate jump by 21.53% to an unprecedented 25 trillion hash per second.

Solana has raised $60 million towards the development of Brazilian, Indian, Russian and Ukrainian projects.

Williston, a city in North Dakota, has announced its partnership with a cryptocurrency payment service BitPay. The partnership will enable citizens to pay utility bills with crypto.

Of course, there was more news last week, so if we missed an important story, feel free to let us know in the comments, and we will be happy to discuss it with you!

https://symblox.io/

Cryptocurrency is not rocket science!

Just a few years ago cryptocurrencies were something very few had any knowledge about. Fast forward to today and crypto is more popular than it has ever been. Despite all the measures various countries have been implementing against crypto, more and more people are using Bitcoin and other currencies all over the world!

Here at Symblox we are very happy about how things are going! We want to make digital finance accessible to the people, show that it’s not rocket science and we are proud to say that so far we’ve been very successful!

Symblox is a decentralized synthetic asset issuance and trading protocol, which is driven entirely by the community. Symblox allows anyone to deposit multiple and supported crypto assets into a reserve pool as the collateral then use it as a value basis to issue any type of synthetic asset. For example, anyone can mint synthetic Bitcoin (syBTC), US Dollar (syUSD), gold (syGOLD), or even stocks, like syAAPL, etc. on Symblox. These synthetic assets can then be traded directly on the Symblox protocol for profit.

Our main goal is to ensure our users get access to all the benefits the world of crypto can offer them, and we are working hard on that!

https://symblox.io/

What are Symblox Advantages?

Let’s talk about the things our project excels at! Well, advantages of Symblox are all listed on our website, but why not make it a little more succinct? Here we go:

Symblox supports various crypto assets as collateral, thereby avoiding systemic risks caused by price volatility in a single collateralized asset and providing the scalability for the issuance of trillions of dollars worth of both crypto and real-world assets on the protocol.

The goal of Symblox is to become an integral part of the infrastructure for DeFi; allowing anyone, anywhere to gain on-chain exposure to a vast array of assets.

Symblox is a fully decentralized synthetic asset protocol implemented entirely with smart contracts and runs on the blockchain altogether. It is not subject to manipulation by any individual or organization.

Symblox is 100% permissionless and transparent. All the codes are open-sourced, smart contracts safeguard all of the escrowed assets, and all transactions are trackable on the blockchain.

Even more information about Symblox can be found on our project’s website. Simply follow the link: https://symblox.io

What is blockchain and why is this technology so important?

The idea at the core of blockchain has been around since 1991, but it was only after 2009 that the technology got proper recognition, when Bitcoin was launched by the mysterious person (or even a group) called Satoshi Nakamoto. The true identity of Satoshi hasn’t been found until this day, but his technological innovation has succeeded in making the world reconsider the way we create and use money.
 
BTC transactions are peer-to-peer, which means that money flows directly from one user to another, without involving authority such as banks, regulators, or governments, etc.
This is as transparent and safe as it gets — all transactions are traceable, yet can’t be regulated by authorities.
 
This technology ensures maximum transparency, reliability and security of transactions. Blockchain can increase efficiency and security across a wide range of industries and businesses (financial sector, charity, supply chains, healthcare, etc).
 
Blockchain-based projects pop up every day! This is exactly the technology we are leveraging to advance the financial market and create a unique product that will improve millions of lives with technology and new tools for securing income.

https://symblox.io/

How does Symblox work?

All transactions on Symblox are carried out with the help of smart contracts. To make a transaction you must first issue assets on the platform. It’s very easy to do: after signing up, you launch the DApp and put the amount of stablecoins you want to generate. The system locks the amount of the collateral asset necessary to maintain the stablecoin peg.

After the synthetic assets are generated, they can be traded for profit. However, users have a number of ways to turn a profit as Symblox Protocol consists of one reserve pool and three applications, i.e., syFarming, syMinting, syTrading.

-Users collateralized assets with syFarming will expand the reserve pool and earn SYX tokens as rewards.

-The larger the reserve pool, the more synthetic assets users can issue, and the more SYX tokens can be rewarded.

-More synthetic assets also bring larger trading volumes, which in turn generates more trading fees.

Soon we will talk more about the SYX token, so stay tuned!

https://symblox.io/

Cryptocurrency Market News Digest
03.05.2021 - 09.05.2021

We’re continuing our tradition: every week Symblox will be publishing a short weekly cryptocurrency market news digest for you to stay informed on the latest trends. In this edition we look at what happened from 03 through 09 of May.

At this very moment, the total value locked (TVL) in DeFi is at a new all-time high just shy of $80B.

PayPal has held exploratory talks about launching a stablecoin.

The price of the second-largest cryptocurrency reached its new all-time high at $3900. The market is all green, and this is good news for all cryptocurrency holders!

Dogecoin (DOGE) to reach $1, said Mark Cuban during an online panel at Ethereal Virtual Summit

Elon Musk has reminded his followers of the risks of investing into digital assets and urged investors to exercise caution

Turkey compels cryptocurrency exchanges to report transactions worth over $1200.

Of course, there was more news last week, so if we missed an important story, feel free to let us know in the comments, and we will be happy to discuss it with you!

https://symblox.io/

What are synthetic assets and why it is interesting?

Synthetic assets based on technologies such as the blockchain and smart contracts can solve the problems mentioned earlier. Synthetic assets are financial assets that simulate one or more underlying assets. For example, the all familiar USDT is a synthetic asset mirroring the US dollar.
 
To put it simply — the synthetic asset technology allows for tokenizing any asset. You can issue tokens backed by cryptocurrency, fiat, stocks or bonds, commodities or precious metals… Anything you can imagine! These tokens allow anyone to access markets previously unavailable due to a high entry threshold.

This solves one of the key issues today, as a lot of people don’t have access to investment vehicles. Even when an optimal investment is identified, investors still have a high entry barrier — requirements for holding a large number of assets and previous investment experiences, to name a few. Fortunately, we can solve all of those issues by connecting real-world assets to the blockchain with synthetic assets technologies.

What is the point of DeFi?

Let’s talk About DeFi? We want our community to have all the necessary knowledge to use our project in the most efficient way possible. Symblox is a DeFi project, but do you know what DeFi is and how is it different from traditional finance?

DeFi stands for Decentralized Finance. Decentralization is a process of distributing the power among all the participants of a system, without a central governing body. Today, the majority of traditional financial and state systems are centralized, and this approach is plagued with flaws. The main issue is that they have points of failure: a security breach or a central server/facility malfunction negatively affects the rest of the system.

Originally, cryptocurrencies were developed as a decentralized network that has no single point of failure, which makes it democratic, more stable and efficient compared with regular money.

The technology behind decentralization in Bitcoin and most other cryptocurrencies is called blockchain. Blockchain gives every user the ability to serve as a node that checks the validity of transactions.

What do users get from decentralization? Here are a few key advantages that users get from decentralized systems:

-No need to trust a central authority that might be incompetent, vulnerable to attacks, or even have ill intentions.

-Less censorship. Governments often restrict their citizens’ access to various websites and social media. Censoring traffic in a peer-to-peer network is much more difficult, because every package can be sent to every other node on the network, and they will relay this data further.

-Most of the applications on the network are open source. Anyone can copy some or all of the code, and create their own applications with it. The more decentralized products come out, the more advantages and opportunities open up for the network users.

-Proper economic incentives. Users who support the network get rewarded for it financially. The more support they provide, the more they are rewarded.

Of course, decentralized networks have their downsides too: they are usually slower to develop, have lower adoption rate, might be more expensive or have lower efficiency at the time of launch. However, most users agree that the end result is worth the effort.

https://symblox.io/

What is Symblox?

You might have heard about what Symblox is about, but today we would like to do a quick dive into the core of our project.

Symblox is a decentralized synthetic asset issuance and trading protocol, which is driven entirely by the community. It allows users to create digital stablecoins, in other words, coins that are pegged to the value of another asset. By locking some amount of cryptocurrency on the platform, the owner can issue tokens with a peg either to some other cryptocurrency, fiat money (like USDT), or other assets (gold, silver, etc). For example, anyone can mint synthetic Bitcoin (syBTC), US Dollar (syUSD), gold (syGOLD), or even stocks, like syAAPL, etc. on Symblox. These synthetic assets can then be traded directly on the Symblox protocol for profit.

Symblox supports various crypto assets as collateral, thereby avoiding systemic risks caused by price volatility in a single collateralized asset and providing the scalability for the issuance of trillions of dollars worth of both crypto and real-world assets on the protocol.

Symblox was created to streamline financial operations via DeFi.

This is a very basic description of our project. In our future posts we will tell you more about the principles and goals of Symblox, the technologies we use, and the range of features we offer. Stay tuned, there are big things coming!

You can learn more about our project on the website: https://symblox.io/