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…
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.
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…
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.
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…
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…
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. …
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…
We want to start a tradition: since Symblox is a DeFi project, at the start of every week we will publish a DeFi market news digest. Our subscribers get to enjoy all the latest news in one place and stay abreast of this fast-moving market!
Let’s begin: in this edition we look at what happened from 26 of April through 03 of May.
Ethereum Price Surpassed $3200
On Monday, May 3, the price of the second-largest cryptocurrency reached its new all-time high at $3200.
Bitcoin Price Recovery
The week started with bitcoin dipping shortly below $50,000. The price has since…
The best way to get detailed and authentic information about a project is to talk to its founders directly!
We are happy to welcome you on our social media, and today CH Egan, Symblox Marketing Executive, will participate in the AMA!
He will answer your questions on 3 May 2021 at 11:00 PM UTC+8.
Join the event to get the earliest scoop on all the big things coming!