Synthr: A cross-chain synthetic asset protocol based on Layer Zero design
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Synthr: A cross-chain synthetic asset protocol based on Layer Zero design
Synthr is a cross-chain asset protocol designed by Layer Zero, as well as a synthetic assets protocol.
Navigating Web3 tides with focused insightsWritten by: CHASE
Compiled by: TechFlow
Layer Zero is a rising star in the cryptocurrency space, with many promising protocols building products on its technology. Synthr is one of them, and with its testnet launch approaching, generous rewards for testers might be on the horizon.
First, what is Synthr?
Synthr is a cross-chain asset protocol built on Layer Zero, offering users interoperability for seamless asset movement and slip-free multi-chain liquidity. It is also a synthetic assets protocol that enables users to mint and trade on-chain derivatives.
(Note: Synthetic assets are a form of crypto asset whose value is derived from other underlying assets within an ecosystem, making them a type of derivative.)
For example, Synthr users can mint synthetic assets by over-collateralizing up to 150% of assets such as ETH, USDC, and USDT, and can also provide liquidity on partner DEXs, with 70% of protocol fees going to LPs.
Currently, Synthr is being developed on Ethereum, Aptos, Sui Network, and Sei Network.
These ecosystems stand to gain numerous benefits:
1. Users can provide liquidity to partner DEXs and mint synthetic assets through staking, helping DEXs increase their TVL.
2. By enabling users to trade futures, options, and perpetuals without slippage, trading volume can significantly increase.
3. Seamless switching between native assets and users across different ecosystems is enabled.
4. By providing users access to multi-chain liquidity without the risks associated with cross-chain bridges, they have also integrated price feeds from Chainlink, which can be used to track prices of various assets such as ETH/USD, BTC/USD, and BNB/USD.
Recently, they received liquidity support from Kardia Chain.
Moreover, about two months ago, they partnered with Sei Network on Cosmos.
Most importantly, their testnet will launch soon—likely in Q4 or Q1.
There may be an airdrop for testnet users, as they’ve already started planning for their token launch. I’m confident there will be at least one airdrop event in the future—stay tuned.
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