Synthetix (Ethereum) DAPP (Part 04)
DAPP carries great importance and significance for today's finance sector. I have posted about decentralized applications in my previous posts. In continuation, the popular DAPP called Synthetix is being discussed. In the last three posts, I explained to you some basic concepts and mechanisms of this platform. Today I am going to discuss what made it more popular and successful in attracting more users.
Synthetix is a good project so it has become a vital component of the broader DeFi world. A range of integrations and partnerships expanded the platform's functionality and reach. Integration with Curve Finance was a good step. There is a functional similarity between two platforms. Curve Finance is a decentralized exchange focused on stablecoin trading. The partnership makes it possible for Synthetix users to get some additional features like to trade between different Synths with low slippage and minimal fees. Overall trading experience of the users has been improved a lot with that as slippage was minimized. Synthetix has also integrated with a variety of other DeFi protocols like Aave, Balancer, etc.
The integrations played a vital role for the users to leverage their synthetic assets in a variety of ways like earning yield, providing liquidity, or participating in decentralized lending and borrowing. Synthetix's role in DeFi was prominent with the rise of yield farming and liquidity mining systems in DeFi., where users can earn additional rewards by providing liquidity to decentralized protocols. Synthetix has attracted a large and active community of users by offering nice incentives for stakers and liquidity providers. So a number of liquidity providers and stakers came to the platform and finally contributed to the growth and success of the platform.
In the next and final post, I will try to conclude the discussion of this topic by discussing some of the challenges of this decentralized application.
~ Regards,
VEIGO (Community Mod)
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This part is quite knowledgeable as well like the previous part about the synthetic application on etherium network. There is a lot going on this blockchain and it's worth reading and keeping ourself updated with such latest developments and innovation.
This is really an eye opener because the truth is I have not actually heard about this Synthetix before but reading the review you dropped about them, I will say they must definitely be in for huge work actually