Synthetix Launches Crypto-Backed Synthetic Asset Platform After Rebranding From Havven
SYDNEY--(BUSINESS WIRE)--Synthetix has launched a new suite of crypto-backed synthetic asset tokens after rebranding from Havven (HAV). These tokens — priced against the Euro, Japanese Yen, Korean Won, Australian Dollar, and gold — complement Synthetix’s first stablecoin (sUSD), which tracks the US Dollar and was launched in June of this year.
In addition to its rebranding and release of additional synthetic assets, Synthetix has also rolled out “Open Minting.” Now, anyone holding the Synthetix Network Token (SNX) — previously known as HAV — can use it to issue any of the above-mentioned tokens, known as Synths. The Synthetix team has built and released Mintr, a dApp which allows users to carry out the minting process. SNX holders have already minted more than $1.5 million worth of sUSD.
“The rebrand from Havven represents a huge opportunity to clearly and memorably express the primary function of our system,” said Synthetix founder Kain Warwick. “And our ability to create a variety of synthetic assets against a single collateral pool is a major milestone for decentralized finance. We can now mint several different decentralized stablecoins, and the system has the potential to mint hundreds of different assets in the future.”
The Synthetix Network is a decentralized, crypto-backed network that enables the creation of on-chain synthetic assets. Synths are backed by SNX holders, who are rewarded for providing collateral and stability with fees generated by Synth transactions. Synthetix is currently operating on Ethereum, and will also launch on EOSIO early next year, when 50 percent of SNXeos tokens will be airdropped to SNXeth holders.
With today’s mainnet launch, Synthetix now has 6 synthetic assets available: sUSD, sEUR, sJPY, sKRW, sAUD, and sXAU. More Synths will be launched in the next few months, tracking assets such as the Chinese Yuan and equities indices.
Synthetix will release a platform very soon that allows Synth holders to swap between different Synths without a counterparty, opening forex trading possibilities and allowing users to diversify which fiat currencies their stablecoins are denominated in.
SNX tokens are currently available on KuCoin, Gate.io, and CoinSpot (AU), while sUSD is currently available on KuCoin and Cryptology.
Synthetix was founded in 2017 by Kain Warwick, co-founder and CEO of Blueshyft, a retail payment network of more than 1,250 locations across Australia. Blueshyft has become the largest cryptocurrency payment gateway in Australia, processing tens of millions of dollars in transaction volume. Major backers of Synthetix include BlockTower, BlockAsset, GBIC, AlphaBlock Investments, and Astronaut Capital.
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