Synthetix protocol gold and silver trading

Synthetix added new futures markets for trading including gold and silver. In this article read more about this news and find out what is the difference between the Mirror´s offerings.

Yesterday, Synthetix has announced that additional perpetual futures markets have been added for trading. In this article, you will learn more about Synthetix Protocol and the features of their latest pairs.

Start Trading with Gold and Silver with Synthetix

Synthetix Protocol is an innovative DeFi dApp that enables the creation of digital versions, called synthetics, of stocks, native tokens, and now gold and silver. These are additional perpetual futures markets:

  • SOL
  • AVAX
  • AAVE
  • UNI
  • EUR
  • GOLD

Also, Synthetix gives traders access to leveraged perpetual futures in these markets, which have been open for spot trading for a few months. There is no other place in DeFi where you can fully on-chain trade Gold and Silver futures. Synthetix is the first to provide support for these markets.

Moreover, when real-world markets open and close, an automated keeper is used to open and close GOLD, SILVER, and EUR markets. Synthetix engineers will no longer be required to manually open and close these marketplaces as a result of this improvement.

On the other hand, fees for all of the markets in this release (SOL, AVAX, MATIC, AAVE, UNI, EUR, GOLD, SILVER) are 100bps (or 1%), and the open interest caps are $1M. Governance action can change fees and open interest caps. Synthetix hopes to reduce trading fees as soon as possible and increase open interest caps.

If you are interested in trading Perpetual futures, here are the steps to do that:

  • Bridge assets to Optimism before converting to sUSD.
  • Find a trading frontend for Synthetix Futures.
  • Add an sUSD margin on the protocol.
  • Start trading.
Synthetix vs Mirror Comparison for Gold and Silver

Mirror protocol runs on top of the Terra blockchain network, which enables the creation of fungible synthetic assets known as mirror assets (mAssets). mAssets is the ongoing real-time value of share prices from leading corporations throughout the world, like Tesla (mTSLA), Apple (mAAPL), and Microsoft (mMSFT), among many others.

Also, the main difference between Synthetix and Mirror protocol is that they use different blockchains. Synthetix runs on Ethereum, while Mirror runs on Terra. This has an impact on gas prices because Terra has much lower gas prices than Ethereum.

Therefore, when it comes to the difference between Trading Gold and Silver, Synthetix has a unique market. Because of their partnership with Chainlink, they are the first to offer trading of Gold and Silver futures fully on-chain.

On the other hand, the Mirror protocol does not offer Gold and Silver. On their platform, you can trade only iShares Gold Trust and iShares Silver Trust.

More About Synthetix

This platform is based on Ethereum, and the name of this protocol’s synthetic assets is “Synths.” Synthetic assets, like other assets, track and provide the returns of another asset without requiring you to own that asset. Users can trade Synths on Kwenta, Synthetix’s decentralized exchange.

Moreover, it includes cryptocurrencies, indexes, inverses, and real-world assets such as gold. The Synthetix Network Token (SNX) is Synthetix’s native token that works as collateral against Synths issued.

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