Synthetic asset protocol for Polygon raises $1.5M from major investors
Polysynth aims to support trading for 100,000 different synthetic tokenized assets through its “virtual market maker” protocol. Polysynth, a Polygon-based synthetic asset platform, has secured investments from a number of DeFi venture capital firms and angel investors.The team announced a $1.5 million funding round as part of its seed round on Nov. 15, revealing participation from Jump Capital, DeFi Alliance, Hashed, and a number of individuals such as Alan Howard, co-founder of Brevan Howard Asset Management, and Polygon’s co-founders Sandeep Nailwal and Jaynti Kanani. Polysynth stated....
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Polygon (MATIC), an Ethereum (ETH) Layer 2 scaling solution, has unveiled a significant Improvement Proposal (PIP-29) that aims to establish a Protocol Council responsible for executing upgrades to system smart contracts. This proposal marks a major step towards implementing Governance 2.0 on the Polygon network. Polygon Unveils Protocol Council Per the announcement, the proposed Protocol […]
Two new synthetic asset and derivatives platforms look to take a slice of Synthetix’s pie. Synthetic assets, one of the most promising use cases for decentralized finance (DeFi), is becoming an increasingly competitive landscape as two new projects aim to bring scalability and new markets to traders. On Friday, decentralized derivatives exchange Injective Protocol began a push into synthetic assets with the launch of a 24/7 synthetic gold market on their Solstice layer-2 testnet. “It's fairly interesting to explore gold for the first commodity futures on Injective because Bitcoin and Gold....
Standard Hashrate is launching TAU, an algorithmic asset protocol backed by Bitcoin hash rate. A group of Bitcoin (BTC) mining companies have put their weight behind Standard Hashrate and its recently launched TAU Protocol, a synthetic asset platform using hashrate derivatives for its peg mechanism.Announced on Friday, the TAU project aims to create algorithmic versions of Bitcoin and other Proof-of-Work assets through a revisited rebase mechanism. The basic concept is similar to simple rebase coins, including the synthetic Bitcoin offered by Badger. The TAU protocol, however, adds a....
Synthetic assets are different DeFi platform tokens that digitally represent real-life derivatives like futures and options. They are created via smart contracts on a distributed and globally accessible blockchain network. Horizon Protocol Horizon Protocol is a DeFi platform for creating on-chain synthetic assets (zAssets) based on real-life financial assets. The protocol is a fork from the liquidity derivatives protocol, Synthetix. Therefore, instead of reinventing the wheel, Horizon improves the interoperability, scalability, speed, and affordability of on-chain derivatives trading. It....
Sky high gas prices may make synths more costly than the real thing. Decentralized finance protocol Kwenta has launched a series of synthetic tokens for popular stocks — but current gas prices could make trading them more expensive than buying the real thing.In a blog post on April 23, derivatives trading protocol Kwenta —an Ethereum dApp which is powered by Synthetix — announced the listing of various synths that track the prices of stocks from the top five tech firms known by the acronym FAANG. These comprise Facebook, Apple, Amazon, Netflix, and Google. Tesla was already available and....