Australian network Synthetix has launched a new suite of crypto-backed synthetic asset tokens after rebranding from Havven (HAV).
The 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’. 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.
Huge opportunity
“The rebrand from Havven represents a huge opportunity to clearly and memorably express the primary function of our system,” said Synthetix founder Kain Warwick (pictured).
“And our ability to create a variety of synthetic assets against a single collateral pool is a major milestone for decentralised finance.
“We can now mint several different decentralised stablecoins, and the system has the potential to mint hundreds of different assets in the future.”
The Synthetix Network is a decentralised, 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. Currently operating on Ethereum, Synthetix will also launch on EOSIO early next year, when 50% of SNXeos tokens will be airdropped to SNXeth holders.
Asset tracking
With today’s launch, Synthetix now has six synthetic assets available: sUSD, sEUR, sJPY, sKRW, sAUD, and sXAU. More will be launched in the next few months, tracking assets such as the Chinese Yuan and equities indices.
Synthetix says it will soon release a platform 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.
About Synthetix
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 one of the largest cryptocurrency payment gateways in Australia, processing tens of millions of dollars in transaction volume. Major backers of Synthetix include BlockTower, BlockAsset, GBIC, AlphaBlock Investments, and Astronaut Capital.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.