Synthetix (SNX) is a revolutionary decentralized finance platform enabling users to generate new cryptocurrencies by locking SNX coins as collateral, replicating real-world and crypto assets such as the US dollar or Bitcoin. These novel assets, known as synths, track the value of other assets via data feeds called oracles, enabling users to trade them without dependence on a specific institution and be exposed to market fluctuations. Synthetix stands out as a prominent project in the DeFi sector, providing users with diverse financial prospects. This article aims to address two common queries: What is Synthetix (SNX), and how can one purchase Synthetix (SNX) using TRY?
What is Synthetix (SNX)?
Synthetix serves as a decentralized finance (DeFi) software platform empowering users to create new cryptocurrencies mirroring real-world assets like the US dollar and cryptocurrencies like Bitcoin. Operating on a series of smart contracts on the Ethereum Blockchain, Synthetix accomplishes this through code alone without the need for a financial intermediary. This eliminates the necessity for users to place trust in a specific institution or individual, relying solely on the code’s intended execution. Access COINTURK FINANCE for the latest financial and business news.
To produce these new assets, Synthetix employs a process known as collateralization. Users must acquire the platform’s native cryptocurrency, SNX coin, and lock it into a specialized contract to mint these synths. For instance, a synth reflecting the US dollar’s value is termed sUSD, while a synth emulating Bitcoin’s price is referred to as sBTC. Synths can be created for any asset, including commodities like gold or currencies like the Euro or South Korean won. These synths track other assets’ values using specific data feeds called oracles, enabling users to experience market gains or losses.
To generate a synth, a user must obtain SNX and deposit it into the Synthetix platform. In return, Synthetix issues a new synth token chosen by the user. The value of the locked SNX must remain at or above 750% of the minted synth’s value as per the platform’s regulations. For example, if a user deposits SNX worth a thousand dollars, they receive sUSD worth 133 dollars. This collateralization ratio ensures the stability and support of synthetic assets.
The value of SNX, akin to other cryptocurrencies, is dictated by the open market. Consequently, the number of synths in circulation may fluctuate with SNX’s price. If SNX’s price increases, the system releases surplus SNX coins no longer necessary to secure previously created synths. These released tokens can be locked again to generate additional synths. For instance, if SNX’s price doubles, a portion of the initially locked SNX can be released, enabling the user to create more synths.
Synthetix employs oracles to price synths and facilitates a distinctive trading system. When a user exchanges one synth for another, the first synth is “burned” or eliminated, and the second synth is created based on the oracle’s price feed. This peer-to-peer contract trading system enables users to trade synths at any time at the specified price without awaiting a matching order. This method eliminates the need for substantial order volumes or a central exchange to facilitate currency conversions.
As of August 2020, Synthetix ranks among the leading DeFi projects with over 800 million dollars locked in its contracts. The platform continues to expand by incorporating more features and enhancing its infrastructure. The higher the price of SNX, the greater the number of synths that can be generated, boosting the platform’s liquidity and user engagement. Synthetix’s capacity to create and trade decentralized assets without intermediaries positions it as a key player in the DeFi sector, offering users a broad array of financial opportunities and flexibility.
How to Buy Synthetix (SNX) with TRY?
For investors in Turkey seeking to purchase Synthetix (SNX), Binance TR emerges as the most suitable cryptocurrency exchange. On Binance TR, where an account can be swiftly established, over 100 cryptocurrencies, including SNX, can be bought and sold. To acquire Synthetix (SNX) with TRY on Binance TR, follow the steps outlined below.
How to Open an Account on Binance TR?
Creating an account on Binance TR is straightforward. Visit trbinance.com and proceed from the “Create Account” step. You will be prompted to enter basic information like email address, phone number, name-surname, date of birth, nationality, and T.C. identity number in the account creation process.
After providing the requested information accurately, an email/sms verification will be conducted to validate the details. Upon completing this process, proceed to the second step, identity verification (KYC).
How to Verify an Account on Binance TR?
Identity verification on Binance TR is a crucial security measure that must be completed before engaging in cryptocurrency trading and during account setup. This process safeguards both the user and the cryptocurrency exchange. Identity verification can be carried out using a phone or through the official Binance TR website. Ensure you have your mobile phone available for identity verification via the website.
On the Binance TR website, navigate to the “Profile” option at the top right, select “Identity Verification and Limits” from the drop-down menu, and then click on “Verify.” Subsequently, scan the QR code displayed with your phone’s camera and continue the verification process on your phone. If you encounter issues scanning the QR code, opt for the “Copy URL” option to receive the identity verification address via SMS on your phone.
Upon entering the address on your phone or scanning the QR code, a screen similar to the one below will appear. Proceed by tapping on the “Identity” option.
Next, a screen resembling the one below will be visible. To proceed with the verification process, select the document type that aligns with your identification.
Post selecting the document type, continue by tapping on the “Upload Front” option. Capture a clear photo of the front side of the document per the selected document type, then tap on the “Upload Back” option to photograph the back side of the document. Ensure the images are legible, with the information easily readable when photographing the front and back sides of your ID card or driver’s license.
Subsequently, tap on the “Selfie” option. Your phone’s front camera will activate, prompting you to scan your face. When positioning your face, ensure it fills the camera area adequately.
Upon accurately completing all these steps, your identity verification process will be finalized promptly.
How to Deposit TL on Binance TR?
Depositing TL into your Binance TR account from any bank is a seamless process. You can deposit and trade TL continuously from Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts. Deposits from other banks up to 50 thousand TL can be made 24/7 using FAST. Deposits exceeding 50 thousand TL from other banks are processed during EFT hours.
To deposit funds into your Binance TR account, visit trbinance.com, hover over the “Wallet” option at the top left of the homepage, and select the “Deposit” option from the drop-down menu.
A page akin to the one below will appear, enabling you to initiate the deposit process by choosing your preferred bank. If your bank isn’t integrated with Binance TR yet, click on the “Other Banks” option.
In this illustration, we’ll proceed with Vakıfbank, but the process remains consistent for all other banks. Upon selecting Vakıfbank, you’ll be presented with an account name and IBAN address for transferring funds via wire transfer, EFT, or FAST. Proceed by transferring the desired deposit amount using the information provided on your preferred bank’s page via wire transfer, EFT, or FAST.
Upon completing the transfer process, the funds you send will automatically reflect in your Binance TR account wallet.
How to Buy SNX Coin with TL on Binance TR?
Following the deposit process, proceed to purchase SNX coins with TL by clicking on the “Buy-Sell” option in the top left menu on the Binance TR website.
After selecting this option, you’ll be directed to a page where you can input “SNX” in the search section on the right side, then select the SNX/TRY option to access the TL to SNX purchase page.
Upon reaching the SNX trading page, specify the price at which you wish to buy SNX in the first box and the quantity of SNX you desire to purchase in the second box. After entering the amount, complete the purchase by clicking on the “Buy SNX” button.
What is Binance TR?
Binance, the world’s largest cryptocurrency exchange by trading volume, introduced its platform Binance TR for Turkish cryptocurrency investors in 2020. Headquartered in Istanbul, Binance TR can be accessed at trbinance.com.
Leveraging Binance’s technology, security measures, and liquidity via the Binance Cloud infrastructure, Binance TR provides fiat-to-crypto and crypto-to-crypto trading services. Users in Turkey can seamlessly deposit and withdraw Turkish lira (TRY) through direct bank channels and trade various cryptocurrencies with TRY trading pairs on Binance TR.
Users supported by Binance TR with Binance’s core functionalities gain access to market-leading spot trading liquidity, a robust matching engine, advanced security protocols, custody solutions, and risk controls.
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Disclaimer:
The information contained in this article does not constitute investment advice. Investors should acknowledge the high volatility and risk associated with cryptocurrencies and conduct thorough research before making any investment decisions.
