Newsflash: spend SNX and sUSD with Monolith
Synthetic assets are one of the most ground-breaking innovations in decentralised finance today. If you’re unsure on what a synthetic asset is, it’s simply an asset that tracks the price of another underlying asset. They’re useful for giving DeFi users exposure to assets they may not have access to, all within a permissionless, open system.
Synthetic assets come in the form of tokens on the blockchain, and a number of examples can be found via the Monolith app. Today we’re pleased to announce the addition of SNX and sUSD, two tokens launched by the team behind Synthetix.
Synthetix is a DeFi protocol running on Ethereum that enables its users to trade synthetic assets. Its native token, SNX, can be staked on the protocol to mint sUSD, a synthetic asset that represents the price of the US Dollar. By minting sUSD, SNX stakers are eligible for weekly rewards paid out by the protocol. Holders are also able to trade sUSD for other tokens supported by Synthetix with zero slippage.
Synthetic stablecoins like sUSD are also useful as they don’t experience the same price volatility as other cryptocurrencies. They can be spent or used as a form of collateral without the risk of their value suddenly decreasing.
SNX and sUSD are both available now in your Monolith wallet.