How does Symblox work?

Symblox
Symblox
Published in
1 min readMay 11, 2021

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All transactions on Symblox are carried out with the help of smart contracts. To make a transaction you must first issue assets on the platform. It’s very easy to do: after signing up, you launch the DApp and put the amount of stablecoins you want to generate. The system locks the amount of the collateral asset necessary to maintain the stablecoin peg.

After the synthetic assets are generated, they can be traded for profit. However, users have a number of ways to turn a profit as Symblox Protocol consists of one reserve pool and three applications, i.e., syFarming, syMinting, syTrading.

-Users collateralized assets with syFarming will expand the reserve pool and earn SYX tokens as rewards.

-The larger the reserve pool, the more synthetic assets users can issue, and the more SYX tokens can be rewarded.

-More synthetic assets also bring larger trading volumes, which in turn generates more trading fees.

Soon we will talk more about the SYX token, so stay tuned!

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Symblox
Symblox

Symblox is a decentralized synthetic asset issuance and trading protocol on the blockchain. https://symblox.io