#KyberDeFi Partner Spotlight — Synthetix

Build with Synthetix and Kyber! 2 teams win $2500 in SNX tokens each, from a $42,000 hackathon prize pool!

Today we learn about our #KyberDeFi Virtual Hackathon partner Synthetix and their exciting tech!

Interested in building with Synthetix and Kyber? Synthetix is offering 2 bounty winners $2500 in SNX tokens each, from our total hackathon prize pool of $42,000!

Synthetix Bounties — $2500 in SNX tokens x2

Synthetix x Kyber Prize: $2,500 in SNX tokens for the best project that uses/integrates both Synthetix and Kyber.

for the best project that uses/integrates both Synthetix and Kyber. Synthetix — Best Use Case: $2,500 in SNX tokens

What is Synthetix?

Synthetix is a decentralized synthetic asset platform that provides on-chain exposure to real-world currencies, commodities, stocks, and indices.

The Synthetix protocol enables the creation of a wide range of tokens, each of which track the price of an underlying asset, including cryptocurrencies (long and short), indexes, commodities, and fiat currencies. These tokens (Synths) can be peer-to-contract (P2C) traded with infinite liquidity on our dApp, Synthetix.Exchange.

All Synths are backed by SNX tokens. Synths are minted when SNX holders stake their SNX as collateral using Mintr, a decentralised application for interacting with the Synthetix contracts. Synths are currently backed by a 750% Collateralisation Ratio, which means there is 7.5x the value of staked collateral compared to the total Synths minted. SNX stakers incur debt when they mint Synths, and to exit the system (i.e. unlock their SNX) they must pay back this debt by burning Synths.

SNX can be purchased on KyberSwap.com if required.

SNX Token information: https://etherscan.io/token/0xc011a72400e58ecd99ee497cf89e3775d4bd732f/

Other information: https://coinmarketcap.com/currencies/synthetix-network-token/

What can you build with Synthetix? Hackathon Ideas

1) Kyber and Synthetix Integration

Atomic Synth Swaps

In order to make the full range of Synths more accessible we want to launch a fork of the KyberSwap UI to enable any Synth to be purchased directly from the KyberSwap interface. By making all Synths accessible in the KyberSwap UI we will significantly expand the audience for Synths in the immediate term. Once users are comfortable holding Synths they may decide to test out Synthetix.Exchange, but even if they only ever trade Synths on KyberSwap the Synthetix contract will still capture exchange fees and pay them to SNX holders.

Completing this task includes the following:

Write a contract to atomically convert ETH -> sETH -> Synths

Fork the KyberSwap UI here and add all Synths

Write unit tests for all functionality

Integrate KyberSwap into Synthetix.Exchange. This would include forking the Synthetix.Exchange UI, which can be found here.

2) Best Use of Synthetix

Our team has brainstormed some suggestions, but there are sure to be more possibilities. We have a thriving community on Discord, so we’ve created a ‘hackathons’ channel for community.

Create a data layer (e.g. TheGraph) for our system’s transactional information. This could be a portfolio tracker for individual wallets.

A Telegram bot displaying regular Synth prices and/or SynthetixExchange trades

A ‘Trollbox’ to be integrated into Synthetix.Exchange

Discord integrations

On-chain analysis

Synthetix Technical Resources

Synthetix Social Media

Kain speaking at EDCON Sydney 2019

Synthetix Interview with Nugget’s News

Team behind Synthetix

We’re very happy to have Clinton Ennis, Technical Lead at Synthetix, as one of our hackathon judges!

#KyberDeFi Virtual Hackathon — Build with Synthetix

Come join the #KyberDeFi Virtual Hackathon! Help us build the future of DeFi with bZx, Chainlink, Compound, Melon, Synthetix, WBTC, and other ecosystem builders.

💰Over $42,000 in prizes to be won!

Submission Period: 9 Sep-21 Oct

Please contact Shane on Telegram for more information.

Launch Video: