Synthetify VC Pool

We’re proud to announce that on 28th June, Synthetify will launch a VC pool on Bonfida.

Synthetify is a decentralized synthetic assets exchange built on Solana, providing ultimate trading experience. The platform aims to provide a bridge between cryptocurrencies, stocks, fiat currencies and other financial instruments directly from one decentralized exchange.

The idea of VC pool is to let anybody have the ability to be a venture capitalist and take part in the early rounds of a project’s fund raising process. In partnership with Synthetify, Bonfida will be launching the SNY VC Pool where participants can deposit USDC, and the pool will swap the stablecoins for SNY at 1.35 USDC (10% off to IDO price).

How to Participate

FIDA must be purchased to participate in the Pool — it represents the right to be a part of the Pool. For every 15 USDC deposited in the Pool, users must pair it with 1 FIDA. Put simply, to buy 150 USDC of SNY you will need to put in 150 USDC + 10 FIDA. All FIDA in the pool will be burned after the pool initializes.

While SNY tokens purchased by the pool are unlocked, participants will not be able to withdraw from the pool for 1 year — which effectively makes the SNY “locked”.

As with all other Pools, depositing in the SNY VC Pool will receive the SNYPOOL token (similar to an LP token) that represents their ownership of the pool. This token can be used to redeem assets from the pool depending on their share of it.

There is a cap of 405,000 USDC, and the pool works on a first come first serve basis.

The guidelines are summarized as the following:

  • The pool will open at 20:00 June 28th (UTC +8) and will close at 21:00 June 28th (UTC+8)
  • The total allocation of SNY tokens is 300,000. The pool will swap the USDC for SNY at 1.35 USDC.
  • A maximum of 405,000 USDC can be deposited into the pool, once the pool reaches the limit, users won’t be able to deposit any more.
  • During the 1-hour time period, people will be able to deposit USDC + FIDA in the pool with a 15:1 ratio. Eg. To buy 150 USDC of SNY, you will need to put in 150 USDC + 10 FIDA
  • All FIDA deposited in the pool will be burned.
  • The deposit limit is max 450 USDC + 30 FIDA
  • After successfully depositing in the pool, users will receive a pool token: SNYPOOL
  • SNY tokens purchased by the pool are unlocked, however, the pool will remain locked for 1 year, i.e participants will not be able to withdraw from the pool for 1 year. SNYPOOL is unlocked and can be transferred/ traded freely while the pool is locked.
  • Fees: 0.5% (charged in pool token SNYPOOL at creation and redemption)

For example,

  • Alice deposits 450 USDC + 30 FIDA into the pool during the window period
  • she would receive 447.75 SNYPOOL tokens to represent her ownership of the underlying (after 0.5% fees being charged) immediately
  • As soon as she receives the SNYPOOL token, she can start trading it on the market.
  • After one year, when she redeems SNY tokens, another 0.5% charge will apply, and she would redeem 330 SNY tokens

(447.75 SNYPOOL*(1–0.5%)/ (1.35 USDC) =~330 SNY tokens )

About Synthetify:

Synthetify is a synthetic assets platform, fully built on the Solana blockchain. The platform aims to provide a bridge between cryptocurrencies, stocks, fiat currencies and other financial instruments directly from one decentralized exchange. Synthetify solves critical problems seen on other Synthetic assets platforms, like high fees, long confirmation times and losses caused by arbitrage during sharp market moves.

Synthetify protocol enables creation, exchange and burn of synthetic assets based on prices provided by a decentralized system of oracles. On Synthetify exchange trading is executed against the public debt pool that allows for almost infinite liquidity and zero slippage even during big trades. Participants of the debt pool earn pro rata exchange fees for acting as counterparties during trades. Debt pool participants need to constantly hold sufficient collateral in Synthetify tokens (SNY) to ensure platform stability.

Synthetify (SNY) is anticipated to hold the following utility:

  1. Collateral for creation of synthetic assets on Synthetify.
  2. Discount for performing swaps on Synthetify.
  3. In the future SNY will represent vote in governance decisions.

None of the above is financial advice.

Bonfida does not provide services to personal accounts of current residents of the United States of America, Cuba, Crimea and Sevastopol, Iran, Syria, North Korea, or Antigua and Barbuda.

FIDA is not offered within the United States or prohibited jurisdiction.

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