SynthX Lab - Synthetix Derivatives Protocol
Inspired by the Synthetix Derivatives Protocol, SynthX Lab was created as a crypto-backed synthetic asset platform built on the XDC Network.
SynthX Lab is a decentralized protocol for issuing synthetic assets, built on the XDC Network
On SynthX Lab, liquidity for synthetic assets is generated through staking and swapping.
To ensure the protocol remains backed by sufficient collateral, stakers are incentivized to maintain their Collateralization Ratio (C-Ratio) at the target level.
Currently, the platform calculates the C-Ratio based on fluctuations in the prices of XDC and PLI.
Starts with rewards for stakers and go on to the launch on mainnet
SynthX Lab enables users to purchase a variety of synthetic assets using XDUSD, a stablecoin backed by XDC and PLI tokens.
Plugin created this product to demonstrate the stability and reliability of Plugin feeds for tracking various asset and commodity prices.
As a community-driven project, all you need to participate is Testnet XDC or Testnet PLI to explore the platform.
XDUSD is a stablecoin backed by XDC and PLI tokens, pegged to the USDT value. By staking PLI or XDC, XDUSD is minted.