Accessing Omni-chain Liquidity In DeFi with SynthR
Money. There’s this popular saying where I’m from yeah, “Money na water”. Essentially, it means money is fluid, it’s always changing hands and sometimes, due to skill, sacrifice or luck, it gathers up in one hand, just like water fills a well.
The ease of movement of money, for transaction purposes and whatnot is the reason that so many fintech companies exist. People always seek out ways to move their money as easily as possible.
While some offer something different from most, and some others simply copy and paste, they — the fintech companies — all have one central promise: “We will help you securely store and move your money as quickly and conveniently as possible”.
In the world of defi, cryptocurrencies — $BNB, $SOL, $BTC and the like — are the only way to move funds. Government issued fiat (USD, EURO, etc.) is not a component of defi. Therefore, the ease with which funds can be moved in defi, across chains, is determined by smart contracts — specifically those that control bridging mechanisms.
Bridges are mediums (you can think of them as portals) through which cryptocurrencies can be sent from one blockchain to another. Bridges perform their roles well, for the most part. However, they usually present users with constraints such as time, complexity and expensive fees.
Most users have to deal with time delays, “hope” for the safety of their assets during cross-chain transactions and this can be both exhausting and frustrating.
SynthR is a decentralized application that hopes to completely eliminate the hassles of bridging. It is a dapp that integrates multiple chains on one app. Picture this: Facebook, Whatsapp, Instagram and Youtube, all in one app — same interface, multiple possibilities.
Here’s the beautiful thing, because SynthR has omni-chain capabilities, defi users can access multiple blockchains in one place seamlessly. So they can enjoy cross-chain swaps, cross-chain asset transfers, yield farming and other defi activities across multiple blockchains on one integrated platform; at insanely low fees.
Here are some of the interesting benefits associated with using SynthR:
- Real-world asset trading: Once users deposit funds into their registered wallets on SynthR, they can trade multiple synthetic versions of real-world assets like stocks and bonds.
- Slippage-free cross-chain swaps: Exchanging one asset for another, regardless of the blockchain is slippage free (you won’t have to sacrifice any portion of the tokens being swapped).
- Seamless Omni-chain infrastructure: There’s no distinguishing factor when conducting transactions across chain. Same-chain swaps and cross-chain swaps all feel the same.
- Low cross-chain transaction costs: When compared to other available solutions, SynthR charges about 80% less to carry out cross-chain swaps.
- High liquidity: Due to access to multiple chains, users enjoy more options and a bigger liquidity pool across multiple chains.
It doesn’t end there, SynthR caters to developers, granting access to deep liquidity pools so serve their DEX users. Liquidity providers on the other hand, can earn from a very generous 60% of protocol revenue, for contributing their funds to be utilized for swap transactions.
SynthR is still in testnet phase and it currently has cross-chain functionality available for 4 different test networks: Arbitrum Sepolia, Ethereum Sepolia, Avalanche Fuji and Binance Chain testnet.
When mainnet launches, it’ll be interesting to see how this dapp fulfills it’s promises, and how many chains it’ll be able to integrate.
Read up more about SynthR here
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