Fringe is integrating Synthetix’s $SNX on October 7th!
Dear Fringe community, we bring exciting news for our newest integration!
Fringe will be listing $SNX on the Primary Lending Platform as an accepted collateral type. Thanks to this integration, users will be able to use their $SNX holdings to get collateralized $USDC loans, leveraging their positions with no need to dispose of their tokens!
$SNX is Synthetix’s governance token, allowing holders to participate in the governance of Synthetix. $SNX tokens are also used as collateral for the synthetic assets that are minted, this means that whenever synths are issued, $SNX tokens are locked up in a smart contract.
About Fringe Finance
Fringe Finance is a decentralized money market designed to unlock the capital spread in crypto assets regardless of their capitalization and supported network. With a next-generation DeFi lending & borrowing ecosystem, Fringe aims to unlock the dormant capital from traditional financial markets and all-tier cryptocurrencies.
For more information on Fringe Finance, visit our website.
Synthetix is a DeFi protocol that gives users on-chain access to a diverse range of crypto and non-crypto assets. The system, which is built on the Ethereum blockchain, provides users with access to highly liquid synthetic assets (synths). Synths track and offer returns on the underlying asset without requiring the asset to be held directly.
The platform’s goal is to widen the bitcoin ecosystem by incorporating non-blockchain assets, allowing users to get access to a more robust financial market.
For more information on Synthetix, access their website.