• Synthetix Introduces Its First Synthetic Commodities

  • Earlier morning, Synthetix, a synthetic asset protocol, announced on Twitter the introduction of their first synthetic commodities on Ethereum’s Layer 2 scaling solution, Optimism.

    Synthetix Announces New Initiatives

    According to Synthetix, the goal of the synthetic commodity is to allow traders to get on-chain investment exposure to silver and gold marketplaces on Kwenta – a DApp that leverages the Synthetix protocol. In addition, Synthetix has begun working with Oracle Chainlink to ensure that up-to-date information is available for commodity trading. Synthetix has also stated that after introducing gold and silver synthetic commodities, it intends to investigate other forms of synthetic commodities such as precious metals, agricultural products, and energy.

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