What Is Syfin (SYF)?

What Is Syfin (SYF)? Complete Guide Review About Syfin.

What Is Syfin (SYF)?

This market is open and decentralized on the Fantom blockchain. Anyone can mint NFTs and list them for sale. This results in possible fakes and scammers. Syfin utilize different smart contracts to “Verify” or “Blacklist” users manually and this can take time. Please use due diligence when making purchases of NFTs! When you buy a NFT here you are directly sending that user SYF, there is no method of refunds. If it is too good to be true, it probably is! As they continue to grow, so will your verified artists. You may report a fake NFT or artist via the “Report NFT” button on each NFT detail page.

Syfin Storage Key Points

Coin BasicInformation
Coin NameSyfin
Short NameSYF
Circulating SupplyN/A
Total Supply100,000,000,000
Source CodeClick Here To View Source Code
ExplorersClick Here To View Explorers
Twitter PageClick Here To Visit Twitter Group
WhitepaperClick Here To View
Support24/7
Official Project WebsiteClick Here To Visit Project Website

How the protocol reacts to the markets

The price of Syfin will be more volatile at first. In periods of high demand, the protocol will be able to create higher staking rewards by selling more bonds. This in turn will bring in more investors seeking wealth creation, which increases demand further. This will create a feedback loop leading to the expansion of the DAO and an increasing PAPA price. Expansionary periods also allow the DAO to increase the liquidity held in its reserves.

In periods of low demand, staking and bonding rewards will also fall. This is a natural part of price action – nobody in the Cryptocurrency space is a stranger to falling prices. When prices fall far enough, the protocol will use its reserves to buy PAPA and stabilise it. Given that this reserve intervention is a certainty, risk falls as the price falls since buying volume is anticipated.

Why do Syfin need ICE DAO in the first place?

There is a demand for a decentralised reserve currency. Dollar-pegged stable coins have become an essential part of crypto due to their lack of volatility as compared to tokens such as Bitcoin and Ether. Users are comfortable with transacting using stablecoins knowing that they hold the same amount of purchasing power today vs. tomorrow. But this is not exactly true. The dollar is controlled by the US government and the Federal Reserve.

This means a depreciation of dollar also means a depreciation of these stable coins. ICE DAO aims to solve this by creating a free-floating reserve currency, ICE, that is backed by a basket of assets. By focusing on supply growth rather than price appreciation, Syfin hopes that ICE can function as a currency that is able to hold its purchasing power regardless of market volatility.

How does it work?

Syfin At a high level, ICE DAO consists of its protocol managed treasury, protocol owned liquidity (POL), bond mechanism, and staking rewards that are designed to control supply expansion. Bond sales generate profit for the protocol, and the treasury uses the profit to mint ICE and distribute them to stakers. With liquidity bonds, the protocol is able to accumulate its own liquidity. Check out the entry below on the importance of POL.

Why do Syfin need in the first place?

Dollar-pegged stable coins have become an essential part of crypto due to their lack of volatility as compared to tokens such as Bitcoin and Ethereum. Users are comfortable with transacting using stablecoins knowing that they hold the same amount of purchasing power today vs. tomorrow.

Syfin But this is a fallacy. The dollar is controlled by the US government and the Federal Reserve. This means a depreciation of dollar also means a depreciation of these stable coins – reducing your purchasing power both in real life and in the metaverse.

Why is PCV important?

As the protocol controls the funds in its treasury, ICE can only be minted or burned by the protocol. This also guarantees that the protocol can always back 1 ICE with 1 MIM. You can easily define the risk of your investment because you can be confident that the protocol will indefinitely buy ICE below 1 MIM with the treasury assets until no one is left to sell. You can’t trust the FED but you can trust the code.

Syfin As the protocol accumulates more PCV, a longer runway is guaranteed for the stakers. This means the stakers can be confident that the current staking APY can be sustained for a longer term because more funds are available in the treasury.