YDNEY--(BUSINESS WIRE)--Synthetix, a decentralized synthetic asset platform, has launched the first synthetic Bitcoin on the Ethereum blockchain. This release allows Ethereum users to gain non-custodial exposure to Bitcoin, which means they don’t nee...Mored to trust an institution or protocol to hold the underlying asset. The launch comes as part of a wider release of more synthetic assets, including silver and a variety of fiat currencies. Synthetix’s synthetic Bitcoin (sBTC) provides access to the value of Bitcoin without the friction of owning a Bitcoin wallet or holding it. It also enables it to be used within the Ethereum ecosystem, for such purposes as trading or any one of the many others available on the blockchain. sBTC is just one of many synthetic assets (called Synths) that are available for trading on Synthetix.Exchange, a trading platform that allows anyone to access a wide variety of assets without a counterparty. Synths are backed by cryptoassets, which means they’re decentralized and trustless, and liquidity is much easier because it doesn’t require a party to hold the underlying asset.
A quick snapshot of sBTC ROI (return on investment) over different time periods.
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Project announcements and news have a significant impact on the price. Below are live updates from sBTC's Twitter and Reddit accounts.
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