Synthetix Network Token (SNX) Facilitating Seed Funding to Improve on Binary Options Trading PlatformSeptember 18, 2020
SynthetixDAO incubator is getting established as a Binary Options Trading platform. The goal for SynthetixDAO is to facilitate seed funding for a team to develop a binary options platform, which will make use of the Synthetix protocol.
Previously in June, they have launched binary options providing support for more than 25 different asset types. The Binary Options market as stationed in Synthetix Exchange did well. The developers ever since are working on delivering the rest of the roadmap for the year 2020. They are now looking to identify a motivated team to take the binary options stuff on the platform to the next level.
The project is looking for a team come up with a comprehensive interface, which will facilitate all the aspects of the binary options trading functionality on Synthetix.
“The process of identifying the right team will pass across different stages like market creation, bidding, creating a trading phase where there will be buying and selling of binary option ERC-20 and ultimately implementing the options in the Maturity Phase.”
The community are currently discussing about launching an options DAO to provide for exotic markets which will be created in a way to conform to the market resolution specifications for Binary options.
Since, the Synthetix.Exchange are not having an interface for the Trading Phase, they looking to get this done with a new team. More about his already published in their blog. The Synthetix DAO is set to provide the required seed funding for this project. It is expected for the code to be open source and the project is expected to become self-funding over time.
The seed funding will help the team to go to the monetization phase of the project very soon.
Sydney Ifergan, the crypto expert tweeted: “Synthetix Network Token (SNX) are very clear about the importance of monetization of their binary options project. I think it is ultimately all about profits by use case.”
Synthetix Network Token (SNX) Volume Incentive Program
Synthetix tweeted: “The project may also take part in our volume incentive program, whereby platforms are rewarded with SNX from the synthetixDAO for driving trading volume through Synthetix. 7”
At present, there is no mechanism in place to capture the fees during the binary options Trading Phase. This they say is intentional in a way to permit projects that are building a binary options exchange to capture value in the markets. Since this is the first project some kind of flexibility is expected to be around the project.