AscendEX is excited to announce the listing of the Sypool token (SYP) under the trading pair USDT/SYP on Sept. 21 at 1 p.m. UTC. AscendEX will be integrating Staking and DeFi Yield Farming functionalities for Sypool.
In celebration of the SYP listing, AscendEX and the SYP team will launch a number of limited-time promotional events, taking place between 12:00 a.m. UTC, on Sept. 22, and 12:00 a.m. UTC, on Sept. 29, 2021. By depositing and trading SYP tokens, users will have the chance to share SYP pooled rewards worth up to 100,000 USDT.
Sypool is a cross-chain asset management protocol that allows users to design, build, and manage their portfolios in one place. Sypool is unique in that it is a synthetic asset management protocol where investors exchange SPL fund shares for tokens. Like traditional funds, investors are offered professional financial services, while fund managers are provided with a derivatives trading platform to utilize.
Sypool’s protocol is based on Synthetic Asset Pools (SAP), a form of DeFi Yield Farming. Pools are launched by pool managers and funded by users. The protocol protects users’ interests by involving four parties in each pool: the user, the manager, the exchange, and the oracle. The pool token holders are authorized to oversee the tokens in the pool according to specific preset strategies. Users can participate in the protocol by choosing their favorite pools and minting SAP tokens. If a user’s investment strategy changes, SAP tokens can be easily redeemed from protocol at any time.
The native token, SYP can be used to farm, trade, vote, and mint SAP tokens while distributing rewards to the community. Sypool acts like a blockchain fund because its shares are tokenized. AscendEX’s listing of Sypool’s token provides traders with the opportunity to gain valuable exposure to crypto derivative asset markets without the need to participate in them directly.
Sypool has created low-barrier access to sophisticated and powerful financial instruments by combining derivatives and DeFi. Sypool’s innovative product offering has taken cues from traditional financial services in off-chain environments and rebuilt them for on-chain blockchain based ecosystems.