Top Hidden Altcoin Gem With Massive Potential in 2021 As Crypto Market Heats Up
Popular channel Altcoin Daily unveils a hidden altcoin named Sync Network (SYNC) with massive potential to explode in 2021 as the crypto market is getting back on the bull track.
SYNC Network (SYNC)
The SYNC Network is a Layer 2 platform that creates cryptocurrency bonds that earn interest via Non-Fungible Tokens (NFTs). The network uses ‘CryptoBonds,’ a new sort of financial primitive, to create digital interest earning assets with a twist — receiving principal amounts plus earned interest in a fully trade-able NFT that can be sold on secondary markets like OpenSea and Rarible any time.
“SYNC Network offers tradable, time-locked liquidity stored in CryptoBonds, a brand new financial asset combining DeFi with NFTs,” the trader highlights.
“It is a complete DeFi’s brand-new asset class.”
According to the analyst, Despite their name, they do not share anything common with traditional finance bonds, meaning that there is no debt obligation to the person who holds them. Instead, these instruments deliver proof of a long-term position in liquidity pools — and it’s hoped that this asset will make the core of DeFi more resilient as a result.
Cryptobonds are established by taking equally valued amounts of liquidity token pairs from Uniswap and SYNC — and virtually locking them into an ERC-721 token.
“There are a number of issues that cryptobonds help resolve,”
Altcoin Daily points out that first and foremost is how there is currently a lack of long-term incentives in the decentralized finance sector, meaning that investors often remove their stakes at short notice as they continually chase the best results.
Another advantage lies in how founders can prove that they are committed to a project for the long term — with cryptobonds helping to remove some of the skepticism that often surrounds new coins.
SYNC is an ERC-20 cryptocurrency and NFT financial primitive that ‘bonds,’ or locks Uniswap liquidity pairs against SYNC tokens to make a tradeable ERC-721’s (or Cryptobond).
At the time of writing, SYNC was trading at $0.05, which is 75% down from its ATH.
“The total maximum supply of SYNC tokens is theoretically uncapped due to inflationary and deflationary effects derived from the market’s organic use of SYNC CryptoBonds, i.e., the CryptoBond market determines the deflation and inflation of the total SYNC supply.”
When a CryptoBond is created, the equal value of SYNC tokens is burned from the total supply.
Another interesting thing about SYNC is that although SYNC is not available for standalone staking, the platform utilizes CryptoBonds as a unique asset containing Uniswap Liquidity Provider Tokens (LPT) paired with SYNC tokens at equal US dollar amounts.