⚠️ Synthetic Market works in beta mode. The user assumes all risks when using Synthetic Market in beta mode. We recommend to trade in small amounts. We reserve the right to restrict access to Synthetic Market at any time.
Highlighted topics:
- Intro
Intro
The Synthetic Market is a platform for synthetic tokens trading, i.e. tokens that entirely or partially copy the attributes/properties (price, quantity, operating mechanism, etc.) of other assets. For example, wETH, renBTC, WBTC-ERC20-PPT, and others.
The necessity for such a market on the WX Network arose due to the difficulties in creating and using bridges for some cryptocurrencies and, at the same time, the users' will to trade these cryptocurrencies.
For example, creating a decentralized bridge for BTC to transfer it from Bitcoin to the Waves blockchain is difficult, but it is even more difficult to use it. But it would be a mistake not to give our users the possibility to trade this popular asset.
The second reason for the Synthetic Market launch is the need to prepare a decentralized solution for the derivatives market and leverage trading.
Synthetic Market trading is as easy as trading the Spot Market:
- user transfers tokens to the WX Network;
- then places an order in the trading pair in the Synthetic Market;
- order will be executed (fully or partially), when the price specified in the order and the price of the counter (reverse) order are within 0.5% of the index price.
Note: the index price is the average price of a cryptocurrency obtained from different exchanges.
How to trade in the Synthetic market
Open your WX Network wallet, hover over "Trading" at the top menu, and click on "Synthetic market".
Being in the tab, analyze a current market condition, fill out the order form, and click on the "Buy XBTC" or "Sell XBTC" button to place an order.
Feel free to contact us anytime if you still have any questions about WX Network.
tags*: synthetic market derivatives futures leverage trade trading exchange market limit order buy sell cryptocurrency newbie