SYNC Network-How You Can Earn Passive Income?

SYNC Network – Unleash the power of your crypto. SYNC is a platform that creates cryptocurrency bonds called “CryptoBonds”.

They can be used to create digital interest-earning. Additionally, with services tied to their SYNC token, these crypto bonds may earn interest.

The SYNC Network DAO was founded in the late summer of 2020 to incentivize and strengthen the liquidity behind decentralized exchanges using NFTs called CryptoBonds.

Since then, several products have been developed and successfully launched, all powered by the SYNC token.

In this guide, we will discover how you can generate passive income with Sync’s Network Staking. Also, we will learn about the sync network’s ecosystem.

What is SYNC Network?
Conclusion
FAQs

What is SYNC Network?

Sync Network in the Crypto World is a Layer-2 platform that offers a new way to earn interest on your holdings. Through a concept called “CryptoBonds”.

SYNC is an ERC-20 cryptocurrency and NFT financial that ‘bonds,’ or locks Uniswap liquidity pairs against SYNC tokens to make a tradable ERC-721’s (NFTs) called a ‘CryptoBond.’

What are CryptoBonds?

These are essentially interest-bearing financial instruments built with NFTs. You can think of them as certificates that lock up your crypto for a set period (like a bond) and earn you interest in return.

Additionally, this platform uses a unique system where interest rates are driven by supply and demand. The more liquidity locked in crypto bonds, the lower the interest rate, and vice versa.

Further, the Synk network positions itself as a way to bring stability and reduce risk in decentralized finance (DeFi).

Their cryptobonds offer a long-term staking option for Automated Market Makers (AMMS) which can help with liquidity management.

Despite being a long-term investment, CrptoBonds does not share anything in common with traditional finance bonds.

The name comes from the bonding of liquidity pairs and our token. These bonds introduce proof of a long-term position in DeFi liquidity pools, and will naturally strengthen the core of DeFi finance as a whole.

They are a tradeable, long-term stake bonding UniSwap liquidity -pair tokens together with SYNC.

CryptoBonds Interest Rates

SYNC balances itself through daily, self-correcting interest rates. These rates depend on three factors.

a. Total supply of sync in the market.

b. Duration of bond

c. Total bonded amount of that liquidity pair token.

The Anatomy of a Cryptobond NFT

What are the Ways to Earn Passive Income on Sync Network?

Tradable Locked Liquidity NFTs

SYNC network incentivizes you with high reward-generating NFTs called CryptoBonds for locking up your liquidity pool tokens.

You can maximize your financial opportunity via crypto bonds, a brand-new asset class that combines DeFi and NFT mechanics in a revolutionary way.

By locking your liquidity pool tokens and an equal amount of SYNC ERC-20 tokens, you will create a unique CryptoBond ERC-721 NFT that contains all said tokens.

Additionally, you can lock your tokens between 90 days and 3 years, the longer the more SYNC rewards you will earn on top of your UniSwap fees.

Further, your tokens are locked into your CryptoBond NFT, which you can sell on an NFT market like Rarible or OpenSea at any time and the rarity of the artwork may even add value

Defi Lending Collateral

You can use your CryptoBonds as collateral in a P2P lending platform, which allows you to get even more flexibility with your locked liquidity.

Maturate CryptoBonds

Upon maturity, you can visit Uniswap and exchange the LPTs for these tokens plus the acquired Uniswap fees. You could also keep the LPTs and continue to earn 0.3% Uniswap fees for providing liquidity.

After the maturity date mint SYNC rewards, collect included tokens and liquidity provider fees, and finally burn the CryptoBond in this process.

APY

This number displays the additional SYNC rewards in percentage added to the initially deposited amount when the CryptoBond was created.

The SYNC token amount on the left side is already transparently exposing the total (initial+rewards). The reward rates readjust daily based on the given token pairs’ market supply and demand.

CryptoBond NFT

Each CryptoBond’s artwork is randomly generated and features a rarity algorithm, which leads to over 1 trillion possible combinations and some very unique creations. That may sell higher than their contained token value.

How CryptoBonds are Beneficial?

In traditional finance, bonds are fixed-income securities issued by governments/corporations to investors who provide money/capital for loans that help finance projects or operations.

Security bonds are essentially an ‘I.O.U.’ that details the principal amount paid, the term and length of the bond, and establishes a fixed or variable rate of interest paid out to the investor.

The benefit of having a bond is that you get your principal amount returned plus interest, which is similar to how a CryptoBond works (which we will get into further down).

One key differentiator between a DeFi CryptoBond and a traditional one is that you can sell your CryptoBond any time you want on an NFT marketplace like Neon Rain (coming soon), Rarible, LooksRare, etc.

What is SyncSwap?

SyncSwap is a decentralized exchange (DEX) that offers you a secure and low-cost way to access DeFi.

Powered by zero-knowledge technology, SyncSwap provides you with a seamless and secure way to trade Ethereum-based assets. With SyncSwap, you can enjoy the benefits of DeFi without sacrificing security.

SyncSwap ($SYNC) Token Airdrop

SyncSwap is one of the first and biggest protocols in the zkSync ecosystem. Additionally, SyncSwap is a DeFi hub that allows you to trade and deposit liquidity into pools to earn trading fees.

That too, all with the same security as the Ethereum main net. On 1st March 2023, SyncSwap announced their zkSync Era test net.

Here is how you can receive a potential SyncSwap token.

a. Connect your wallet to SyncSwap.

b. Goto their Swap page. Choose the type and amount of tokens and click “Swap”.

c. Deposit liquidity to their Pools. On the top bar, click the down arrow, “Positions” and “New Position”. Select USDC and ETH and click “Enter Pool”.

Then click “Deposit” located on the left-hand side of the screen and deposit both USDC and ETH. Then, unlock your tokens and deposit them into the pool.

d. Join their Discord.

e.Goto their Guild page and complete the tasks.

The first phase of the SyncSwap loyalty program will last for 30 days from April 10th at 14.00(UTC) to May 10th at 15.00(UTC+1).

During this phase, 900,000 SYNC will be up for grabs. To participate, start trading ETH, USDC, BUSD(Celer Network), and USD+ to earn $SYNC.

You will automatically get 1 ySYNC for every $1 generated in trading fees. It is a non-transferable SyncSwap Loyalty Token that can also be converted to veSYNC tokens.

Read More Cryptos- How To Earn Passive Income?

Where Can You Buy Sync Network?

Chiefly, SYNC tokens can be traded on decentralized exchanges and centralized crypto exchanges.

The most popular exchange to buy and trade Sync Network is UniSwap V2 (Ethereum). Where the most active trading pair SYNC/WETH has a trading volume of $17,564.00 in the last 24 hours.

How to add Sync Token to Metamask?

a. In the wallet select the desired network and then in the cryptocurrencies section scroll to the bottom- click “Import tokens”.

b. Copy the Smart contract address for Sync Network from the list.

c. Paste into the “Smart Contract Address” field.

d. Click the “Add Custom Token” button.

Can You Stake SYNC Tokens?

Yes, although SYNC is not available for traditional 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.

By providing long-term liquidity to Uniswap, and incentivizing community members over the long term, the team aims to increase their members’ holdings of SYNC via bond maturity and serve as a model financial to help bring stability to the DeFi ecosystem.

Can You Modify a Cryptobond Once Created?

No, once a CryptoBond is created it cannot be changed, altered, or canceled in any way.

Can You See Cryptobond After Creation in a Wallet?

Yes. You are provided with a tradeable NFT CryptoBond that is not only rare but one-of-a-kind and collectible. CryptoBonds are unique and provide owners with a unique digital artwork representation.

You can customize your CryptoBond by lock-up period, and by visual rarity by using dApp to create your bond.

Upon CryptoBond creation, bonds can be viewed and are printable. Custom digital documents are created for easy viewership of these assets, showing all pertinent numerical information in an easy-to-view way.

Who are the Founders of SYNC Network?

The SYNC Network was developed by a core group of agile developers, but the platform is community-governed and a fully decentralized DeFi-ecosystem.

The SYNC Network is governed by token holders who put forth proposals for a community vote, with CrptoBond holders having the most power.

However, any SYNC token holder can create a governance proposal to be voted on by the community.

About SYNC

Price in USD – $0.012698

All-time high – $0.208692

Market Cap – $0.0

24h Volume – $18.3 Thousand

Contract Address – Oxb6ff968a8d214544caOdbc9b33f7ad6503efd32

ETH Address – Oxb6ff96b8a8d214544Odbc9b33f7ad6503efd32

SYNC Network is Bringing Stability to Liquidity Pools

One major problem teams have come across with the rise of yield farming is that liquidity providers have no loyalty. After all, it is only normal that you want to receive the best returns on your funds.

The problem is when DeFi whales skip from one platform to another they tend to remove their liquidity and dump their rewards.

This leaves the project’s community in a panic and destroys trust.

So, SYNC Networks offers a way to incentivize holding liquidity pairs for long periods, giving the industry the stability it needs for further growth.

Are Sync Tokens Released to the Public?

All of the tokens have been released. You can buy SYNC tokens on Uniswap.

Conclusion

For now, zkSync’s need for a token is up for debate, however, if they decide to run a DAO in the future, then a tradable token is likely.

Airdrops for DAO tokens are an approach to involve the larger community in the project’s governance and not necessarily a means to give cash rewards to users.

But historically, airdrops like these have turned out to be lucrative for early adopters.

The team is building strong partnerships through their DeFi liquidity locking service called SYNC-LOCK. Current partners include xBTC, DexTools, and TrustSwap.

Already Over 50 Governance Proposals

Anyone who owns CryptoBonds can participate in the DAO governance and contribute their ideas by creating or voting on proposals. Take a look at the proposals provided by a very active community of SYNC Network.

FAQs

What is a SYNC Network Coin?

It brings CryptoBonds to the market. A new asset class that combines High Yield Interest with Risk Reduction. Interest rates are driven by mathematical certainty adjusting daily with market supply and demand. CryptoBonds are fully tradable on a secondary market creating a new more robust speculation market, all while reducing overall downside risk.

How to mine SYNC Network Coin?

It has a consensus mechanism not mineable. You can mint these coins with the None algorithm.

How does the SYNC Network Coin work?

It is a token and it means it is a cryptocurrency. Based on its activities on the blockchain of other cryptocurrencies such as Ethereum blockchain or EOS Blockchain. For example, Chainlink, OmiseGo, and Ox.

Hot to use SYNC Network Coin in API?

To get price and historical data for SYNC Network coin, use API ID.

How much is SYNC Network Coin worth?

1 SYNC Network is worth $0.01254249 at the time of writing.

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