Synonym Finance Price (SYNO)

Synonym Finance (SYNO) Price Now

Synonym Finance price today is $0.0185 with a 24-hour trading volume of $14,669. SYNO price is down -3.55% in the last 24 hours. It has a max supply of 800Mil.
In order to search for real-time and historical information about Synonym Finance (SYNO) blockchain, including data related to blocks, transactions, addresses, and more, you may use Synonym Finance (SYNO) block explorers. Here are some of the most popular and useful Synonym Finance (SYNO) blockchain explorers out there:

• arbiscan.io

What Is Synonym Finance(SYNO)?

The native cryptographically-secure fungible protocol token of Synonym (ticker symbol SYNO, comprising a digital token-based representation of a suite of smart contracts or executable programming scripts deployed on the relevant blockchain-based distributed peer-to-peer network) is a transferable representation of attributed utility functions specified in the protocol/code of Synonym, and which is designed to be used solely as an interoperable utility token thereon.

Synonym is a universal cross-chain credit layer for busy DeFi Professionals. Synonym is building the cross-chain lending and borrowing experience that users deserve, powered by the Wormhole cross-chain technology stack. Users can earn yield, borrow, repay and withdraw from any chain, all from a single unified interface. Synonym markets are truly cross-collateralized, meaning users can borrow on destination chains with source chain collateral, all without using other applications to wrap, unwrap and swap cross-chain assets. Synonym also leverage the unique strengths of both Arbitrum and Circle’s CCTP-enabled USDC to improve the performance of our overall implementation.

How much can I borrow?

The maximum borrowing amount is determined by your supplied value and the available liquidity. For instance, borrowing a specific asset on a specific chain is not possible if there is insufficient liquidity or your collateralization ratio doesn't allow it. You can find details about each asset and its parameters in the "Details" page.

How much would I pay in interest?

The interest you pay for borrowing assets depends on the borrowing rate, which fluctuates based on the asset's utilization rate. You can always check your current borrowing rate in the Portfolio Overview page of the "Portfolio".

What happens when my collateralization ratio falls?

As the value of your supplied assets fluctuates, so will your collateralization ratio. An increasing collateralization ratio strengthens your borrowing position by making liquidation less likely. Conversely, if the value of your collateralized assets declines relative to your borrowed assets, the collateralization ratio decreases, elevating the risk of liquidation.

When do I have to payback my loan?

You're not bound by a fixed period to repay the loan. You can maintain the loan indefinitely as long as your position remains safe & healthy. However, remember that over time, accruing interest will lower your collateralization ratio, potentially leading to liquidation of your deposited assets, especially since interest rate is variable.

What assets are required for repayment?

Other than USDC, you repay the loan in the same asset and the same chain that you borrowed. For example, borrowing 1 wETH on Arbitrum means you repay 1 wETH on Arbitrum plus the accrued interest. USDC can be repaid from any chain to due to the use case of Circle CCTP.

How do I repay?

To repay the loan, navigate to the Borrowed Assets section of your "Portfolio" page, click the repay button for the asset you borrowed, choose the amount, and confirm the transaction.

How do I avoid being liquidated?

To avoid liquidation, either repay part or all of your loan, or deposit more assets to boost your collateralization ratio. Out of these options, repaying the loan will more effectively increase collateralization ratio.

Synonym Finance (SYNO) Community

• Twitter: https://twitter.com/synonymfinance
• Discord: http://discord.gg/synonymfinance
• Medium: https://synonymfinance.medium.com/

What is Synonym Finance (SYNO) Contracts address?

• Arbitrum(Arb One): 0x577fd586c9e6ba7f2e85e025d5824dbe19896656