Sypool Testnet Goes Live!

After taking feedback from users, the final round of the Sypool testnet is underway until Jan. 7.

Prize of 200,000 SYP

Sypool’s final testnet of the new user interface (UI) went live on Dec. 3 at 09:00 UTC and will last for five weeks, closing on Jan. 7 at 09:00 UTC.

This last round of the testnet trading competition, first detailed in a blog on Nov. 30, is being held to test the new UI in which all participant’s suggestions are welcome. The protocol added that SYP token holders who had at least 1,000 tokens before the competition will receive double rewards at the end of the competition as an expression of gratitude to their supporters.

“There are not so many asset management protocols similar to ours in the industry. Since there is nothing to refer to, we have to explore codes by ourselves. We must ensure that we are perfectly safe, so we had an ample testnet period,” stated Jackson Wong, the co-founder of Sypool, in the official Medium blog of the announcement.

Source: Sypool Medium

Sypool is based on Synthetic Asset Pools (SAPs) that are launched by pool managers and poured into by users. To ensure fairness in the protocol, the pools involve four parties that are stakeholders:

Managers – They are starters of every pool and have authorization by the pool’s share token (SAP) holders to manage tokens deposited in the pool per specific preset strategies.

Users – They choose their favorite pool and mint SAP tokens. These tokens can be redeemed by the protocol at any time.

Oracles – These are responsible for feeding price data into the smart token, providing the total market value of the token pool and the value of each currency. Tokens are minted and burned by users based on the price fed into the smart contract.

Exchange – Execution place for all transactions. DEXs are employed in the protocol to assure that all tokens will be traded.

Source: Sypool Gitbook

SAPs Introduced in the Testnet

Sypool has introduced 6 SAPs in the testnet on Dec. 3, namely, Top Crypto Index, Solana Eco Index, Trader-based SAP, Quant SAP, and Quant SAP – R1 & R2. For the former 2 SAPs, the weightage adjustment will take place every two months to half a year which will be disclosed after the fund adjustment.

Source: Sypool Medium
  • Top Crypto Index

The index is based on the top five cryptocurrency asset prices that is fed by Pyth. Currently, the weightage is calculated based on the circulating market capitalization on Jun. 2, 2021. The current weightage is as follows: BTC (62.7%), ETH (27.7%), BNB (5.1%), DOGE (3.8%) and SOL (0.7%).

  • Solana Eco Index

This index is based on the top seven crypto assets in the Solana ecosystem, as provided by Pyth. The weight is calculated based on the circulating market cap as of Dec. 2, 2021. The weightage is as follows: SOL (87.81%), FTT (8.70%), RAY (1.15%), SRM (0.95%), MNGO (0.39%) and PAI (1%).

  • Trader-based SAP

The SAP uses a traditional investment strategy that is based on researching valuable projects in the crypto domain. Currently, its allocation is BTC (20%), ETH (20%), SOL (5%) and USDC (55%).

  • Quant SAP

The SAP uses a quantitative trading strategy with the assets BTC, ETH, SOL, and USDT. Currently the allocation is BTC (15%), ETH (15%), SOL (10%) and USDC (60%).

  • Quant SAP – R1 & R2

This structured yield SAP is created by allocating the yields of Quant SAP with two ranks – R1 & R2. R1 is similar to a bond that has a fixed interest and R2 is another layer that gives higher returns for higher risks. Both ranks are close-ended and will be open for mint/burn on the first day and the weekends.

Source: Medium

Additionally, it is important to note that Test SYP equals $0.05 in the testnet.

What is Sypool Protocol?

Sypool is an asset management protocol built on the Solana ecosystem. The protocol allows users to exchange their fund shares with their tokens, i.e., BTC, ETH, SOL, etc. Eventually, the protocol wants to build a comprehensive DeFi ecosystem that uses the native token of Sypool, SYP. The protocol will also develop eco-projects around it.

Find more about Sypool Protocol here:

Website | Twitter | Github | Telegram | Medium | Discord | 

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