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Sync Network
About Sync Network
The Sync Network is a DeFi project that stabilises liquidity pools through the use of CryptoBonds, which are NFTs that combine SYNC tokens with Uniswap liquidity provider tokens. These CryptoBonds incentivise long-term liquidity commitments and help mitigate the risk of rapid market crashes. The network operates under a governance model involving core developers and community members, ensuring decisions are made collectively.
The Sync Network (SYNC) is a decentralised finance (DeFi) project designed to bring stability and risk mitigation to liquidity pools within the DeFi ecosystem. The network primarily revolves around two main smart contracts: the SYNC ERC-20 contract and the CryptoBond ERC-721 contract. The SYNC token is an ERC-20 token with an uncapped supply, influenced by inflationary and deflationary mechanisms based on the creation and maturity of CryptoBonds. CryptoBonds are ERC-721 Non-Fungible Tokens (NFTs) that combine Uniswap liquidity provider tokens with SYNC tokens, locking them together until a specified maturity period is reached.
Sync Network utilises CryptoBonds to provide a long-term stability mechanism for liquidity pools. CryptoBonds are created by bonding SYNC tokens with Uniswap liquidity provider tokens, effectively locking them for periods ranging from 90 days to three years. This mechanism aims to prevent the common issue of rapid market crashes caused by mass unstaking in staking platforms. By incentivising long-term commitments, CryptoBonds help to foster a more robust decentralised market. CryptoBonds are tradeable and transferrable as NFTs, allowing holders to either trade them or hold them until maturity to receive both the staked SYNC and the mined SYNC rewards.