Synthetix Launches Their First Synthetic Commodities

Earlier today, the synthetic asset protocol, Synthetix announced on Twitter the launch of their first synthetic commodities on the Layer 2 scaling solution for Ethereum, Optimism. Great news! We'll soon be launching our first synthetic commodities on @optimismPBC. Traders will be able to get immediate on-chain exposure to Gold and Silver markets on @kwenta_io And we're not stopping there 👇 pic.twitter.com/hs0Yf6571j — Synthetix ⚔️ (@synthetix_io) March 11, 2022 Synthetix Reports New Developments The objective of the synthetic commodity, as per Synthetix, is to allow traders to gain on-chain investment exposure to silver and gold marketplaces on Kwenta – a DApp leveraging the Synthetix protocol. Additionally, to ensure updated information is available for trading commodities, Synthetix has begun working with the oracle Chainlink. Synthetix has also announced its plans post launching gold and silver synthetic commodities is to explore other various types of synthetic commodities including precious metals, agricultural products, and energyThe post Synthetix Launches Their First Synthetic Commodities appeared first on Cryptoknowmics-Crypto News and Media Platform.