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Mar 12, 2022
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.
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 energy
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Priyanka is an active crypto enthusiast. Having graduated with a BA in Journalism and Mass Communication, she is a passionate content writer with a strong understanding of financial content. She has been writing on crypto and blockchain-related topics for the last three years and is an active trader.