Synthetix (SNX) Releases New Service for Olympic Betting Services

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On July 30, the Synthetix platform introduced blockchain-based Olympic gambling ahead of the Tokyo Olympic games. The new service is set to take place on the Ethereum layer-two Alpha scaling platform to accompany the Synthetix trading protocol. 

The highly anticipated launch was finally announced by Synthetix Kwenta exchange, a dApp that utilises the Synthetix protocol. Synthetix are set to leverage the advantages of lower fees and faster transactions by adopting optimistic roll-up technology.

Kwenta announced the release of four synthetic-based assets that will transact on the Ethereum lay-two platform. The assets suggested are set to include sBTC, sETH, sLink and sUSD. Nevertheless, kwenta affirmed that performance data collected from the aforementioned synthetic assets would enable the protocol to optimise and become closer to a beta launch.

According to affirmations made by Kwenta, the newly launched trading protocol on Ethereum layer-two would be able to offer an estimated 50x reduction in gas fees as well as significantly faster transaction speeds for participants.  It has been stated that the Synthetix community will monitor the initial progress and performance of the four assets on the scaling platform to assist with a vote to determine whether the four synthetic assets should be added. 

Concurrently, Kwenta also revealed the establishment of a new Synthetix-based Thales platform option amid the excitement of the commencing Olympic games in Tokyo. The Thales platform offer binary trading options with two alternative outcomes allowing participants to speculate on crpyto market price fluctuations. However, these types of trading tools are not permitted to retail users within the UK.