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Synthetix (SNX) Releases New Feature for Olympic Betting Services

By Luke F - Crypto Investor - 30-07-2021

Olympic Rings

The dApp protocol exchange that uses the synthetic protocol, Synthetix Kwenta, has finally announced the long-awaited launch for Olympic betting. The protocol exchange helps enable faster transactions and lower fees.

Kwenta announced four assets that will be used in the new feature to help gamblers with cryptocurrency trading on the Ethereum (ETH) layer-two platform at the event. These included; sUSD, Seth, sBTC, and sLINK. Kwenta also stated that the Ethereum layer-two trading protocol would provide a 50X reduction in gas expenses and also provide all participants with fast transaction speeds.

The synthetic community will assess with trial and error the four assets on the scaling platform before voting on the decision should they want to add more synthetic assets.

Kwenta also revealed a new Synthetix-based Thales platform option. Thales offers a binary options trading strategy with two alternative outcomes, allowing investors to gamble on crypto market investment prices.

In this context, the Thales Dapp provides over 60 different assets, including cryptocurrencies, commodities, equities, and index products, to construct markets, issue binary options tokens, and trade them all on a single platform.

The new trading option allows participants to join in and make potential profits by gambling on the Olympics sports market. A prime example is betting on whether the " USA will win most gold medals" or the " Australia’s men’s basketball team to win gold medal." As a result, participants can select tokens for either sLONG for yes or sSHORT for no.

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