Question 1

What is Sync Network (SYNC)?

Accepted Answer

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.

Question 2

What is Sync Network (SYNC) used for?

Accepted Answer

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.

Question 3

Who created Sync Network (SYNC)?

Accepted Answer

Sync Network was co-founded by Scott, Frank, and Cryptogenik. Scott focuses on business and partnerships, leveraging his experience in project management and the banking industry. Frank, with a background in computer science and machine learning, handles the backend development. Cryptogenik, a full-stack developer, is responsible for frontend development and design. The project has evolved into a Decentralised Autonomous Organisation (DAO), where the entire community can participate in governance decisions. The original team handed over the control of the smart contract to the DeFi community, allowing CryptoBond holders to govern the network.

***Although 'SYNC' was the ticker assigned at the deployment of the Sync Network Token's smart contract, it is already in use by another asset that has a larger market presence and higher trading volume on major exchanges. Due to this pre-existing association and to avoid confusion in the marketplace, the alternative ticker 'SYNCN' has been adopted for this token. This designation is specifically used to ensure that assets are distinctly identified.***

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