Synthetix’s sUSD listed on Binance’s Innovation Zone
Synthetix has been a prominent project in decentralized finance [DeFi] that allows derivatives trading. Its synthetic stablecoin asset, sUSD tracked the value of the USD Dollar and has also been experiencing a high demand on lending platforms, as noted by Synthetix. Looking at the rise in demand for sUSD [SUSD], Binance has announced to add it to its Innovation Zone.
The pairs making to the list are SUSD/BTC, SUSD/ETH, and SUSD/USDT. The trading of these pairs will begin from 4 December at 11:00 AM [UTC], but users will presently be able to deposit sUSD to prepare for trading, as per the announcement.
The addition of sUSD in the innovation zone noted that the more experienced traders will be able to try their hand at trading this new cryptocurrency on Binance. It restricts the ‘less suited’ users from trading the digital asset as a means to protect them from being exposed to potential risks that they could encounter. This was a category well suited for decentralized finance [DeFi] tokens. However, it also highlighted the potential sUSD offers for the mindful traders.
Synthetix on Twitter recently noted the rise in demand for sUSD and noted that users could borrow sUSD against Ethereum with a minimum of 150% Collateral Ratio. It added:
“Keep in mind that it’s a minimum 150% C-Ratio — that’s the liquidation point, so best to mint sUSD with a C-Ratio >150% as a buffer.”
sUSD has been noted to be positioned for a crypto-native stablecoin with a path towards decentralization and the evolution of DeFi, as per the Synthetix community. While the ecosystem grows, the sUSD might gain pace in the DeFi ecosystem and the users may be able to use it as an alternative to DAI.