Hey all, finally the forum is back.
We are from the Baklava Space and building the #1 synthetic asset platform on Avalanche. In our protocol, we enable users to mint synthetic assets by collaterizing their LP tokens from TraderJoe and Pangolin.
You are currently depositing your tokens as liquidity on TraderJoe, and you want to buy Bitcoin because you are bullish on it. Unfortunately, you are short on cash (to deposit fiat and buy Bitcoin), and you do not want to sell your current holdings.
To accomodate this, you can utilize your TraderJoe LP token, deposit it into baklava.space, and mint the synthetic Bitcoin. When the price increase, you can unmint and enjoy the profit from the price differences. You can unmint and withdraw your LP tokens anytime.
We just launched it on November 2022. Give it a try! Visit baklava.space and mint your first synthetic assets now.
Great project! At first, I couldn’t understand what you mean to say with “synthetic asset”. But when I read rest of your description a light bulb went on in my head
Thanks for elaboration.
Would be beautiful if we can mint synthetic Avax.
Great project for the future
Here are some updates from the Baklava team.
- The synthetic minting is already live, and we are inviting all of you to test it and give us some feedbacks. We are exploring the possibilities to add other asset type, such as commodities and also other crypto assets. Let us know what we should add!
Link: Baklava Space
- We are working on integrating LayerZero to bring liquidity from other chains to Avalanche. We think this is a powerful feature whereby the TVL in Avalanche will be increased because of this integration. Looking forward to discuss if anyone want to talk about this.
- Looking for a way to utilize $BAVA token more. It is the governance token in Baklava Space protocol, users can earn rewards by staking $BAVA token. We are exploring the liquidity token from other major platform and will add more updates here soon.
Looking forward to hear from you all!
Commodities is very interesting. Do you mean you can allow commodity prices like synthetix did before? Any possibility to add stock prices?
Mirror on Terra did it before and it was a great product. I am wondering why there is no similar solution in the market right now.
Yes, we are looking to add these commodities (or even stock prices) to Baklava platform.
There are many requests about this. It will be very exciting.
We will kickstart this year with our first Twitter Spaces on Jan 25, 9 pm GMT+8
The guest lists are Kyber Network, Pangolin, Bitrue Indonesia, caesar.avax and Matt from Avalabs. Looking forward to see you all!
Imagine this: you got your tokens as liquidity on TraderJoe, and you want to buy Bitcoin 'cause you think it’s gonna go up. But you ain’t got no cash to buy it with, and you don’t want to sell your current holdings.
Baklava Space 9 got you covered though, you can use your TraderJoe LP token, deposit it on baklava.space, and mint yourself some synthetic Bitcoin. When the price goes up, you can unmint it and cash in on the profits. You can unmint and withdraw your LP tokens whenever you want.