- The most important questions from the community in this thorough guide are answered to let the readers confidently mint XST assets while relishing security, style, and independence.
- This manual gives users a thorough grasp of how to use the platform confidently as the debut of SORA Synthetics (XST) draws near.
The community is bustling with inquiries on how to mint XST assets as the SORA Synthetics (XST) platform picks up steam with the release of algorithmic synthetic assets. We answer the most important questions from the community in this thorough guide to help you mint XST assets with confidence while still enjoying security, style, and independence.
Swap Fees and Asset Burning
Polkaswap and other SORA Synthetics platforms have swap fees set at 0.7 XOR, or about 15 cents at the time of writing. Additionally, to mint the required asset while exchanging XST assets, a corresponding number of XST tokens are destroyed as collateral. For instance, $1 worth of XST tokens is burned to create 1 XSTUSD.
Differentiating Synthetic Asset Fees
On the SORA Synthetics platform, different assets have different synthetic asset costs, such as XSTBTC or XSTCHF. These fees are set by governance and assessed in XOR at a rate of 0.666% in XST. For more understanding, we look at some real-world instances of asset movements and related costs.
Understanding Asset Flow and Pool Impact
On the SORA Synthetics platform, assets go in one of two directions: X > XST > XSTXXX, or XSTXXX > XST > X. We examine many instances of asset flows and their effects on the XOR-XST pool. Although XST-based assets cannot be pooled, there is an exemption for XSTUSD when combined with other SORA network tokens.
Understanding the Function of Oracles
SORA Synthetics uses Band Protocol to deliver price feeds for over 30 assets, including digital assets, fiat currencies, and physical assets. The article describes how oracles function to guarantee precise asset minting. Dynamic fees depending on changes in the Oracle price are established to discourage front-running, and a fallback mechanism to stop market manipulation is also included.
Using XST as Collateral
The benefits and drawbacks of doing so are discussed in this section. Contrary to other synthetic assets, it makes it possible to produce reliable XST-based tokens without the need for excessive collateralization. We emphasize the economical nature of XST-based minting.
Current XST Supply
Readers are referred to the SORA Ministry of Finance’s live data feed for the most recent information on XST supply. There are roughly 1,471,530,869.11 XST tokens in existence as of this writing.
Remaining XST Farming Opportunities
Prospects for farming the remaining XST tokens are discussed, along with the farming deadlines for each pool, to provide readers with a better understanding of the prospective prospects.
Pooling XOR + XST Assets
Readers are informed that, despite XST assets being ineligible for pooling, XSTUSD can be combined with other SORA network currencies.
Conclusion
This tutorial gives users a thorough grasp of how to use the platform confidently as the debut of SORA Synthetics (XST) draws near. XST provides a safe, dependable, and convenient way to investigate a variety of synthetic assets thanks to its avant-garde method of algorithmic asset minting. More documentation will be offered as the ecosystem develops further to aid users on their journey. Readers are invited to contact the SORA community on Twitter or Telegram for more support.
