What is Sync Network?
The SYNC Network is a Layer 2 decentralized finance (DeFi) platform allowing users to bond Uniswap liquidity within tradable ERC-721 Non Fungible Token contracts. Comprised of two main smart contracts, the SYNC ERC-20 contract and the CryptoBond ERC-721 (NFT) contract, SYNC allows users to create tradeable stake positions via bonding Uniswap LP liquidity pairs with platform native ERC-20 SYNC token, earning interest for providing liquidity to the underlying pool. When CryptoBonds are created, SYNC is burned from the total supply, thus the market for CryptoBonds determines deflation and inflation of SYNC token. Upon creation a CryptoBond locks liquidity-pair tokens with the corresponding dollar value in SYNC at the currently offered proof-of-liquidity SYNC mining reward rate of SYNC. The longer the CryptoBond stake is held, the higher the mining reward rate offered. When a CryptoBond matures and is claimed by its holder, the original bonded SYNC re-enters the market. Any SYNC mined by the CryptoBond during the maturation period may either be released periodically during the maturation period, or all at once upon maturity of the CryptoBond. As long as the Ethereum blockchain is running, CryptoBonds will provide a reliable means of mining SYNC by staking to provide proof-of-locked liquidity.
