Learning the friendly way

Synthetix offers a unique approach to DeFi (decentralized finance) through its ability to track and provide returns on underlying (synthetic) assets without requiring one to directly hold the asset. By depositing Synthetix's native token, the SNX token, into a smart contract, users can mint synthetic fiat currencies (or any supported underlying assets) known as synths that can be tracked and traded through the platform or other DeFi platforms.

Formerly called Havven, Synthetix rebranded in 2018 and has built up a solid reputation within the crypto and DeFi ecosystem since. 

What is Synthetix (SNX)?

Synthetix is a groundbreaking decentralized asset protection protocol that permits users to mint, hold, and trade derivatives across different asset classes such as commodities, fiat currencies, stocks, and even cryptocurrencies like Bitcoin. This provides an efficient way to gain exposure without needing ownership of the underlying securities or having to rely on centralized intermediaries.

Through the protocol's synthetic assets known as synths, collateralized by the Synthetix Network Token (SNX), users can gain access to classic financial assets and opportunities for new trading strategies while also realizing an increase in the value and liquidity of the underlying assets. The platform also offers binary options, and opportunities to gain capital for different components within the Synthetix ecosystem. 

When the platform launched in 2017 it was governed by the Synthetix Foundation, an Australian non-profit foundation. However, by 2020, the ecosystem is now governed by three decentralized autonomous organizations:

• ProtocolDAO: responsible for controlling the funding for protocol upgrades and changes to Synthetix’s smart contracts
• GrantsDAO: responsible for controlling funding for the community proposals for public goods on Synthetix
• SynthetixDAO: responsible for controlling funding for entities that are advancing the network’s development.

Synthetix provides a decentralized, permissionless, and censorship-resistant platform that allows users to gain exposure to both crypto and non-crypto assets without the need for ownership of these assets. This enables anyone with an interest in DeFi to join the industry through the use of synthetic assets regardless of whether they hold the actual assets or not.

Who created the Synthetix platform?

The platform was initially launched by Kain Warwick in 2017 under the name Havven (HAV) before rebranding to Synthetix a year later. Warwick has previously been an Advisory Council Member in Blockchain Australia and an Advisory Board Member at The Burger Collective. 

Warwick teamed up with software developer Peter McKean, the platform's acting CEO and business strategist, market analyst, and sales leader, Jordan Momtazi, who acts as COO. The CTO, Justin J. Moses, co-founded Pouncer with Warwick, an Australian live-action site, and has been a part of Synthetix since its conception. 

In 2018, the platform raised $30 million through an Initial Coin Offering (ICO) initiative. In 2019, Synthetix raised a further $3.9 million by selling SNX tokens to Framework Ventures. 

The initial goal of the platform was to create cryptocurrencies that tracked the performance of cash like the U.S. dollar or the Euro on various blockchains, including Ethereum and EOS. After rebranding, the platform expanded its goals to incorporate synthetic assets for commodities and other cryptocurrencies. 

How does the Synthetix protocol work?

Synthetix's synthetic assets minting service is powered by two separate cryptocurrencies. The first cryptocurrency is its native token, Synthetix Network Token (SNX), and the second is synths, a versatile digital asset with the capability to mimic any real-world underlying asset.

In order to generate synths, a user will need to buy SNX and deposit it onto the platform. The platform will then create a new synth token relative to what the user is after. The value of the deposited SNX is then locked and is required to remain at or above 750% of the value of the synth created. I.e. if a user deposited $1,000 worth of SNX to create synthetic Euros, they would receive $133 worth of sEUR. 

Economics

As the SNX token is a tradable cryptocurrency its value is dependent on the open market. As the price fluctuates, the number of synths in circulation will also fluctuate. I.e. when the SNX price rises, the protocol will release additional SNX tokens that are not needed to guarantee previously created synths. These SNX tokens can then be locked up again to create new synths. 

Using the example above, if the price of SNX doubled this would release half of the $1,000 of SNX tokens locked up. These funds could then be used to create more sEUR synths. The higher the SNX price, the more synths can be created. 

Kwenta (DEX)

The Synthetix protocol uses price feeds known as oracles to determine the price of synths. When two synths are exchanged, the first synth is burned (destroyed) and the synth it is being exchanged for will use the price feed to determine its price. The protocol will then automatically create the correct number of synths based on this information. 

Another important element of the Synthetix ecosystem is Kwenta, a decentralized exchange (DEX) that facilitates the trading of synths and cryptocurrencies. Kwenta utilizes peer-to-contract trading, using smart contracts instead of an order book.

Bypassing central exchanges and the capacity to deal with large amounts of orders, this peer-to-contract style of trading easily converts currencies and does not require any waiting periods for matches to be fulfilled. 

DeFi

As synths are Ethereum-based they can be deposited on other compatible DeFi platforms (Uniswap, Curve) to provide liquidity and earn interest. Alongside derivatives, synths play an integral role in building markets and helping them reach equilibrium by facilitating price recovery and assisting to hedge against volatility.

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What is SNX?

Synthetix Network Token (SNX) is an ERC-20 token native to the Synthetix ecosystem. The tokens are used to provide collateral when minting the synthetic assets on the platform, meaning that they are locked up in smart contracts when synths are created, and can also be used for staking. When deposited into the staking pool holders earn rewards, which are generated through transaction fees paid on the Synthetix Exchange. 

Through the derivatives liquidity protocol, the exchange also provides a platform for trading synths (digital assets portraying real-world assets).

There is a maximum supply of 308,069,419 SNX, of which there are roughly 81% in circulation (at the time of writing). 

How can I buy Synthetix (SNX) tokens?

Anyone can add SNX tokens to their cryptocurrency portfolio with the Tap app. This intuitive mobile app allows for a comprehensive and secure experience when trading cryptocurrencies. Creating and verifying an account is straightforward, allowing anyone easy access to buy or sell Synthetix Network Token (SNX) safely. 

Tap into the Synthetix market with Tap's integrated crypto wallet and buy SNX tokens using both fiat currencies and cryptocurrencies. Download the app and create an account to get access to buy, sell, hold and trade SNX.

Formerly called the Matic Network, Polygon was created as a scaling solution to improve on some of the problems (including transaction price) within the blockchain network. Currently sitting within the top 20 biggest cryptocurrencies based on market cap, Polygon has caught the attention of many crypto investors. In this article, let's explore what Polygon is and discover the services and use cases associated with MATIC.

By providing a framework for generating scaling solutions that are compatible with Ethereum, Polygon aims to guide that future closer to reality. The team has announced the launch of a Proof of Stake sidechain, which has already attracted some interest among the Bitcoin, decentralised apps and cryptocurrency community.

The much-anticipated Ethereum scalability roadmap is now coming into force, and the Polygon initiative is one of them helping to achieve this. Let's take a closer look at the platform.

What is Polygon (MATIC)?

The Polygon network enables the development of Ethereum-compatible blockchain networks and scaling protocols. Polygon is more of a protocol than a single solution. This is why one of the ecosystem's primary products is the Polygon SDK, which allows developers to create these Ethereum-compliant networks. Designed as a modular, flexible second layer, the network aims to expand Ethereum in terms of size, efficiency, usefulness and security and in turn transform it into a full-fledged multi-chain system. 

Polygon uses a Proof-of-Stake consensus mechanism combined with the Plasma Framework. The Plasma Framework facilitates the execution of scalable and autonomous smart contracts, as proposed by Ethereum founder Vitalik Buterin. 

Through the platform's intricate technology and architecture, Polygon can process up to 65,000 transactions per second and execute block confirmation in less than two seconds. While Polygon is currently only interoperable with the Ethereum network, in the future it aims to support several other top blockchain platforms. 

Who founded Polygon / Matic?

The network was created by blockchain developers Jaynti Kanani, Sandeep Nailwal, and Mihailo Bjelic all with extensive experience building with Ethereum. The other co-founder, Anurag Arjun, is the only founding member to come from a non-programming background and serves as a business consultant and product manager.

After a successful ICO in 2017 and 2019, the team raised over $5.6 million. The Matic Network was later launched in 2017, before undergoing a rebranding in 2021 to the Polygon network as it is known today.  

How does Polygon work?

Polygon is a multi-chain platform that makes use of a network of side chains to facilitate transactions in an effective and cost-efficient manner. Bound to the Ethereum blockchain, Polygon can handle many different protocols, including the recently popular DeFi movement.

Polygon has similar functionality to other blockchain platforms like Polkadot, Cosmos, and Avalanche.

Through the platform, users are able to build Ethereum-compatible decentralized applications (dapps) using sidechain architecture and connect them to the main blockchain.

Through the PoS mechanism, users are able to stake MATIC in order to validate transactions as well as vote on network upgrades. The platform also uses a process known as PoS 'checkpointing' which revolves around a select team of block producers being appointed to each checkpoint by the stakers on the network.

These producers enable the platform to create blocks at a rapid pace as well as maintain decentralization by delegating PoS checkpoints to the main Ethereum chain. Block validation happens when periodical proofs of blocks are published by the block producers.

The Polygon network allows you to execute almost all of the same functions as Ethereum, but with fees that are significantly lower.

What is MATIC?

Matic is the native cryptocurrency to the Polygon network and gets its name from the platform's former name. MATIC is a utility token centred around providing governance rights and securing the network, as well as being used for staking and gas fees on the platform. 

As a sidechain, it runs parallel to Ethereum. It's used for fees, staking, and more. Polygon is a "layer two" or "sidechain" scaling solution that runs alongside the Ethereum blockchain - allowing for speedy transactions and low fees. The end goal of Polygon is to achieve millions of transactions per second.

The Polygon Network uses its own cryptocurrency, MATIC, to pay fees on the network, for staking, and for governance (meaning holders of the token get to vote on changes). The acronym MATIC is derived from Polygon's earlier days. Polygon was launched as Matic Network in October 2017, but developers changed their name to Polygon in early 2021.

Polygon's MATIC token is an ERC-20 standard utility token based on Ethereum. The token allows for low fees and instant transactions, just like the rest of the Polygon ecosystem. The maximum supply of MATIC is 10 billion coins, with new coins released into circulation on a monthly basis. At the time of writing roughly 70% of this total supply has entered circulation with all coins scheduled to be released into circulation by December 2022, according to the official schedule. With a maximum supply capped at 10 billion, this is making MATIC deflationary.

How has the price of Polygon (MATIC) changed over time?

Let's explore the MATIC price performance, looking at the value in US dollars. After a launchpad sale selling MATIC tokens at $0.00263 per token in April 2019, MATIC soon began trading at $0.0044 once launched on its own network.

For the next nineteen months, the price ranged between $0.01 and $0.03, before gradually entering a more bullish trading period in early 2021.

Opening the year at $0.01, the price reached $0.41 in March before soaring to its current all-time high price of $2.68 achieved in mid-May. Following the price peak, the price soon dropped to $1.08 in the next five days, before correcting to $2.21.

In July 2021, the MATIC price reached a low of $0.61 before embarking on a gradual uptrend. How much is Polygon worth? Several months later and at the time of writing MATIC was trading at $1.60.

What factors can affect the price of Polygon (MATIC)?

There are several factors affecting the price of the Polygon token, MATIC. The most pressing factors are the demand for the token (people buying and selling the cryptocurrency) and the number of users looking to participate in staking.

Other factors include the general crypto economics, the market sentiment, the project's fundamental and technical developments, the news surrounding both the MATIC market and cryptocurrency market in general, and how actively the token is traded on exchanges (inflow and outflow). Regulation announcements also typically affect the price of cryptocurrencies as consumers outside of the market gain more confidence in digital asset investment.

How to buy MATIC

MATIC is one of the many cryptocurrencies tradable on Tap, providing users seamless access to the growing cryptocurrency market. Users can buy, sell, trade, and store a variety of top cryptocurrencies through the simplicity of our Tap mobile app with an integrated digital wallet.

Tap is the best place to buy, sell, trade, and hold MATIC in the United Kingdom and European regions. Signing up for a Tap account enables you to buy, sell, and hold fiat and cryptocurrency and be a part of the financial revolution.

You can read more in-depth articles on cryptocurrency coins and tokens and study how cryptocurrencies like MATIC work in our crypto basic blog.

We are delighted to announce the listing and support of ApeCoin (APE) on Tap!

APE is now available for trading on the Tap mobile app. You can now Buy, Sell, Trade or hold APE for any of the other asset supported on the platform without any pair boundaries. Tap is pair agnostic, meaning you can trade any asset for any other asset without having to worries if a "trading pair" is available.

We believe supporting APE will provide value to our users. We are looking forward to continue supporting new crypto projects with the aim of providing access to financial power and freedom for all.

ApeCoin is an ERC-20 utility and governance token used within the APE ecosystem. The founding roots of ApeCoin lie in the NFT series Bored Ape Yacht Club (BAYC), a creation by Web3 company Yuga Labs.

ApeCoin, the fungible token, and a number of products and services make up the ApeCoin ecosystem. The coin is governed by the ApeCoin DAO, of which all token holders are eligible to become members. The ApeCoin DAO makes decisions on matters such as governance rules, partnerships, projects, Ecosystem Fund allocations, and more.

ApeCoin grants holders access to exclusive games and services within the Ape Ecosystem and can be used for transaction purposes on the Otherside metaverse. It also acts as a tool in which third-party developers can tap into the Ape Ecosystem by incorporating APE into their own projects, games, and services.

Get to know more about ApeCoin (APE) in our dedicated article here.

We might all view success differently, but at the end of the day, we want to have enough money to allow us to live debt-free, stress-free, and with a positive retirement ahead of us. While we’re not advocating that being a millionaire is the be-all and end-all, we are looking to them to see what small changes we can implement into our lives to better steer our own financial paths. 
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A few basic principles of self-made millionaires

Below we explore 5 habits that the average millionaire does, according to a plethora of data collected by Tom Corley. Over five years he asked 233 millionaires 20 broad questions (and 144 sub-questions) concerning their daily activities. These were the results. 
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1. They never stop learning

U.S. President Harry Truman is known for saying, "Not all readers are leaders, but all leaders are readers." Self-made millionaires prioritize learning and self-improvement, with 49% saying that they spent a few minutes every day learning new words. 61% said that they spent at least two hours a day practicing new skills.
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Reading plays a vital role in this process, with 71% often reading self-help books while 63% said listened to audiobooks during periods of commute. It was noted that most of the case studies admitted to reading biographies of successful people, typically wealthy people who had built something from the ground up.
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Health was another top priority. 
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2. They are aware of their weaknesses, and delegate accordingly

86% of the millionaires interviewed worked an average a minimum of fifty hours a week. While the hours are impressive, these millionaires committed time to build and surround themselves with great teams. They focused on their strengths and outsourced their weaknesses. 
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No one is a jack of all trades, and these successful individuals honed in on identifying and accepting their weaknesses. Most millionaires noted that if they didn't possess a particular skill, they delegated the task to someone that did, freeing up time and energy. 
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3. They're not afraid to dream big

Millionaires are not confined to small-space things and actively work on setting and implementing their dream lives. While financial moves are calculated, and rarely based on instant gratification, they also allow space to think outside the box and pursue dreams that others might try to deter them from.
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With a solid mindset and the right determination, most of these millionaires were able to achieve their dream goals. According to Corley's data, many of the participants in the study used the "Dream-Setting" strategy where they sit down and write out what they want their day-to-day life to look like in 10 years' time. The results didn't arrive overnight, but for many, it did materialize in the years to follow.
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This strategy is used by coaches around the world to assist their clients with building wealth and ultimately reaching a million dollar net worth. While people tend to associate rich people with lavish lifestyles, the reality is that a lot of them can be found living in a modest neighborhood wearing inexpensive clothes and driving modest cars. It's the money habits that matter.
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4. They listen more than they talk

Over the course of the study, several strategies kept appearing. One of them was the "5:1 listening rule". This involves listening for five minutes for every one minute that you talk. This strategy is known to provide a variety of perspectives and strengthen work relationships. 
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In fact, 81% of the participants said they make a daily habit of actively seeking feedback from others within and outside of the workplace. 
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5. Millionaires create their own opportunities

The Roman philosopher Seneca is attributed with saying, "luck is what happens when preparation meets opportunity." While 94% of the participants firmly stated they would never gamble, most of them had the skill to see what others couldn't, and act on it. Whether it be through innovative routes to success or creative solutions, these millionaires were able to build their own "luck". 
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Eventually, with consistent effort comes immense opportunity. If you keep pursuing your goals and never give up on your dreams, luck will eventually find its way to you.
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The habits of wealthy people

If your goal is to build wealth, whether to retire comfortably or impact future generations, consider these habits that self-made millionaires have adopted and consider incorporating some or all of them into your daily living. While wealthy people might not be the greatest role models, self-made millionaires certainly know a thing or two.

A common misconception for people outside of the crypto community is that cryptocurrencies are used for illicit and fraudulent activities. While a decade ago, cryptocurrencies were largely associated with the dark web and drug trafficking, these days the modern crypto landscape is much more regulated.

In fact, most countries these days have integrated rules and regulations pertaining to the use of cryptocurrencies, from conducting business with crypto to outlining the tax requirements.

The industry is also required to complete stringent KYC (Know Your Customer), AML (anti-money laundering), and anti-fraud procedures when working with crypto, leaving little to no room for criminal activity or criminal networks involved.

Understanding the intricate world of crypto compliance: avoiding serious and organized crime

Staying compliant with cryptocurrency regulations is vital for all companies in the industry, as failure to do so can result in hefty fines and loss of business. Established businesses take KYC/KYB/AML processes very seriously in order to protect their reputation and minimize risk.

Leading market players are not the only ones that must adhere to these tight regulations. Every platform that enables crypto transactions in most crypto-friendly nations is required to follow such protocols. These entail thorough KYC/AML procedures and establishing the identity of its clients.

The company is required to comply with local requirements if it wants to operate legally. Another reason why using a regulated platform to manage your cryptocurrency is always the best option.

At the same time, B2B clients have entirely different expectations. KYB serves to evaluate every potential partner thoroughly, working out many details and investigating the company's directors.

A few compliance tips for businesses:

• Ensure your staff and partners have a basic understanding of crypto security measures.
• Make sure your policies are always up to date and submitted on time.
• Ensure monitoring procedures are up to date and operating optimally.
• Review your past progress and adapt your plans as needed. 

Crypto vs fiat currency: law enforcement investigations

According to a study, less than 1% of illicit funds used in financial crimes in 2019 were carried out using digital assets (even less in 2020). Considering how cryptocurrency operates, this number may surprise you. What's more surprising is that most of these crimes were related to scams; less than money laundering, drug trafficking, terrorist financing, and any other major major criminal use of cryptocurrency.

Money laundering statistics currently attribute $1.6 billion worth of cryptocurrencies being involved in financial crimes, compared to the estimated $1.6 trillion laundered through cash annually.

Responsible crypto enterprises and crypto financial institutions are frequently eager to cooperate with authorities and aid in the fight against financial crimes and criminal activity. Tether's chief technological officer was quick to respond when a token swap platform was hacked, immediately taking action on a $33 million USDT transaction related to the incident. A few weeks later, the assets' owners were reimbursed.

Blockchain surveillance firms, such as Chainalysis and Elliptic, employ specialized software for the following purposes. They collaborate with it to gather blockchain data and examine it for possible illegal behavior. This plays a vital role in helping law enforcement trace digital currency transactions related to the Dark Web and stop illicit funds flowing straight into the wrong hands.

Does crypto hinder law enforcement investigations?

Contrary to popular belief, cryptocurrency transactions are not anonymous. In fact, many cybercriminals have been caught because their identities were eventually traced. For example, the Justice Department was able to track down 63.7 BTC paid by Colonial Pipeline Company to hackers after its computer systems were disabled and caused fuel shortages and a gas price surge across the East Coast. This criminal use of cryptocurrency was quickly investigated and prosecuted.

As blockchain technology uses cryptography to secure its transactions, there is another misconception, and that is that crypto transactions are anonymous, when in reality they are pseudonymous. This means that all transactions on the blockchain are visible, however, they are not tied to identities. So, should you know someone's wallet address you can see their transaction history. This provides law enforcement access to transaction history and the chance to conduct on-chain forensics.

The good news is that law enforcement is getting better at tracking down illicit funds each year. And the cryptocurrency sector is only eager to assist.

Final Thoughts

The recent rapid growth of global regulations has helped foster the growth of the cryptocurrency industry. Digital currencies are actually traceable and don't account for a large majority of financial crimes, despite what many people believe.

Responsible crypto platforms take measures to prevent illegal activities, protect users from fraud and other risks, and encourage them to stay financially responsible. This includes cooperating with law enforcement, as well as offering training and rewards to users.

While cryptocurrencies have played a small role in being used to fund illicit activities, it pales in comparison to the large number of fiat currencies used annually in fraudulent and illegal activities. That's not to say you should stop using fiat currencies, and the same applies for crypto.

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We are delighted to announce the listing and support of Gnosis (GNO) on Tap!

GNO is now available for trading on the Tap mobile app. You can now Buy, Sell, Trade or hold GNO for any of the other asset supported on the platform without any pair boundaries. Tap is pair agnostic, meaning you can trade any asset for any other asset without having to worries if a "trading pair" is available.

We believe supporting GNO will provide value to our users. We are looking forward to continue supporting new crypto projects with the aim of providing access to financial power and freedom for all.

Gnosis is a prediction market platform built on the Ethereum blockchain. The platform allows users to trade crypto assets representing event outcomes from around the world, from sports matches to elections. As the results unfold, Gnosis tokens either increase or decrease in value depending on what was predicted by the user.

Gnosis' native cryptocurrency is GNO, an Ethereum-based token (ERC-20) was sold during the Gnosis ICO. GNO tokens have a maximum supply of 3 million tokens.  The main use case of GNO tokens is for creating OWL tokens via staking to earn rewards. Users can lock GNO tokens in the Gnosis chain to generate OWL tokens through staking, which is dependent on the length of the staking period. The max time is one year.

Get to know more about Gnosis (GNO) in our dedicated article here.