Tesla and Amazon are two highly popular and commonly known stock market shares, which are traded at extremely high volume on a regular basis. Now, for the crypto users out there, the stock markets are neither a familiar place nor exactly easy to interact with. But of course, crypto has come a long way and with the possibilities provided by smart contract platforms, there’s a possible way to trade both Tesla And Amazon on the blockchain through synths.
What Are Synths?
Synths or synthetic assets are derivatives, which track the price of an underlying asset. It can be anything with a monetary value e.g stocks, bonds, forex, cryptos etc. This price tracking is usually done through the help of an oracle, which supplies the price data to the platform constantly. They allow trading and usage of such assets in Decentralized Finance (DeFi) without presenting the users the need to hold the actual assets, which would be inconvenient and undesirable.
How To Trade Tesla And Amazon On The Mirror Protocol
Mirror Protocol operates on both Ethereum and Terra blockchains, though it’s principal functionalities lie on the latter. It’s possible to trade Tesla and Amazons shares on the Mirror Protocol by visiting here. Your wallet needs to be connected to Terra Station and it’s required to hold UST there.
The interface is in the same way as Uniswap. You get the buy and sell columns. Simply enter the amount of UST to swap for Tesla or vice versa and press the buy/sell option. It’s also possible to make limit orders with predefined conditions to trigger the trade. Slippage can be adjusted and the price performance data is available.
How To Trade Tesla On The Synthetix Kwenta Exchange
There’s an Ethereum option here too, but it doesn’t have both Tesla and Amazon synthetic shares. However, you can trade Tesla shares on the Synthetix based Kwenta exchange here. The interface is a little different than the Mirror Protocol, but looks more minimized. All synthetic assets can be traded against Tesla shares, including but not limited to sETH, sBTC, sUSD, sXAU, sOIL etc.
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