Yeah that's why I'm complaining about it being called "synthetic" rather than saying "stable sats" because people know what the stable sat model is and "synthetic" could mean anything.

Read the article if you really want to have a semantic discussion.

"When a user pegs a certain part of their BTC balance to USD, Kollider takes that bitcoin and uses it to create a position on the Kollider Exchange. The account simultaneously holds the bitcoin (meaning it’s long bitcoin) while also opening a perpetual short position (meaning it’s short the same amount of bitcoin). Taken together, these two positions mean that the account has zero exposure to the price movements of bitcoin."