Synthetix (SNX) The asset deployment protocol on Coinbase/Pro

Synthetix (SNX) The asset deployment protocol on Coinbase/Pro

By Gamma | Gamma | 10 Jan 2021


Coinbase Exchange continues to focus its attention on the ecosystem of decentralized finance (DeFi). The Synthetix (SNX) token can now be exchanged on the Coinbase Pro platform.

Coinbase has added DeFi tokens, such as Uniswap and Compound, and the platform lacks many other key crypto-currencies in the ecosystem. Particularly appreciated by the encryption industry, Coinbase has chosen 3 projects to strengthen the platform's DeFi.

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SNX is the native Synthetix token, Synthetix is a protocol for issuing decentralized assets. Synthetix allows its users to bet on the evolution of crypto-currencies, stocks, currencies, precious metals and many other assets in the form of ERC20 tokens.

The project also includes the development of different interfaces to the protocol, which have various interesting functions, such as Synthetix.Exchange. The deployment of these products is achieved through an Ethereum token called Synths, which can replicate the value of crypto-currencies such as Bitcoin or Ethereum, as well as more traditional behaviors such as stocks.

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In particular, Synthetix can guarantee liquidity during the transaction. In fact, each synthesizer provided benefits from the SNX guarantee, the current guarantee rate is around 750%, which can be modified by community vote.

After blocking SNX, you can always receive a new SNX every day.

 

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We can often observe that the price of crypto-currencies added to coinbase tends to be very valuable.

However, compared to the listing on Coinbase, the US parent company, the issuance of crypto-currency on Coinbase Pro has less impact on its price. If any of these tokens are to be listed on Coinbase, their prices are likely to skyrocket to new heights.

 

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Gamma
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