Synthetix Network (SNX) News, Price Predictions, Opinions and Analyses Created by Users

Synthetix Network (SNX)

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Synthetix Network Token (SNX) is a cryptocurrency founded by Kain Warwick in 2018. The SNX token is utilized in the decentralized synthetic asset issuance protocol. The Synthetix protocol is one of the latest protocols in the decentralized finance (DeFi) ecosystem and offers DeFi users a multi-tier issuance platform, collateral type, and decentralized exchange. The protocol permits users to mint synthetic assets such as cryptocurrencies, fiat currencies, or derivatives and they can be swapped in a decentralized manner through the Synthetix Exchange platform.

The Synthetix protocol has thus far proved itself in the DeFi industry as millions of dollars of SNX tokens are locked up and utilized in the protocol. The popular DeFi tracking tool, DeFi pulse, currently ranks Synthetix third in terms of locked USD value behind the popular Compound and MakerDAO protocols

Explaining how the protocol works – Users of the protocol lock SNX as collateral to stake the system. Then, Synths (Ethereum-based tokens that provide exposure to assets such as Bitcoin, gold, US dollars, stocks, etc.) are minted into the market against the value of the locked SNX. These Synths can be used for various purposes including trading and remittance through Synthetix products. Users who stake their SNX for the minting of Synths are rewarded with additional SNX tokens. The rewards are generated from the fees of all Synth trades on the Synthetix.Exchange. 

The total supply of SNX is 136,057,692 SNX and the circulating supply is 127,018,554 SNX. Over the next 5 years the SNX supply is expected to increase to ~245,000,000 SNX, with the additional SNX being distributed as rewards to SNX holders for locking their tokens as collateral and minting Synths. 

DeFi Boom In Australia as New Projects Launch

12 hours ago 2 minute read 0 comments Crypto Resources

Australia is experiencing a decentralized finance (DeFi) boom and leading the way is Synthetix with hot on the heels newcomers Thorchain, Ren and mSTABLE and playing host to some of the most talked-about projects in the space.. They include longtime...

I created a binary options market on Synthetix

3 Jul 2020 2 minute read 1 comment poopster

Hey gang, ole poopy is back with a walk through/tutorial on how to create your own binary options market. First off, i am not a developer, i am not a crypto expert, hell i can barely use Gmail. The team over at Synthetix created an extremely user fri...

Synthetix Introduces Binary Options Trading With Acrux Upgrade

2 Jul 2020 1 minute read 0 comments Abhi K

Synthetic asset platform Synthetix (SNX) recently upgraded its protocol with two improvement proposals, according to a post published on June 30. The release, called ‘Acrux’, sees SIP-53 and SIP-48 bring changes to binary options and stale rates resp...

Why The DeFi Synthetix Network Token (SNX) Is Mooning 🚀

28 Jun 2020 3 minute read 11 comments Cryptonator`s Airdrop Hunt

Decentralized projects are the ones that I believe stand to make significant gains and provide very interesting passive income opportunities over the coming years. One of my favorite decentralized projects is the Synthetix Network. It is one of the m...

The Yield Farming Pool Concept May Consolidate Ethereum's Role As BTC's Main Secondary Chain

28 Jun 2020 2 minute read 0 comments PassionCryptodotcom

The decentralized financing applications (challenge) on the Ethereum chain have experienced rapid growth in the past two years. Now, a number of synthetic versions of bitcoin , which exploit the Ethereum chain , have overtaken off-chain solutions lik...

What you need to know before staking SNX for the first time

26 Jun 2020 3 minute read 2 comments Synthetix Network

Staking SNX allows anyone to earn rewards by contributing collateral to the Synthetix protocol. However, there are some important things you should know before you make the decision to contribute in this way. Staking requires weekly action   You rec...

Synthetix, Curve and Ren Release New BTC Yield Farming Pool

23 Jun 2020 1 minute read 0 comments Abhi K

Synthetic asset defi platform Synthetix on June 19 announced that it had launched a new Bitcoin (BTC) yield farming pool in collaboration with Curve and Ren (REN). The initiative is to improve the liquidity of Bitcoin assets on the Ethereum (ETH) net...

What is Synthetix (SNX)?

22 Jun 2020 1 minute read 0 comments PhoenixDev

Synthetix is ​​a token trading platform built on Ethereum, whose functionality is to create 'synthetic assets' to track all kinds of things (such as coins, cryptocurrencies, precious metals ...). All of this is backed up by SNX tokens. Its Origin Sy...

The total number of DeFi users over time approaches 600,000 / LRC, ZRX, SNX, MKR, KNC, analyzing top DeFi Tokens.

20 Jun 2020 6 minute read 0 comments Crypto adict (Manu VZ)

The total number of DeFi users over time is approaching 600,000 according to the analytical platform Ethereum Dune Analytics. The total number of DeFi users reached 193,000 in May. Most of the growth comes from Kyber (74,360) and Uniswap (70,739). Fi...

Stablecoin alternatives to USDT - What are They & Should You Use Them?

19 Jun 2020 6 minute read 11 comments D3F1

Cryptocurrencies are extremely volatile, there’s no question about that.  Price swings of 10% or more in a day are not uncommon and this extreme volatility can provide traders with lucrative opportunities.  However, cashing out crypto to fiat only to...