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. 


Synthetix (SNX) entering a bear market

2 weeks ago 1 minute read raven $0.49 tipped

Around the end of December, the Synthetix Network token (SNX) printed a red Heikin Ashi candle on the weekly chart for the first time, after 20 green candles. This marked the beginning of a correction for the token that was in an unstoppable rally....

What is Synthetix Network Token (SNX)? [A Comprehensive Guide to Understanding Synthetix]

3 Dec 2019 10 minute read Mr.CryptoWiki $8.65 tipped

If you’re a crypto investor, you’ve probably researched and wondered what will kick off the next bull run? After all, we all want to get in early and see massive gains, am I right?  In order to do this, we must first identify the leading trends that...

A tough day for SNX holders

2 Dec 2019 1 minute read raven $0.23 tipped

In the last days SNX have seen its first major pullback since July, after the impressive 7 green weekly candles. SNX/USD weekly chart The price went as far down as $1.08, but now it recovered quite impressively to $1.24. A hell of a daytrade opportu...

Synthetix (SNX) forms bullish ascending triangle (TA)

23 Nov 2019 1 minute read raven $0.63 tipped

The Synthetix Network Token (SNX) has been killing it this year: it is already 10% up in the last 24h after a slight decline during the bloody Friday, reaching staggering 40% gains in the week. Now SNX has been having difficulty to break through the...

What is the Synthetix Network?

20 Nov 2019 6 minute read raven $3.02 tipped

In my first post about the best weekly performers, one of the coins that performed well in weeks when the market was doing badly was the Synthetix Network Token (SNX). Here is a quick summary that I've given there: Synthetix is a rebranding of Havve...

Top Performers of last 15 weeks

10 Oct 2019 5 minute read raven $3.01 tipped

In this post we will take a look at the best performing cryptocurrencies of each week, for the last 15 weeks, among the coins that are currently at the top 100 market cap (according to coingecko.com). First, just for reference, let's look at the tota...

Synthetix for Dummies

15 Jun 2019 8 minute read TwiceCrypto $2.65 tipped

I was researching about decentralized finance when I first came across Synthetix from a tweet from @DegenSpartan. (Learned a lot from his views/knowledge about DeFi & Synthetix - definitely worth the follow!) It was really difficult to comprehend the...