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. 


Synthetix to Introduce Synthetic Futures and Rebrand Exchange in H2 2020

5 Aug 2020 1 minute read 0 comments Abhi K

On July 31, synthetic asset platform Synthetix (SNX) offered an update on its roadmap, detailing several significant offerings for the latter half of 2020. New features and developments include synthetic futures, a rebrand of the exchange and deeper...

The Synthetix DeFi project switched to a decentralized management model

29 Jul 2020 1 minute read 0 comments Danyakot

The largest platform for decentralized derivatives, Synthetix, has switched to a decentralized management model. This is reported in the project's blog. Now the organization behind the project, the Synthetix Foundation, is subject to liquidation. Ins...

For All Things DeFI - Follow These Crypto Twitter Accounts

25 Jul 2020 1 minute read 12 comments Bragato18

Decentralised Finance (DeFi) is all the rage in the Cryptoverse. So here are 9 Crypto Twitter accounts worth following if you would like to keep updated on what is happening in DeFi. #1 Camila Russo @CamiRusso Chiefess at Defiant News, a DeFi news...

Aave Launches New Features and Listings

17 Jul 2020 4 minute read 12 comments Aave

  The Aave team has been hard at work to provide new features and assets in the protocol for the Aave Fam! As always, synergies within the ecosystem and brand new functionalities are on the menu this week. We’re happy to introduce new risk parameter...

Muscovite Product Release

12 Jul 2020 1 minute read 1 comment Synthetix Network

This post is another entry in our regular series in which we fill you in twice a month on all the front-end updates we’ve made across our dApps and website. Stay tuned for more updates!   COMP, LEND, KNC, and REN are now available as binary options...

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 14 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...