203 Articles 21,047 Followers
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.
13 Jun 2021 1 minute read 6 comments Hsksks
We all want to know the next best altcoin. Some of the contenders are MakerDAO, Aave, Polkadot, Chainlink and Synthetix. MKR MakerDAO envisions to make Stablecoin ecosystem mainstream. The market price stood at $2,980.2 at 3:15 AM UTC. It has a gain...
12 Jun 2021 1 minute read 1 comment Hsksks
We all want to know the next best altcoin. Some of the contenders are MakerDAO, Aave, Polkadot, Chainlink and Synthetix. MKR MakerDAO envisions to make Stablecoin ecosystem mainstream. The market price stood at $2,868.5 at 5:40 AM UTC. It has a loss...
10 Jun 2021 1 minute read 3 comments Havall✨
Hey! Did you know that? The first state in the world to use bitcoin as legal tender will be El Salvador. The legislative assembly approved with 62 votes out of 84 the bill proposed by President Nayib Bukele, announced to the world with a video messag...
3 Jun 2021 1 minute read 2 comments Defiant Pathfinder
Whatever goes up must come down, i knew time was going to come for Synthetix to submit to the bears and for sure they came are ravaged all bullish rallies and the whole market retreated but they managed to hold their ground and lost only half of thei...
30 May 2021 2 minute read 2 comments Defiant Pathfinder
It is so exciting Seeing how Decentralized Finance (DeFi) fought their way to the top. Its no lie that DeFi is making headlines these days as investors and traders are now much into it. How Did they Manage to Do So Back in the days even up to now inv...
28 May 2021 1 minute read 2 comments Defiant Pathfinder
Crypto Investors and crypto traders are now venturing into the Decentralized Finance and Crypto Yield Farming, by doing so they are letting their money work for them while they are relaxed. What is Yield Farming? Yield Farming is whereby investors an...
25 May 2021 4 minute read 2 comments koekwaus
Yesterday, news broke regarding the investment classification of Bitcoin by Goldman Sachs, giving leeway to possibly seeing Bitcoin entering investment banking. And seeing the likes of Goldman Sachs taking an interest in bitcoin makes people, of cour...
22 May 2021 3 minute read 4 comments alquimista1501
This week was quite eventful and hectic for many. Most of us experienced one of the first movements since 2019, and part of what happened I think was necessary, a much demanded response to heal the price of Bitcoin (BTC) and some cryptocurrencies. Un...
10 May 2021 6 minute read 1 comment Michael @ CryptoEQ
Overview Synthetix is an Ethereum-based DeFi project that serves as a decentralized exchange (DEX) and issuer of synthetic assets in an open, decentralized, and trust-minimized way. It accomplishes this through a staking-based incentive system,...
5 May 2021 2 minute read 2 comments alquimista1501
In the economic world, digital wars are cold-blooded and anyone who capitalizes on a growing market is undoubtedly the target to be destroyed on the way to success. And it is that there is not much distance between this position and failure, especial...
