Sirwin
Sirwin

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. 


How Synthetix Network Works: Creating Synths, SNX Staking and C-Ratio

9 Aug 2022 4 minute read 0 comments ☑️0🆇D̺͈͙͕̿ͧ̑ͣ🅰🆅🅸🅳eͤ

Synthetix Network is one of the most complex DeFi ecosystems. This platform allows users to create and trade decentralized synthetic assets for collateral. They are called "Synths" and track the value of assets in the real world. Synthetic "Synth" as...

🍻Candlestick * Curve - The First & Only On-Chain Analytics App Integrates with Curve Finance

29 Jul 2022 1 minute read 0 comments Candlestick

    First & Only   With the support from Curve Finance & Bancor 3 team, Candlestick is the First & Only on-chain trading analytics platform that integrates Curve Finance and Bancor 3. Besides Curve and Bancor 3, we also have integrated 8 new DEXs. N...

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22 Jul 2022 2 minute read 0 comments Candlestick

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6 Jul 2022 1 minute read 2 comments InsideCrypto

Hey DFI(Defi) people… How are you holding up? One thing I have to say on the bright side is the theme of this episode is growth. I know it sounds hard to believe but it is happening! This is the eighth episode of our Defi focused segment of the Insid...

How To Make $10 Per Day With Almost No Investment?

21 Jun 2022 2 minute read 1 comment Cryptofab

In this tough crypto winter, we are all searching for new ways to make money. There are a few things which can easily be done: Use a crypto debit card with cashback - e.g., Crypto.com or Binance card: Crypto.com (CRO) has revised their reward polic...

Talking Crypto with Gabriel Haines #2 - the November round-up of quality crypto knowledge

30 Nov 2021 1 minute read 0 comments PVM

It's the end of the month and the crypto charts are not looking great. Don't panic and don't sell, even when the charts are seeing more red then the Red Wedding!  Just to add up some flavor to the message, listen carefully to Gabriel Haines! Yes ......

BTC, XRP, ZEN, SNX, WAVES, AVA - Technical Analysis September 16th

16 Sep 2021 2 minute read 0 comments 0xJonnyDee

Bitcoin (BTC) has broken out from descending parallel channels. XRP (XRP) is trading above the $1.05 horizontal support area. Horizen (ZEN) is trying to break out above the $108 resistance area. Synthetix (SNX) has broken out from an ascending triang...

SuperUMAns #12 - Why I spend more time with the superUMAns than with others?

15 Sep 2021 3 minute read 4 comments PVM

It's not about earning ... it's about being valued for who you are and what you are bringing to the table! Einstein said that "Everybody is a genius but if you judge a fish by it's ability to climb a tree, it will live it's whole life believing that...

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14 Sep 2021 2 minute read 0 comments excelencia

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A small primer on L2 SNX

15 Aug 2021 3 minute read 1 comment bdrum

Hey! This time we are going through one of the most interesting and controversial projects in the ETH  sphere: SYNTHETIX (ticket: SNX) This article won’t go deep on the SNX fundamentals, but it’s more focused on the upcoming  move to L2-OPTIMISM and...