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 V3: A Journey through Innovation and Growth on Optimism

22 Jul 2023 5 minute read 1 comment EverythingBlockchain

  In this article, we discuss Synthetix V3 - what it is and why it is crucial. Our focus will be on understanding the distinctions between the current system and Synthetix V3, highlighting its aim to serve as a foundational layer of liquidity for the...

DeFi Tokens On A "Silent" Surge

20 Jul 2023 2 minute read 0 comments Sapphire Crypto

DeFi Time? Decentralized finance (DeFi) is one of those Crypto niches you either love or hate. There’s not much place for neutrality, as investors usually fall into one of two camps. Those who are attracted to the high returns, and then those who are...

Synthetix (SNX) Surges 40% in One Month: Is This the Next Big Thing?

18 Jul 2023 1 minute read 1 comment Cryptofab

Synthetix (SNX) has been on a tear lately, surging by over 40% in the past month. This comes as the project is gearing up to compete against centralized exchanges with its latest DeFi platform. This new DeFi platform, called Infinex, will allow users...

SWOT Analysis: Synthetix (SNX)

14 Jun 2023 5 minute read 1 comment Andrey Didovskiy

*Note, SWOT is an analysis of operational/fundamental elements. This is not a model to be used for technical or trading purposes. (NFA, DYOR) Composed of four elements, Strengths, Weaknesses, Opportunities, and Threats, a SWOT analysis framework p...

Why I Invested Into Synthetix & SNX Token

11 May 2023 1 minute read 2 comments Cryptofab

As a user of the Synthetix protocol since its early stages, I've witnessed firsthand the growth and evolution of this decentralized finance (DeFi) platform. has truly revolutionized the way we interact with synthetic assets on the blockc...

Synthetic assets. Part 1

6 May 2023 2 minute read 0 comments fmiren

  Introduction To mature as an industry on its own decentralized finance (DeFi) should not be limited to digital assets only. Traditional finance is still much bigger than DeFi. Most people active in financial markets still trade financial instrumen...

What Happens to DeFi Today ? (14 Mar 2023, Tuesday)

14 Mar 2023 4 minute read 2 comments quantdoge

“What happens to DeFi today?” is a crypto news curator that curates high-quality and insightful DeFi news for you daily. Here are the news for you today. If you would like to read and analyse the news here over an interactive user interface, please c...

What Happens to DeFi Today ? (06 MAR 2023, Monday)

6 Mar 2023 3 minute read 4 comments quantdoge

What Happens to DeFi Today ?   “What happens to DeFi today?” is a crypto news curator that curates high-quality and insightful DeFi news for you daily. Here are the news for you today.   If you would like to read and analyse the news here over an int...

How To Find Pumping Coins In A Bear Market

3 Mar 2023 2 minute read 2 comments Cryptofab

You have all noticed that today crypto market is bearish. One of the reasons is due to the situation of Silvergate. By the way, it could be useful to look at the links they have with USDC and USDT... Just imagine these links are tight, it might creat...

Why Synthetix (SNX) Outperformed Today

28 Feb 2023 2 minute read 3 comments Cryptofab

Synthetix (SNX) outperformed most of Crypto market today and in the last 7 days: This price increase is mostly due to Coinbase announcement last week since they said they will create their Base network by using Optimism stack and Synthetix is one of...