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. 


Insights into Synthetix Network

24 Jan 2024 2 minute read 0 comments KMatt

PremiseLike all the other insights I have written in other posts on Publish0x, I remind everyone that this article provides a general overview. It is advisable to consult the official website of the project and other reliable sources.   Synthetix Net...

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...

Uniswap vs. SEC: Is this a DeFi disaster or a golden opportunity?

22 Apr 2024 1 minute read 2 comments Cryptofab

Huge news just hit the DeFi world, and it involves Uniswap! The SEC is looking at them This could be bad... or it could be AMAZING. Here's why (and why you should check out my video): Clearer rules = More trust: Imagine investors actually trusting D...

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...

Infinex: Will it be the Binance Killer? I'm joining the waitlist to find out (and maybe earn rewards!)

25 Apr 2024 1 minute read 0 comments Cryptofab

Note: If you're more of a visual learner, scroll down to the end of this post to watch my video for a deeper look at Infinex and its potential impact on the DeFi space. But for those who prefer to read, let's dive in! As a huge DeFi believer, I've be...

Is SNX About To Explode?

12 Apr 2024 1 minute read 1 comment Cryptofab

Just saw some interesting news from the Synthetix (SNX) camp that got me thinking... is SNX about to explode? As you know, Synthetix has been a leader in the DeFi space for a while now. Their synthetic asset platform lets you trade all sorts of crazy...

DeFi Experiment: 60% APR on USDC with Synthetix (Careful Look Needed)

15 May 2024 1 minute read 2 comments Cryptofab

I've been tinkering with the DeFi protocol Synthetix on Base (the Ethereum layer-2 chain built by Coinbase) lately, and came across an interesting option for earning yield on USDC. It offers an APR (Annual Percentage Return) of around 60%, which defi...

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 ? (27 FEB 2023, Monday)

27 Feb 2023 1 minute read 1 comment 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...

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...