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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. 


Synthetic assets in DeFi

8 Dec 2023 2 minute read 1 comment 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 instruments...

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27 Oct 2023 3 minute read 0 comments Michael @ CryptoEQ

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Can Synthetix V3 Be DeFi's Gamechanger?

2 Oct 2023 4 minute read 0 comments Michael @ CryptoEQ

You are reading an excerpt from our free but shortened abridged report! While still packed with incredible research and data, for just $20/month you can upgrade to our FULL library of 50+ reports (including this one) and complete industry-leading ana...

Altcoin Spotlight: Synthetix (SNX)

16 Sep 2023 4 minute read 1 comment MintDice.com

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22 Jul 2023 5 minute read 1 comment EverythingBlockchain

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20 Jul 2023 2 minute read 0 comments Sapphire Crypto

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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. Synthetix.io 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

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