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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.
30 Apr 2021 1 minute read 2 comments Defiant Pathfinder
A lot are always being caught up on the side of being resistance to change. When something new is introduced on the block it is good to take a glimpse and see if you can benefit directly from it. Whenever there are new things introduced mostly they w...
24 Apr 2021 1 minute read 1 comment Austin Reihl
Synthetix (SNX), the increasingly popular Ethereum-based decentralized finance (DeFi) app, launched the full version of its on-chain synthetic derivatives protocol yesterday. A Long-Awaited Feature A much-awaited feature of the popular DeFi ap...
22 Apr 2021 14 minute read 0 comments Michael @ CryptoEQ
CORE Rating: Bronze *Find this full report and many others at CryptoEQ.io.* 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...
19 Apr 2021 1 minute read 0 comments moon333
Hi dear friends, hope you are well and welcome to the new update on Synthetix ( SNX ) token.On a daily time frame chart, the price action of SNX has formed the final leg of the bullish Shark pattern. https://www.tradingview.com/chart/SNXUSDT/aH5msPS...
15 Apr 2021 9 minute read 7 comments NOVAX
Make sure to check out the first part of this post here: Coinbase stock to 100x in 5 years. $COIN "IPO" went live yesterday [Part 1 of 2]Robinhood just happened to be the first place I could easily get the Coinbase IPO ($COIN) yesterday. I siphoned o...
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11 Apr 2021 1 minute read 1 comment Cryptofab
Elrond EGLD (eGold) has grown from $8 last November to $230 today. How far can it go? The launch of the staking has pumped the price, as well as the referral program on Maiar app. Feel free to use my referall link below to earn $10: https://get.maiar...
1 Apr 2021 1 minute read 17 comments Sp427
In this article I will be discussing the potential for a new cryptocurrency called Pi. It was developed by a team of Stanford graduates whose goal is to manufacture a cryptocurrency that is operated by everyday people. In order to achieve this, the c...
28 Mar 2021 4 minute read 33 comments Jimmython
Unless you've been under a rock, you know about the Ethereum Network's huge scaling fail. Optimism, the temp fix for the temp fix before Ethereum 2.0, was pushed back. It is now coming in July. We have yet to really see any price action in ether base...
27 Mar 2021 16 minute read 9 comments SirGerardThe1st
“Then another sign appeared in heaven: behold, a great red dragon that had seven heads and ten horns, and on its heads were seven diadems. His tail dragged a third of the stars out of the sky and hurled them to the earth. And the dragon stood before...
14 Mar 2021 3 minute read 0 comments Heath Muchena
Synthetix is a protocol for issuing and trading synthetic assets on the Ethereum blockchain. Each synthetic asset (or Synth) is an ERC-20 token which tracks the price of an external asset; for example each sUSD token tracks the price of the US dollar...
