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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.
10 Mar 2021 2 minute read 0 comments kev_nag
Short selling provides investors with a mechanism to exchange downward price movements of an asset into potential profit. KWENTA has now made available short selling on SYNTHETIX's sBTC and sETH. How does it work? Within the KWENTA network, a trader...
8 Mar 2021 1 minute read 0 comments kev_nag
Across the Decentralized Finance universe Synthetix has placed itself as one of the largest protocols in the space. As such, it is essential for engineers, technicians and bounty hunters alike to receive incentives and bonuses to disclose errors, vul...
7 Mar 2021 2 minute read 7 comments chris04
DeFi is the acronym for Decentralized Finance or the offer of a series of financial services, which by exploiting the potential of platforms and protocols that allow the automatic execution of smart contracts (Erc-20 or BEP20), eliminate financial in...
3 Mar 2021 1 minute read 1 comment idm
This post examines SNX/USD retail price and volume movement from Jan-01 to Mar-03. SNX started strong in 2021 with substantial volume pushing the price from about 5 USD to 10 USD in the first week of January. Buying continued into the second week, w...
24 Feb 2021 2 minute read 2 comments kev_nag
According to the Synthetix.io Homepage: "Synthetix is the backbone for derivatives trading in DeFi, allowing anyone, anywhere to gain on-chain exposure to a vast range of assets." Merely a bunch of words that tell me, the average and very ordinary in...
23 Feb 2021 2 minute read 1 comment VNFC
Well, sometimes we asked ourselves if we deserve what we got. Maybe. Or maybe not. Depends. What is sure is that, from time to time, we suffer. The thing is, it is really a true suffering? I mean, if we suffer because we couldn't get a new smart phon...
21 Feb 2021 3 minute read 2 comments MikeZillo
Hello Publish0x community and welcome back in this new article of my “Easy & Short Cryptocurrencies Made Accessible” area. This Sunday we talk about advanced features of Synthetix Network! Last Sunday I introduced you Synthetix Network (SNX) and I sa...
19 Feb 2021 1 minute read 1 comment Cryptofab
Most of you are focused on the winners of the week, e.g. BNB. However, it might be worthwhile looking at the top losers in order to buy the dip. So the question is: while Bitcoin and most of the altcoins were increasing, which coins underperformed? L...
18 Feb 2021 1 minute read 2 comments Cryptofab
Elrond EGLD (eGold) has surged from $8 to $158 in a 90 days... How far can it go? The recent launch of Maiar is pumping the price higher, which is also due to their referral program. Please use my referall link below to earn $10: https://get.maiar.co...
16 Feb 2021 4 minute read 0 comments Tonythomas
The rules of traditional finance have been crafted to benefit a few at the expense of many. And when the many use the rule to play the game correctly, they try to change the rule. The recent developments happened in the stock market and around Game...
