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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.
15 Feb 2021 1 minute read 5 comments chris04
What is yield farming?Yield farming is a way to make money by holding cryptocurrency holdings. In summary, it means blocking cryptocurrencies for rewards. But is it the same as staking?In a sense, yield farming can be compared to staking as both stra...
15 Feb 2021 3 minute read 3 comments MikeZillo
Hello Publish0x community and welcome back in this new article of my “Easy & Short Cryptocurrencies Made Accessible” area. This Sunday we are going to introduce Synthetix Network! Have you ever heard of this cryptocurrency? Before we start talking ab...
12 Feb 2021 2 minute read 0 comments GetBlock
This week a red-hot segment of decentralized financial protocols (DeFis) crossed $40B in total value locked for the first time ever. Here is what happened in flagship DeFi ecosystems on the threshold of this milestone. While the cryptocurrencies indu...
11 Feb 2021 1 minute read 1 comment Cryptofab
According to crypto trader Ben Armstrong, INJ (Injective Protocol) could skyrocket up to $100... The reasons are explained in a recent article - link below. A quick look at INJ website allows to understand what they offer: Decentralized Derivatives...
10 Feb 2021 1 minute read 2 comments Makingdigital
Syntethix never ceases to amaze me. An incredibly original project is coming and if we can understand it we can earn a lot of money applying good strategies. The concept of reverse cryptocurrency sounds somewhat strange, still unknown to most crypto...
8 Feb 2021 3 minute read 9 comments Godsplan
Today l just realized some Important projects in the crypto market, with very good mission and wonderful future and l want to share with all of us in the crypto community. In the past l was just watching price movements in Chainlink and the synthesis...
4 Feb 2021 1 minute read 2 comments Cryptofab
For those who have never tried SNX, it is not too late. This token has a huge potential. For the SNX hodlers, I would recommend to keep it for a while: By conception, SNX tracks stocks and other assets. When stocks increase like today, it increases....
3 Feb 2021 1 minute read 3 comments Cryptofab
Elrond EGLD (eGold) has grown from less than $10 to more than $160 in a few weeks. 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:...
3 Feb 2021 3 minute read 3 comments Godsplan
This recent period has been a great time for crypto currencies and many platforms are greatly updating their earning opportunities to help us earn enough. This time, the good news is from one of the oldest earning sites called FreeBitcoin.co. Fre...
29 Jan 2021 1 minute read 1 comment Makingdigital
As we well know, the highlight of today is the nastiness that the owners of Robinhood, the most famous trading app in the United States to use on the phone, have done to investors who had long positions in Gamestop shares. We are already fed up with...
