Synthetix Network (SNX) News, Price Predictions, Opinions and Analyses Created by Users

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. 


Synthetix (SNX) Continues to Improve As it Eyes Its Move to Optimistic Ethereum Layer 2 Solution!

10 May 2021 6 minute read 0 comments Michael @ CryptoEQ

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 trust-minimized way. It accomplishes this through a staking-based incentive system,...

WHAT IS SYNTHETIX ALL ABOUT?

5 May 2021 3 minute read 0 comments PorshDan

WHAT IS SYNTHETIX(SNX)?Synthetix allows users to bet on crypto assets, stocks, currencies, precious metals, and other assets in the form of ERC20 tokens. Synthetic assets or “Synths” copy the price of an asset in the “real world” and brings it onto t...

Bullets, Nanometers and a some of Satochis

5 May 2021 2 minute read 2 comments alquimista1501

In the economic world, digital wars are cold-blooded and anyone who capitalizes on a growing market is undoubtedly the target to be destroyed on the way to success. And it is that there is not much distance between this position and failure, especial...

Other Factors which Contribute to Increase in Price & Value of Crypto Assets

4 May 2021 1 minute read 1 comment Defiant Pathfinder

When you are looking forward to do a perfect investment which will pay your bills late you have to make sure you take your time doing a dip research to see if you are on the right track. You wouldn't want to buy and hold worthless coins which will no...

Derivatives in Decentralized Finance

2 May 2021 4 minute read 3 comments RelyOnCrypto

Derivatives are a vital part of the financial environment. Derivatives derive their value from something, which is typically the price of some underlying financial instrument such as a stock, bond, commodity, currency, or cryptocurrency, as the name...

Top 4 Decentralized Finance Tokens with a Brighter Future

1 May 2021 2 minute read 0 comments Defiant Pathfinder

Altcoins has dominated the Crypto currencies market for a decade now but the tables seem to be turning now as there is another challenger in the ring. Decentralized Finance (DeFi) Tokens re now making headlines and the rate of  adoption is overwhelmi...

Will crypto currency replace Gold and become the safe Haven?

1 May 2021 1 minute read 5 comments Defiant Pathfinder

For centuries now people has been using Gold as their safe haven. When a crisis hit hard and stocks starts falling down resulting in investors pulling of their monies and investments they would buy Gold as their safe haven so as to maintain the value...

Pros and Cons of Crypto Tokens as Compared to Crypto Coins

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...

Do the Big Whales really manupulate the Crypto Markets?

29 Apr 2021 1 minute read 2 comments Defiant Pathfinder

There is no doubt that those with fat pockets has the potential of controlling every situation as far as money is concerned. Individuals and sole investors tend to listen to what these big whales tweet or say about a certain asset but if you are just...

You Can Now Trade FAANG Stocks on DeFi With Synthetix

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...