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. 


The Risks of Impermanent Loss in Liquidity Pools

21 Nov 2020 3 minute read 2 comments ☑️Arͬcͨaͣ🅽🅶eͤl̜̝̖̼͔̞̃ͮ͑̐̉͌🅾➏➏➏

Have you ever provided liquidity in a pool to realize that some of your coins have disappeared?In times of high market volatility, the supply of tokens in a liquidity pool can lead to losses (compared to a buy & hold strategy; all this thanks to slip...

Best Bitcoin memes to celebrate the recent Number GO UP

18 Nov 2020 1 minute read 20 comments Permabull

Just wanted to share a few funny Bitcoin and crypto memes I came across over the time. Hope you'll like and use them. Due to the price shooting up that fast I guess we should start with this one.   Many people complained they didn't buy before the l...

Discovered 22 Chrome (and Brave) extensions that steal cryptocurrencies

17 Nov 2020 1 minute read 7 comments Roberto D.

A researcher has discovered 22 extensions for Google Chrome whose sole purpose is to steal users' cryptocurrencies. As reported by the information portal Naked Security, Harry Denley (cyber security expert specializing in cryptocurrencies) has discov...

Cold wallet - store your Bitcoin completely offline

15 Nov 2020 1 minute read 16 comments Permabull

If you have a significant sum of Bitcoin you can get a Hardware Wallet like ColdCard or Trezor (or even Ledger but the company keeps information about you which isn't really great if they get hacked AGAIN). If you don't trust or can't afford/keep saf...

First liquidations on Synthetix/Mintr

11 Nov 2020 3 minute read 1 comment bengy

  This crossed my Twitter feed a couple of days ago, and it gave me a bit of a shock as I hadn't really checked in on my SNX collateralisation since before the craziness that made contract interaction a pain in the arse on Ethereum. SNX stakers as...

2021 will be spectacular, Bitcoin will cross $100,000 - PlanB

11 Nov 2020 1 minute read 7 comments Permabull

PlanB recently said Bitcoin will tap $100,000 - $288,000 before the end of next year. Following the news around Bitcoin (microstraategy, Paypal, DBS, JPMorgan, Stanley Druckenmiller, etc) it feels like the smart money is moving to Bitcoin. Some of th...

Wall Street Trading Firm is accumulating Bitcoins & Alts

8 Nov 2020 1 minute read 4 comments ircrp

  One of the Wall Street's biggest high-frequency trading firm of Jump Trading with over 700 head count worldwide has been allegedly quietly accumulating on various Cryptocurrencies. The spotlight has been cast upon Jump Trading by a Messari Crypto r...

Synthetic Assets in DeFi: A Comprehensive Guide

5 Nov 2020 5 minute read 0 comments Zild

The market of crypto-synthetic assets has been steadily gaining traction. According to the latest available estimates, there is more than $69 million locked in synthetic derivative contracts. To understand this growing importance of synthetic...

Colombia update - 309 Bitcoins traded last week

29 Oct 2020 1 minute read 2 comments Permabull

Checking last week's statistics, 309 BTC were traded in Colombia on LocalBitcoins. The number is a bit down from 323 BTC traded a week before. Although, the volume is slowly slipping down from 760 BTC per week in February 2019. 309 BTC is about 13,0...

DCA Dollar cost averaging into Bitcoin or other cryptocurrency

27 Oct 2020 2 minute read 1 comment Permabull

Dollar cost averaging (DCA) is an investment strategy that aims to reduce the impact of volatility on your Bitcoin purchases. From Wiki: By dividing the total sum to be invested in the market (e.g., $100,000) into equal amounts put into the market at...