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) formed bullish Shark for upto 46.5% rally

23 hours ago 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.

Coinbase stock to 100x in 5 years. $COIN "IPO" went live yesterday [Part 2 of 2]

15 Apr 2021 9 minute read 7 comments Block To The Future

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...

Can Elrond EGLD hit $300?

11 Apr 2021 1 minute read 0 comments 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...

The Next Bitcoin but with Free Mining - Introducing Pi, the Future of Crypto

1 Apr 2021 1 minute read 15 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...

What Does Ethereum's Fail Mean for Other Big Alts?

28 Mar 2021 4 minute read 29 comments AlucardLife

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...

Episode 20: SNX and FTT

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...

Synthetix derivatives liquidity protocol and SNX token explained

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...

GOOD NEWS FOR SYNTHETIX - Short Selling is Now Live on KWENTA

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...

What is DeFi?

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...