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. 


Crypto of the day - SNX will pump again

4 Dec 2020 1 minute read 0 comments Cryptofab

While everyone is looking at Bitcoin price, wondering whether it is going to hit $20k this year, some altcoins got an outstanding growth potential. One of them is Synthetix token SNX which will certainly pump again in the near future: 1) SNX is a sim...

5 DeFi Tokens To Moon in 2021

26 Jan 2021 1 minute read 1 comment busyjordy

CRYPTO CORNER EPISODE 138 In this episode: ►Quick Overview of DeFi ►My top 5 picks of DeFi tokens to boom this year References: 📄http://bit.ly/nimbus-join 📄https://www.coingecko.com/en/coins/defi-yield-protocol/ 📄https://www.coingecko.com/en/coins/k...

Synthetix, Curve and Ren Release New BTC Yield Farming Pool

23 Jun 2020 1 minute read 0 comments Abhimanyu Krishnan

Synthetic asset defi platform Synthetix on June 19 announced that it had launched a new Bitcoin (BTC) yield farming pool in collaboration with Curve and Ren (REN). The initiative is to improve the liquidity of Bitcoin assets on the Ethereum (ETH) net...

pNetwork - the next SNX of DeFi World - better features, 42% staking/year

21 Oct 2020 3 minute read 1 comment VNFC

hello everyone Today I'm gonna present you one of the most promising (for me) projects vs market price in these moments: pNetwork, former EIDOO, a swiss project in crypto Finance this is the Roadmap The most relevant info: -Name:  pNetwork / $PNT (N...

For All Things DeFI - Follow These Crypto Twitter Accounts

25 Jul 2020 1 minute read 12 comments Bragato18

Decentralised Finance (DeFi) is all the rage in the Cryptoverse. So here are 9 Crypto Twitter accounts worth following if you would like to keep updated on what is happening in DeFi. #1 Camila Russo @CamiRusso Chiefess at Defiant News, a DeFi news...

Matic Network (MATIC) vs Synthetix Network Token (SNX)

14 Aug 2020 5 minute read 5 comments Heruvim78

 Lately we could see that Celsius Network added some extra coins and tokens. Between all of them, i can notice that two are getting quite attractive interest rates. I am talking about Matic Network (MATIC) and Synthetix Network Token (SNX), both rece...

Top 6 staking coin for this summer

15 Jun 2020 3 minute read 3 comments Cryptomeitei

The altcoin season has already started. And its time to make use of POS consensus in full function.Hence choosing the best Altcoin with high potential which can make big passive income is an  important strategy.Specialy this june we have seen a lots...

Will ETH hit $10k this year?

27 Jan 2021 1 minute read 0 comments Cryptofab

According to a Coinbase report dated January 22, 2021, the interest of the professional investors in Ethereum significantly increased in 2020. These investors buy ETH because they believe in the network potential value and the coverage against inflat...

xSNX Fund Makes Staking Synthetix Easier

18 Aug 2020 1 minute read 1 comment Abhimanyu Krishnan

xSNX, a project supported by the Synthetix (SNX) grantsDAO, was unveiled and detailed on August 18 via a blog post. xSNx accrues staking returns and trading fees to the token’s net value It avoids the need to handle the weekly processes of minting,...

Is it the best time to buy Bitcoin?

10 Jan 2021 1 minute read 3 comments Cryptofab

Nobody can really tell you whether or not it is the right time to buy Bitcoin, however the following indicators may help you: 1) Twitter: just look at what the trendsetters say, e.g. Alex Mashinsky, Celsius CEO, thinks that BTC will oscillate around...