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

Synthetix Network (SNX)

120 Articles 9,570 Followers

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. 

Week 3, personal ideas and analysis

16 Jan 2021 1 minute read 0 comments Feder

After this week purchases as you noticed from my previous post, i'd like today to share some ideas and analysis i made in particular looking at the chart of $ADA - $SNX - $ETH - $DOT and $VET ADA/USD If we look at the 2h chart here we see ADA brea...

What is Synthetix Network Token (SNX)? [A Comprehensive Guide to Understanding Synthetix]

3 Dec 2019 10 minute read 4 comments Mr.CryptoWiki

If you’re a crypto investor, you’ve probably researched and wondered what will kick off the next bull run? After all, we all want to get in early and see massive gains, am I right?  In order to do this, we must first identify the leading trends that...

Celsius Network added five new coins but the transfer fees are ridiculous!

13 Aug 2020 1 minute read 5 comments PVMihalache

Since yesterday's  !!Matic, Livepeer (LPT), Kyber Network, Synthetix (SNX) and LINK are available on Celsius, with amazing interest rates of staking and annual yield go to 22.4% The higest interest rate is available if users choose to earn in CEL, h...

The total number of DeFi users over time approaches 600,000 / LRC, ZRX, SNX, MKR, KNC, analyzing top DeFi Tokens.

20 Jun 2020 6 minute read 0 comments Crypto adict (Manu VZ)

The total number of DeFi users over time is approaching 600,000 according to the analytical platform Ethereum Dune Analytics. The total number of DeFi users reached 193,000 in May. Most of the growth comes from Kyber (74,360) and Uniswap (70,739). Fi...

What is Synthetix (SNX)?

22 Jun 2020 1 minute read 0 comments PhoenixDev

Synthetix is ​​a token trading platform built on Ethereum, whose functionality is to create 'synthetic assets' to track all kinds of things (such as coins, cryptocurrencies, precious metals ...). All of this is backed up by SNX tokens. Its Origin Sy...

Synthetix for Dummies

15 Jun 2019 8 minute read 12 comments TwiceCrypto

I was researching about decentralized finance when I first came across Synthetix from a tweet from @DegenSpartan. (Learned a lot from his views/knowledge about DeFi & Synthetix - definitely worth the follow!) It was really difficult to comprehend the...

ATOM and SNX my experience a year later. pt 1

12 Aug 2020 1 minute read 0 comments bobby d!gital

These two projects are a hot topic amongst traders of all types these days.  Defi is hot. Binance and Coinbase have reported a massive increase of online traffic in past weeks. There is more institutional buying  recently in a very long time. With th...

I created a binary options market on Synthetix

3 Jul 2020 2 minute read 2 comments poopster

Hey gang, ole poopy is back with a walk through/tutorial on how to create your own binary options market. First off, i am not a developer, i am not a crypto expert, hell i can barely use Gmail. The team over at Synthetix created an extremely user fri...

Stacking SNX using MintR

7 Jun 2020 3 minute read 2 comments cryptouf

Hi all A new little tutorial for people interested in Synthetix and wishing to stack their SNX to generate interest. I will not present the Synthetix project in this article. You can find the white paper of the project by clicking on the button at th...

The Yield Farming Pool Concept May Consolidate Ethereum's Role As BTC's Main Secondary Chain

28 Jun 2020 2 minute read 0 comments PassionCryptodotcom

The decentralized financing applications (challenge) on the Ethereum chain have experienced rapid growth in the past two years. Now, a number of synthetic versions of bitcoin , which exploit the Ethereum chain , have overtaken off-chain solutions lik...