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. 


Vitalik Buterin Stakes $9K Worth of SNX via Optimistic Ethereum

26 Jan 2021 1 minute read 8 comments Abhimanyu Krishnan

Ethereum co-founder Vitalik Buterin has staked SNX via the Optimistic layer 2 solution on Jan. 25, as seen in data from Ethscan. Buterin staked just under $10,000 on the Synthetix L2 bridge on Jan. 25, making him the most high profile staker yet But...

Synthetic Futures Primer

21 Aug 2020 13 minute read 3 comments Synthetix Network

Introduction This post will cover a number of areas relating to the upcoming launch of synthetic futures. It will provide a high level overview of the current proposed design of futures detailed in SIP-80. It will also provide background on the diff...

4 Unique DeFi Projects You Should Know About

30 Nov 2020 4 minute read 3 comments Crypto Adventure

The DeFi sector continues to see expansion in all aspects. According to recent reports, the market currently holds over $6 billion in value locked in smart contracts. Impressively, this growth is increasing in both its scope and rate. There are now m...

E&S: Synthetix, Decentralised synthetic assets

21 Feb 2021 3 minute read 2 comments MikeZillo

Hello Publish0x community and welcome back in this new article of my “Easy & Short Cryptocurrencies Made Accessible” area. This Sunday we talk about advanced features of Synthetix Network! Last Sunday I introduced you Synthetix Network (SNX) and I sa...

Why The DeFi Synthetix Network Token (SNX) Is Mooning 🚀

28 Jun 2020 3 minute read 14 comments Cryptonator`s

Decentralized projects are the ones that I believe stand to make significant gains and provide very interesting passive income opportunities over the coming years. One of my favorite decentralized projects is the Synthetix Network. It is one of the m...

4 Crypto Projects to Bounce Back After Corona Crash

10 Mar 2020 4 minute read 3 comments Adamic0

The last few days have been a bit of a bloodbath for the market. Not just the crypto market, but every other asset class with the exception of gold. Indices have taken a HUGE beating, the oil price war has sent sudden shock waves through the economy...

Do You Know TRUST WALLET?

4 Dec 2020 1 minute read 8 comments Coincobra

Trust is Binance's official wallet but unlike Binance itself it works only as a mobile application. that is, if you want to take a look at your instances on a conventional desktop computer you won't be able to. Trust Wallet has good options for crypt...

What Is Yield Farming?

15 Feb 2021 1 minute read 2 comments chris04

What is yield farming?Yield farming is a way to make money by holding cryptocurrency holdings. In summary, it means blocking cryptocurrencies for rewards. But is it the same as staking?In a sense, yield farming can be compared to staking as both stra...

Crypto School; Why You Should Consider Chainlink And Synthetix Network In Your Investment Portfolio.

8 Feb 2021 3 minute read 9 comments Godsplan

Today l just realized some Important projects in the crypto market, with very good mission and wonderful future and l want to share with all of us in the crypto community. In the past l was just watching price movements in Chainlink and the synthesis...

Top 16 DeFi Trading Platforms & Protocols

24 Aug 2020 7 minute read 7 comments D3F1

1. Uniswap Automated Market Maker powered only by smart contracts on Ethereum Allows users to swap between ERC-20 tokens in a decentralized manner quickly. Liquidity is provided by users who deposit funds in different pools at a 50/50 ratio When a...