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. 


Discovered 22 Chrome (and Brave) extensions that steal cryptocurrencies

17 Nov 2020 1 minute read 10 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...

Bitcoin + Ethreum = Wrapped Bitcoin

25 Nov 2020 1 minute read 1 comment Coincobra

Wrapped Bitcoin is Ethereum's Bitcoin. In fact wBTC is the largest tokenized ERC-20 asset that is currently traded on the Ethereum blockchain. Therefore, it is the version of the BTC in Ethereum in the DeFi ecosystem. This Token is already listed on...

Defi, SNX and Satoshi's vision

14 Aug 2020 2 minute read 5 comments bobby d!gital

If there was an award ceremony for crypto based on potential and innovative technology, SYNTHETIX would be academy award winner.  Right in the middle of Defi is the derivatives market. The estimated combined value of all derivatives contracts is said...

5 Facts About use Bitcoin PayPal

30 Nov 2020 1 minute read 7 comments Coincobra

  Fact 1 On October 21 it was announced by PayPal that from the beginning of next year, 2021, this giant company will accept payments through cryptocurrencies Bitcoin, Bitcoin cash, Ethereum and Litecoin. Fact 2 PayPal has a partnership with approx...

What you need to know before staking SNX for the first time

26 Jun 2020 3 minute read 3 comments Synthetix Network

Staking SNX allows anyone to earn rewards by contributing collateral to the Synthetix protocol. However, there are some important things you should know before you make the decision to contribute in this way.   Staking requires weekly action   You...

Top Things You Should Know About Synthetix Network (SNX)

16 Jun 2020 7 minute read 8 comments MuyAsk

Hey guys :) I’m back with another comprehensive Q&A piece, this time for one of the most popular and revolutionary Ethereum DeFi projects – Synthetix Network (SNX). Synthetix Network is a protocol for trading synthetic assets on Ethereum. The project...

Layer2 Coming Soon On Synthetix, Uniswap, Aave and Loopring

19 Jan 2021 2 minute read 7 comments ☑️Arͬcͨaͣ🅽🅶eͤl̜̝̖̼͔̞̃ͮ͑̐̉͌🅾➏➏➏

If you are not large holders, it is not convenient to stake tokens on Ethereum's DeFi platforms because the gas is too high. Likewise, there is no incentive to provide liquidity. A scalability solution could come from "Layer2" that some platforms are...

What is DeFi & How to earn on Yield Farming?

21 Oct 2020 8 minute read 5 comments Guarda Wallet

What is DeFi? DeFi or decentralized finance stand for financial applications and services that use smart contracts. DeFi is a decentralized, open-source, and trustless ecosystem of financial applications and services based on various blockchains. The...

4 Unique DeFi Projects You Should Know About

5 Dec 2020 4 minute read 0 comments Chriss

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...

Synthetic Assets in DeFi: A Comprehensive Guide

5 Nov 2020 5 minute read 1 comment 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...