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. 


Top losers last 7 days list

19 Feb 2021 1 minute read 1 comment Cryptofab

Most of you are focused on the winners of the week, e.g. BNB. However, it might be worthwhile looking at the top losers in order to buy the dip. So the question is: while Bitcoin and most of the altcoins were increasing, which coins underperformed? L...

DeFi tokens to pump again

7 Dec 2020 1 minute read 0 comments Cryptofab

According to Dune analytics report, DeFi users have reached 1 million, i.e. ten times the number of users of last year... And still almost nothing compared to the worldwide potential. DeFi tokens like YFI, YFII, SNX are going to pump significantly fr...

Starting cryptocurrencies for newbies

1 Oct 2020 3 minute read 1 comment Roberto D.

Finance is becoming more virtual by the day. The main reason for this development is cryptocurrency. The cryptocurrency first came to the fore when an anonymous group of developers (or a single person) introduced Bitcoin to the public. This revolutio...

Will Bitcoin crash?

24 Jan 2021 1 minute read 5 comments Cryptofab

Bitcoin dominance is currently decreasing towards 60% and could even go lower according to the daily candles as shown on the graph below. Bitcoin has increased so much recently that it has attracted newbies, urging the whales to swap their BTC for ET...

Technical Analysis - Oct 9

9 Oct 2020 2 minute read 0 comments LeaderIcarus

Greetings everyone and welcome to this positive - at last technical analysis. Not, as positive as i would like, but still, as you can see on the cover image (from Coingecko.com), a sea of green. The market capitalization is, also, increased to $347 b...

Trying Synthetix over Optimistic Ethereum (Layer 2 scaling)

4 Oct 2020 4 minute read 2 comments bengy

  Ethereum is the first and most used of the smart contract blockchains. However, due to the way that it achieves consensus via Proof of Work (PoW), it does suffer from network congestion at times when the network is being stressed by usage. User...

Synthetix Details 2021 Development Agenda

14 Jan 2021 1 minute read 0 comments Abhimanyu Krishnan

Synthetix founder Kain Warwick, in a detailed blog post published on Jan. 12, explained the planned development roadmap and priorities for the project in 2021. Warwick opens the 2500 word post by saying that while the roadmap is his only his thought...

Will SNX hit $30?

4 Feb 2021 1 minute read 2 comments Cryptofab

For those who have never tried SNX, it is not too late. This token has a huge potential. For the SNX hodlers, I would recommend to keep it for a while: By conception, SNX tracks stocks and other assets. When stocks increase like today, it increases....

Synthetix (SNX) The asset deployment protocol on Coinbase/Pro

10 Jan 2021 1 minute read 1 comment Gamma

Coinbase Exchange continues to focus its attention on the ecosystem of decentralized finance (DeFi). The Synthetix (SNX) token can now be exchanged on the Coinbase Pro platform. Coinbase has added DeFi tokens, such as Uniswap and Compound, and the pl...

Injective Protocol INJ - Incredible potential

14 Jan 2021 1 minute read 4 comments Cryptofab

Hopefully you already know the Injective Protocol. Otherwise, it is still time to learn. According to their description on CoinMarketCap: Injective Protocol describes itself as the first layer-2 DEX that unlocks the full potential of decentralized d...