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. 


iCrypto minted in Synthetix - Make money when the market is down

10 Feb 2021 1 minute read 2 comments Makingdigital

Syntethix never ceases to amaze me. An incredibly original project is coming and if we can understand it we can earn a lot of money applying good strategies. The concept of reverse cryptocurrency sounds somewhat strange, still unknown to most crypto...

Can DOT hit $100?

29 Jan 2021 1 minute read 0 comments Cryptofab

Polkadot is not only a competitor of Ethereum. There are so many smart contract competitors on the market that nobody can say which one will win, and at the end of the day it could be Ethereum anyway because their market share is so huge that it will...

Another Good News In The Crypto Community.

3 Feb 2021 3 minute read 3 comments Godsplan

  This recent period has been a great time for crypto currencies and many platforms are greatly updating their earning opportunities to help us earn enough. This time, the good news is from one of the oldest earning sites called FreeBitcoin.co.   Fre...

The Decentralisation of the stock market with the defi

16 Feb 2021 4 minute read 0 comments Tonythomas

  The rules of traditional finance have been crafted to benefit a few at the expense of many. And when the many use the rule to play the game correctly, they try to change the rule. The recent developments happened in the stock market and around Game...

Synthetix is adding Tesla to its growing list of Synths

11 Feb 2021 1 minute read 0 comments Easyway

The addition of a synthetic TSLA asset was first initially and officially proposed and on the 2nd of Feb. Synthetix is readying its Bellatrix release. With the update, synthetic assets for Aave, Uniswap, Polkadot, and more will be supported. However...

Exchanges & Dapp moving in Layer 2 Scaling

15 Oct 2020 4 minute read 1 comment Agilaxxx

The Coinbase Wallet is moving in Layer 2 scaling too. credits to publish0x This past few month we see alot of news about Ethernium Scaling Development and yesterday October 14 2020 the non-custodial exchanges wallet and dapp browser Coinbase Wall...

Bitcoin less risky than Tesla?

22 Jan 2021 1 minute read 2 comments Cryptofab

That's the conclusion of a recent survey: 56% of 627 respondents surveyed by Deutsche Bank last week claimed that BTC price more likely to halve in a year, and 25% said it's more likely to double, according to a report by Marketwatch. Meanwhile, 62%...

Migrating fully to Synthentix L2 OVM (My experience and tips!)

16 Jan 2021 5 minute read 2 comments bengy

  Anyone who has interacted recently (in the last year...) with the Ethereum blockchain has felt the pain of high ETH gas fees for simple token transactions. When you are interacting with more complex DeFi smart contracts, the fees start to really s...

Portofolio balance, ideas and opinion part2

15 Jan 2021 1 minute read 0 comments Feder

  Let's get back to one of my previous post when i wanted to have from you a feedback and opinion about how to diversify and in which way i could build a stable for medium-long term portfolio.  The majority of the people who took the survey seems...

Should you buy cryptos before the weekend?

22 Jan 2021 1 minute read 0 comments Cryptofab

An article from Bloomberg last year mentioned that "Weekends are the Wild West for Bitcoin, but Nobody Knows Why". However, several reasons were mentioned to explain why weekends are good for Bitcoin, and these reasons are still valid in January 2021...