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. 


How much is a unit of PAIN?

23 Feb 2021 2 minute read 0 comments VNFC

Well, sometimes we asked ourselves if we deserve what we got. Maybe. Or maybe not. Depends. What is sure is that, from time to time, we suffer. The thing is, it is really a true suffering? I mean, if we suffer because we couldn't get a new smart phon...

Synthetix to Introduce Synthetic Futures and Rebrand Exchange in H2 2020

5 Aug 2020 1 minute read 0 comments Abhimanyu Krishnan

On July 31, synthetic asset platform Synthetix (SNX) offered an update on its roadmap, detailing several significant offerings for the latter half of 2020. New features and developments include synthetic futures, a rebrand of the exchange and deeper...

DeFi : Risk = Yield

11 Feb 2021 4 minute read 0 comments MxFr66

Finance in the broad sense has interested me for a long time, I am always surprised not to have nabbed the blockchain ball on the fly earlier (French expression). I have only been interested in decentralized finance since 2020, and I don't dare to fu...

First liquidations on Synthetix/Mintr

11 Nov 2020 3 minute read 1 comment bengy

  This crossed my Twitter feed a couple of days ago, and it gave me a bit of a shock as I hadn't really checked in on my SNX collateralisation since before the craziness that made contract interaction a pain in the arse on Ethereum. SNX stakers as...

How to fix the Eth gas Price problem NOW!

28 Sep 2020 1 minute read 1 comment ManuelAR

Ethereum is the chain of choice for most of the smart contracts that are fueling todays Defi revolution. But success has come at a price, the increased transaction volume has placed considerable strain on the network forcing gas prices up to historic...

Synthetix is moving to L2 — Earn SNX with no FEES!

26 Sep 2020 1 minute read 0 comments GabrielHaines

A QUICK OVERVIEW OF SYNTHETIX Synthetix is a central part of DeFi and the Ethereum blockchain because it enables access to real life assets like forex and precious metals. In the future, it will also give access to equities (such as stocks like Tesl...

Market TA - Oct 2

2 Oct 2020 3 minute read 0 comments LeaderIcarus

Greetings everyone The market is extremely volatile, as it is, also, falling and practically all coins - except stablecoins - are in reds. Even if the 24 hours volume is in the average amounts - almost $55 billion - alongside the high altcoin dominan...

Synthetix Introduces Binary Options Trading With Acrux Upgrade

2 Jul 2020 1 minute read 1 comment Abhimanyu Krishnan

Synthetic asset platform Synthetix (SNX) recently upgraded its protocol with two improvement proposals, according to a post published on June 30. The release, called ‘Acrux’, sees SIP-53 and SIP-48 bring changes to binary options and stale rates resp...

COINBASE (CELO/BAND/UNISWAP)

23 Sep 2020 1 minute read 0 comments Coincobra

Recently, the largest US exchange listed and made 3 new cryptocurrencies available to negotiate. This is very interesting, as they were launched in sequence over a period of just over 45 days. In the case of coinbase it is not very common for this to...

Bitpanda added six new DeFi tokens + largest giveaway on Bitpanda yet!

29 Sep 2020 2 minute read 2 comments Jakonfire

www.bitpanda.com have added six new DeFi tokens! These six new DeFi token integrations are a great way to build a diversified cryptocurrency portfolio with more than 30 coins and tokens avaible at Bitpanda.    You can now trade six of the most popula...