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. 


Gold product release

24 Aug 2020 1 minute read 10 comments Synthetix Network

This post is another entry in our regular series in which we fill you in twice a month on all the front-end updates we’ve made across our dApps and website. Stay tuned for more updates!   Add fee reclaim/rebate events on Synthetix.Exchange As per SI...

Aave Launches New Features and Listings

17 Jul 2020 4 minute read 15 comments Aave

  The Aave team has been hard at work to provide new features and assets in the protocol for the Aave Fam! As always, synergies within the ecosystem and brand new functionalities are on the menu this week. We’re happy to introduce new risk parameter...

The ECB prepares its "digital euro".

3 Oct 2020 4 minute read 21 comments Roberto D.

Central banks have been thinking about this for quite some time. A digital currency under their control that pushes the countless electronic currencies that have proliferated over the last decade to the margins. A day ago, the European Central Bank a...

6 Explosive Altcoins to Watch in the Next Months

18 Apr 2020 4 minute read 37 comments Crypto Adventure

The Bitcoin halving is just around the corner, and the cryptocurrency market seems to emerge scarred, but undefeated from the COVID-19 crisis. Other financial markets cannot claim a sweeter victory. If there was a good year for investing in cryptos,...

6 Undervalued DeFi Projects To Put on Your Radar for 2020 & 2021

11 May 2020 9 minute read 18 comments Chenhuang_defi

You probably know what DeFi is since you clicked on this headline, but in case you don't, here's a quick explanation of what it is and why you should care about it: Defining DeFi DeFi is the acronym for ‘decentralized finance’, also known as ‘open fi...

Stablecoin alternatives to USDT - What are They & Should You Use Them?

19 Jun 2020 6 minute read 11 comments D3F1

Cryptocurrencies are extremely volatile, there’s no question about that.  Price swings of 10% or more in a day are not uncommon and this extreme volatility can provide traders with lucrative opportunities.  However, cashing out crypto to fiat only to...

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...

DeFi Synthetic Assets

21 Oct 2020 2 minute read 5 comments NOWNodes

Originally published in the NOWNodes blog. The concept synthetic asset refers to a collection of assets that have the same value as another asset. Traditionally, synthetic products combine various derivatives — options, futures, or swaps — that mimic...

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...