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. 


The State of Crypto: The Highest Gains for January 16, 2021

16 Jan 2021 6 minute read 9 comments bettercallpaul

The State of Crypto: The Highest Gains for January 16, 2021 by W. Paul Alexander for Better Call Paul Blog ***NOTE:  The coin widgets update automatically, so keep in mind any percentages I've written about in this article were so listed at press...

Coinbase Pro Lists DeFi Tokens AAVE, BNT and SNX

15 Dec 2020 1 minute read 12 comments Abhimanyu Krishnan

Coinbase Pro has listed DeFi tokens AAVE, BNT and SNX, according to an announcement made on Dec. 15. Coinbase Pro opened deposits for the 3 assets on Dec. 14, with trading to begin at 9 AM PST, Dec. 15 AAVE, BNT and SNX are popular DeFi assets that...

Will SNX hit $20?

18 Dec 2020 1 minute read 4 comments Fab G

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....

The safest way to store crypto

18 Jan 2021 3 minute read 2 comments Roberto D.

How can Bitcoins be stored? Here is a guide on the best ways to keep cryptocurrencies safe. A question that the (many) investors who in recent months have decided to focus on cryptocurrencies will certainly have asked themselves, for almost a year at...

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3 Jan 2021 6 minute read 21 comments crypto_moose

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Coinbase Lists Three New Ethereum Tokens

16 Dec 2020 1 minute read 1 comment CryptoVS

Coinbase Adds Three New Ethereum Tokens :  Aave (AAVE) Bancor (BNT) and Synthetix (SNX) all became available for purchase on Coinbase Tuesday 12/15/20 . Usually we see an upswing in a Tokens price when Coinbase adds them to their marketplace, but thi...

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...

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...

Do You Know TRUST WALLET?

4 Dec 2020 1 minute read 8 comments Coincobra

Trust is Binance's official wallet but unlike Binance itself it works only as a mobile application. that is, if you want to take a look at your instances on a conventional desktop computer you won't be able to. Trust Wallet has good options for crypt...

Injective Protocol INJ - Incredible potential

14 Jan 2021 1 minute read 4 comments Fab G

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...