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. 


Synthetix (SNX) Is Soon to Join the Layer 2 Club, Launching on Optimism THIS Month! What Does That Mean for the Existing Technology??

20 Jul 2021 8 minute read 0 comments Michael @ CryptoEQ

Overview Synthetix is an Ethereum-based DeFi project that serves as a decentralized exchange (DEX) and issuer of synthetic assets in an open, decentralized, and trust-minimized way. It accomplishes this through a staking-based incentive system,...

Newton adds 4 more DeFi related coins (Canada)

30 Jun 2021 1 minute read 1 comment SkidLodo

Today, Newton is adding new coins that are related to the decentralized finance (DeFi). Feels like déjà vu? See this post for the latest additions and my comments on this exchange. This time, we will be able to trade four more coins on Newton's platf...

Impermanent Loss Liquidity Pools Explained and How to cope with it

13 Jun 2021 1 minute read 13 comments Defiant Pathfinder

DeFi and Yield Farming are getting popular each and every day as investor are depositing their tokens into liquidity pools so that they can get as many tokens as they can. There is what called impermanent loss and most investors do not pay attention...

Bottom Is In : BTC, ETH, ADA, ALGO, SNX, DOT, YFI, SUSHI, AUDIO, BCH & UNI Technical Analysis

7 Jul 2021 1 minute read 0 comments busyjordy

CRYPTO CORNER EPISODE 265 Market Analysis, Updates, News & Reviews In today's episode I analyse the following top coins: ►BTC 2:12►ETH 4:38►ALGO 7:25►SNX 8:06►BCH 8:48►POLKADOT 10:08 ►ADA 11:07►SUSHI 14:47►YFI 15:35►AUDIO 16:20►UNI 17:17   ☝These a...

Uniswap comes to Optimism!!!!!!

14 Jul 2021 2 minute read 0 comments bengy

    Unsplash   So, not long ago (in the last day), Uniswap launched an alpha version on Optimistic Ethereum (OE)... now, why is this so exciting for me? Well, a number of things... Synthetix has been on the Layer 2 for quite a few months now, an...

DeFi with No or Less Impermanent Loss

13 Jun 2021 1 minute read 5 comments Defiant Pathfinder

Earlier today i posted an article i was talking about Impermanent Loss, you can click this link it will lead you on that article. In this article i am going to talk about top 10 DeFi with Less or No impermanent loss and those DeFi are the best, i thi...

Decentralized Finance Which Fought their way UP

30 May 2021 2 minute read 2 comments Defiant Pathfinder

It is so exciting Seeing how Decentralized Finance (DeFi) fought their way to the top. Its no lie that DeFi is making headlines these days as investors and traders are now much into it. How Did they Manage to Do So Back in the days even up to now inv...

Technical and Price Analysis- MKR, AAVE, DOT, LINK, SNX- JUN 13, 2021

13 Jun 2021 1 minute read 6 comments Hsksks

We all want to know the next best altcoin. Some of the contenders are MakerDAO, Aave, Polkadot, Chainlink and Synthetix. MKR MakerDAO envisions to make Stablecoin ecosystem mainstream. The market price stood at $2,980.2 at 3:15 AM UTC. It has a gain...

Technical and Price Analysis- MKR, AAVE, DOT, LINK, SNX- JUN 12, 2021

12 Jun 2021 1 minute read 1 comment Hsksks

We all want to know the next best altcoin. Some of the contenders are MakerDAO, Aave, Polkadot, Chainlink and Synthetix. MKR MakerDAO envisions to make Stablecoin ecosystem mainstream. The market price stood at $2,868.5 at 5:40 AM UTC. It has a loss...

EL SALVADOR has decided: BITCOIN as STATE CURRENCY!🥇⚖

10 Jun 2021 1 minute read 3 comments Havall✨

Hey! Did you know that? The first state in the world to use bitcoin as legal tender will be El Salvador. The legislative assembly approved with 62 votes out of 84 the bill proposed by President Nayib Bukele, announced to the world with a video messag...