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. 


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28 Mar 2021 4 minute read 29 comments AlucardLife

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1 Apr 2021 1 minute read 15 comments Sp427

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15 Apr 2021 9 minute read 7 comments Block To The Future

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11 Apr 2021 1 minute read 0 comments Cryptofab

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14 Mar 2021 3 minute read 0 comments Heath Muchena

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7 Mar 2021 2 minute read 7 comments chris04

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Synthetix (SNX) formed bullish Shark for upto 46.5% rally

22 hours ago 1 minute read 0 comments moon333

Hi dear friends, hope you are well and welcome to the new update on Synthetix ( SNX ) token.On a daily time frame chart, the price action of SNX has formed the final leg of the bullish Shark pattern. https://www.tradingview.com/chart/SNXUSDT/aH5msPS...