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. 


2021 will be spectacular, Bitcoin will cross $100,000 - PlanB

11 Nov 2020 1 minute read 7 comments Permabull

PlanB recently said Bitcoin will tap $100,000 - $288,000 before the end of next year. Following the news around Bitcoin (microstraategy, Paypal, DBS, JPMorgan, Stanley Druckenmiller, etc) it feels like the smart money is moving to Bitcoin. Some of th...

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...

Synthetic Assets in DeFi: A Comprehensive Guide

5 Nov 2020 5 minute read 0 comments Zild

The market of crypto-synthetic assets has been steadily gaining traction. According to the latest available estimates, there is more than $69 million locked in synthetic derivative contracts. To understand this growing importance of synthetic...

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...

DCA Dollar cost averaging into Bitcoin or other cryptocurrency

27 Oct 2020 2 minute read 1 comment Permabull

Dollar cost averaging (DCA) is an investment strategy that aims to reduce the impact of volatility on your Bitcoin purchases. From Wiki: By dividing the total sum to be invested in the market (e.g., $100,000) into equal amounts put into the market at...

Wall Street Trading Firm is accumulating Bitcoins & Alts

8 Nov 2020 1 minute read 4 comments ircrp

  One of the Wall Street's biggest high-frequency trading firm of Jump Trading with over 700 head count worldwide has been allegedly quietly accumulating on various Cryptocurrencies. The spotlight has been cast upon Jump Trading by a Messari Crypto r...

Colombia update - 309 Bitcoins traded last week

29 Oct 2020 1 minute read 2 comments Permabull

Checking last week's statistics, 309 BTC were traded in Colombia on LocalBitcoins. The number is a bit down from 323 BTC traded a week before. Although, the volume is slowly slipping down from 760 BTC per week in February 2019. 309 BTC is about 13,0...

pNetwork - the next SNX of DeFi World - better features, 42% staking/year

21 Oct 2020 3 minute read 1 comment VNFC

hello everyone Today I'm gonna present you one of the most promising (for me) projects vs market price in these moments: pNetwork, former EIDOO, a swiss project in crypto Finance this is the Roadmap The most relevant info: -Name:  pNetwork / $PNT (N...

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...

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...