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 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...

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4 Oct 2020 4 minute read 2 comments bengy

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3 Dec 2019 10 minute read 4 comments Mr.CryptoWiki

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11 May 2020 9 minute read 18 comments Chenhuang_defi

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Market TA - Oct 2

2 Oct 2020 3 minute read 0 comments LeaderIcarus

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1 May 2020 6 minute read 2 comments yourmitchy

Investing in cryptocurrencies can be extremely lucrative, that is if you choose the right ones to invest in. Many cryptos have, and can again, show a 10x, a 100x, and maybe even a 1000x return on investment.  These types of returns in crypto are unpa...

Technical Analysis - Oct 9

9 Oct 2020 2 minute read 0 comments LeaderIcarus

Greetings everyone and welcome to this positive - at last technical analysis. Not, as positive as i would like, but still, as you can see on the cover image (from, a sea of green. The market capitalization is, also, increased to $347 b...

Top 16 DeFi Trading Platforms & Protocols

24 Aug 2020 7 minute read 7 comments D3F1

1. Uniswap Automated Market Maker powered only by smart contracts on Ethereum Allows users to swap between ERC-20 tokens in a decentralized manner quickly. Liquidity is provided by users who deposit funds in different pools at a 50/50 ratio When a...

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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...

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,...