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. 

Trying Synthetix over Optimistic Ethereum (Layer 2 scaling)

4 Oct 2020 4 minute read 2 comments bengy

  Ethereum is the first and most used of the smart contract blockchains. However, due to the way that it achieves consensus via Proof of Work (PoW), it does suffer from network congestion at times when the network is being stressed by usage. User...

Technical Analysis Update BTC/ETH/SNX/XMR - Oct 5

5 Oct 2020 2 minute read 0 comments LeaderIcarus

Greetings everyone, and welcome to an update of this technical analysis. Updating The sideways move continues, for Bitcoin, inside the triangle ABCD, with low volume - just $16 billion - trading currently at $10,640. Its market dominance is still aro...

What is DeFi & How to earn on Yield Farming?

21 Oct 2020 8 minute read 5 comments Guarda Wallet

What is DeFi? DeFi or decentralized finance stand for financial applications and services that use smart contracts. DeFi is a decentralized, open-source, and trustless ecosystem of financial applications and services based on various blockchains. The...

How to fix the Eth gas Price problem NOW!

28 Sep 2020 1 minute read 1 comment ManuelAR

Ethereum is the chain of choice for most of the smart contracts that are fueling todays Defi revolution. But success has come at a price, the increased transaction volume has placed considerable strain on the network forcing gas prices up to historic...

Synthetix is moving to L2 — Earn SNX with no FEES!

26 Sep 2020 1 minute read 0 comments GabrielHaines

A QUICK OVERVIEW OF SYNTHETIX Synthetix is a central part of DeFi and the Ethereum blockchain because it enables access to real life assets like forex and precious metals. In the future, it will also give access to equities (such as stocks like Tesl...

The easiest guide to earn 10K Sat per day, every day (Version 2)

23 Sep 2020 4 minute read 10 comments Roberto D.

Some time ago I wrote a guide called "The easiest guide to earn 10K Sat per day, every day" with the promise that I would publish a "revised and corrected" version 2 of it. Two months later I am ready to tell you about the best way to reach these ble...

Aave Launches New Features and Listings

17 Jul 2020 4 minute read 15 comments Aave

  The Aave team has been hard at work to provide new features and assets in the protocol for the Aave Fam! As always, synergies within the ecosystem and brand new functionalities are on the menu this week. We’re happy to introduce new risk parameter...

Is Synthetix Network Token (SNX) A Good Investment? In-depth Analysis and Near to Longer-Term Expectations

10 Mar 2020 8 minute read 4 comments CryptoBoomer

The world of crypto has been experiencing plenty of ups and downs. 2017 was considered the best year ever due to the crazy pump of altcoins here and there. Some altcoins successfully gained a 10,000% increase or even more within just a few months. H...

What you need to know before staking SNX for the first time

26 Jun 2020 3 minute read 3 comments Synthetix Network

Staking SNX allows anyone to earn rewards by contributing collateral to the Synthetix protocol. However, there are some important things you should know before you make the decision to contribute in this way.   Staking requires weekly action   You...

4 Crypto Projects to Bounce Back After Corona Crash

10 Mar 2020 4 minute read 3 comments Adamic0

The last few days have been a bit of a bloodbath for the market. Not just the crypto market, but every other asset class with the exception of gold. Indices have taken a HUGE beating, the oil price war has sent sudden shock waves through the economy...