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. 


Muscovite Product Release

12 Jul 2020 1 minute read 1 comment 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!   COMP, LEND, KNC, and REN are now available as binary options...

Whale Wallet Analysis - Synthetix

20 Aug 2020 6 minute read 4 comments D3F1

Hello guys, I am back with another Whale Wallet Analysis article - this time for Synthetix. I have previously conducted a similar analysis for AMPL and LINK and they were quite well received so I would love to continue this series for you. The SNX ri...

Synthetic Futures Primer

21 Aug 2020 13 minute read 3 comments Synthetix Network

Introduction This post will cover a number of areas relating to the upcoming launch of synthetic futures. It will provide a high level overview of the current proposed design of futures detailed in SIP-80. It will also provide background on the diff...

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...

Exchanges & Dapp moving in Layer 2 Scaling

15 Oct 2020 4 minute read 1 comment Agilaxxx

The Coinbase Wallet is moving in Layer 2 scaling too. credits to publish0x This past few month we see alot of news about Ethernium Scaling Development and yesterday October 14 2020 the non-custodial exchanges wallet and dapp browser Coinbase Wall...

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...

Starting cryptocurrencies for newbies

1 Oct 2020 3 minute read 1 comment Roberto D.

Finance is becoming more virtual by the day. The main reason for this development is cryptocurrency. The cryptocurrency first came to the fore when an anonymous group of developers (or a single person) introduced Bitcoin to the public. This revolutio...

The cryptocurrencies era

29 Sep 2020 3 minute read 5 comments Roberto D.

Welcome to the future: the century of cryptocurrencies. But before launching into the world of cryptocurrencies, an exchange that is currently highly developed, it is very appropriate to take a small step back. In this brief time lapse, therefore, we...

xSNX Fund Makes Staking Synthetix Easier

18 Aug 2020 1 minute read 1 comment Abhimanyu Krishnan

xSNX, a project supported by the Synthetix (SNX) grantsDAO, was unveiled and detailed on August 18 via a blog post. xSNx accrues staking returns and trading fees to the token’s net value It avoids the need to handle the weekly processes of minting,...

Matic Network (MATIC) vs Synthetix Network Token (SNX)

14 Aug 2020 5 minute read 5 comments Heruvim78

 Lately we could see that Celsius Network added some extra coins and tokens. Between all of them, i can notice that two are getting quite attractive interest rates. I am talking about Matic Network (MATIC) and Synthetix Network Token (SNX), both rece...