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. 

Vitalik Buterin Stakes $9K Worth of SNX via Optimistim

22 hours ago 1 minute read 4 comments Abhimanyu Krishnan

Ethereum co-founder Vitalik Buterin has staked SNX via the Optimistic layer 2 solution on Jan. 25, as seen in data from Ethscan. Buterin staked just under $10,000 on the Synthetix L2 bridge on Jan. 25, making him the most high profile staker yet But...

Layer2 Coming Soon On Synthetix, Uniswap, Aave and Loopring

19 Jan 2021 2 minute read 7 comments ☑️Arͬcͨaͣ🅽🅶eͤl̜̝̖̼͔̞̃ͮ͑̐̉͌🅾➏➏➏

If you are not large holders, it is not convenient to stake tokens on Ethereum's DeFi platforms because the gas is too high. Likewise, there is no incentive to provide liquidity. A scalability solution could come from "Layer2" that some platforms are...

Will Bitcoin crash?

24 Jan 2021 1 minute read 5 comments Fab G

Bitcoin dominance is currently decreasing towards 60% and could even go lower according to the daily candles as shown on the graph below. Bitcoin has increased so much recently that it has attracted newbies, urging the whales to swap their BTC for ET...

Bitcoin less risky than Tesla?

22 Jan 2021 1 minute read 2 comments Fab G

That's the conclusion of a recent survey: 56% of 627 respondents surveyed by Deutsche Bank last week claimed that BTC price more likely to halve in a year, and 25% said it's more likely to double, according to a report by Marketwatch. Meanwhile, 62%...

Should you buy cryptos before the weekend?

22 Jan 2021 1 minute read 0 comments Fab G

An article from Bloomberg last year mentioned that "Weekends are the Wild West for Bitcoin, but Nobody Knows Why". However, several reasons were mentioned to explain why weekends are good for Bitcoin, and these reasons are still valid in January 2021...

The safest way to store crypto

18 Jan 2021 3 minute read 5 comments Roberto D.

How can Bitcoins be stored? Here is a guide on the best ways to keep cryptocurrencies safe. A question that the (many) investors who in recent months have decided to focus on cryptocurrencies will certainly have asked themselves, for almost a year at...

The State of Crypto: The Highest Gains for January 16, 2021

16 Jan 2021 6 minute read 11 comments bettercallpaul

The State of Crypto: The Highest Gains for January 16, 2021 by W. Paul Alexander for Better Call Paul Blog See my latest article here: --->  January 19, 2021 - Alt Season Picks up Steam!

5 DeFi Tokens To Moon in 2021

26 Jan 2021 1 minute read 1 comment busyjordy

CRYPTO CORNER EPISODE 138 In this episode: ►Quick Overview of DeFi ►My top 5 picks of DeFi tokens to boom this year References: 📄 📄 📄

Injective Protocol INJ - Incredible potential

14 Jan 2021 1 minute read 4 comments Fab G

Hopefully you already know the Injective Protocol. Otherwise, it is still time to learn. According to their description on CoinMarketCap: Injective Protocol describes itself as the first layer-2 DEX that unlocks the full potential of decentralized d...

Week 3, personal ideas and analysis

16 Jan 2021 1 minute read 0 comments Feder

After this week purchases as you noticed from my previous post, i'd like today to share some ideas and analysis i made in particular looking at the chart of $ADA - $SNX - $ETH - $DOT and $VET ADA/USD If we look at the 2h chart here we see ADA brea...