Synthetix Network (SNX) News, Price Predictions, Opinions and Analyses Created by Users

Synthetix Network (SNX)

112 Articles 3,782 Followers

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. 


BUSTING THROUGH THE COMPLICATED - Synthetix Simplified

24 Feb 2021 2 minute read 0 comments kev_nag

According to the Synthetix.io Homepage: "Synthetix is the backbone for derivatives trading in DeFi, allowing anyone, anywhere to gain on-chain exposure to a vast range of assets." Merely a bunch of words that tell me, the average and very ordinary in...

How much is a unit of PAIN?

23 Feb 2021 2 minute read 0 comments VNFC

Well, sometimes we asked ourselves if we deserve what we got. Maybe. Or maybe not. Depends. What is sure is that, from time to time, we suffer. The thing is, it is really a true suffering? I mean, if we suffer because we couldn't get a new smart phon...

E&S: Synthetix, Decentralised synthetic assets

21 Feb 2021 3 minute read 2 comments MikeZillo

Hello Publish0x community and welcome back in this new article of my “Easy & Short Cryptocurrencies Made Accessible” area. This Sunday we talk about advanced features of Synthetix Network! Last Sunday I introduced you Synthetix Network (SNX) and I sa...

Top losers last 7 days list

19 Feb 2021 1 minute read 1 comment Cryptofab

Most of you are focused on the winners of the week, e.g. BNB. However, it might be worthwhile looking at the top losers in order to buy the dip. So the question is: while Bitcoin and most of the altcoins were increasing, which coins underperformed? L...

Can Elrond EGLD hit again $200?

18 Feb 2021 1 minute read 1 comment Cryptofab

Elrond EGLD (eGold) has surged from $8 to $158 in a 90 days... How far can it go? The recent launch of Maiar is pumping the price higher, which is also due to their referral program. Please use my referall link below to earn $10: https://get.maiar.co...

The Decentralisation of the stock market with the defi

16 Feb 2021 4 minute read 0 comments Tonythomas

  The rules of traditional finance have been crafted to benefit a few at the expense of many. And when the many use the rule to play the game correctly, they try to change the rule. The recent developments happened in the stock market and around Game...

What Is Yield Farming?

15 Feb 2021 1 minute read 2 comments chris04

What is yield farming?Yield farming is a way to make money by holding cryptocurrency holdings. In summary, it means blocking cryptocurrencies for rewards. But is it the same as staking?In a sense, yield farming can be compared to staking as both stra...

Easy & Short Token Review: Synthetix Network (SNX)

15 Feb 2021 3 minute read 3 comments MikeZillo

Hello Publish0x community and welcome back in this new article of my “Easy & Short Cryptocurrencies Made Accessible” area. This Sunday we are going to introduce Synthetix Network! Have you ever heard of this cryptocurrency? Before we start talking ab...

DeFi in Review: Aave’s Migration, Synthetix ‘Coup d’Etat’, Ren Protocol’s M&A

12 Feb 2021 2 minute read 0 comments GetBlock

This week a red-hot segment of decentralized financial protocols (DeFis) crossed $40B in total value locked for the first time ever. Here is what happened in flagship DeFi ecosystems on the threshold of this milestone. While the cryptocurrencies indu...

Synthetix is adding Tesla to its growing list of Synths

11 Feb 2021 1 minute read 0 comments Easyway

The addition of a synthetic TSLA asset was first initially and officially proposed and on the 2nd of Feb. Synthetix is readying its Bellatrix release. With the update, synthetic assets for Aave, Uniswap, Polkadot, and more will be supported. However...