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. 


PSA - Mirror Finance Airdop for Uniswap Holders

26 Dec 2020 1 minute read 0 comments ExponentialOne

Short and sweet post with information you may have seen here and there (but was recently news to me). If you held 100 UNI tokens on 11/23, you may be eligible for a Mirror Finance token airdrop on Ethereum. News broke a few weeks ago for this, but so...

Crypto of the day - Will SNX go higher?

8 Nov 2020 1 minute read 0 comments Cryptofab

While everybody is watching Bitcoin and Ethereum, SNX price is pumping: SNX staking rewards: 51% APY Main issue: Ethereum network transaction fees, to be fixed with Ethereum 2.0 Forecast: DeFi has reached the bottom & SNX is one of the most promisin...

SNX to be listed on OKEx

28 Jul 2020 1 minute read 0 comments Synthetix Network

We’re pleased to announce SNX will be listed for trading on OKEx against USDT and ETH! SNX deposits will go live at 4:00am, July 24. Spot trading will be enabled from 7:00am, July 24. SNX withdrawals will be available at 9:00am on July 27. All times...