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. 


Synthetix (SNX) The asset deployment protocol on Coinbase/Pro

10 Jan 2021 1 minute read 1 comment Gamma

Coinbase Exchange continues to focus its attention on the ecosystem of decentralized finance (DeFi). The Synthetix (SNX) token can now be exchanged on the Coinbase Pro platform. Coinbase has added DeFi tokens, such as Uniswap and Compound, and the pl...

Is it the best time to buy Bitcoin?

10 Jan 2021 1 minute read 3 comments Fab G

Nobody can really tell you whether or not it is the right time to buy Bitcoin, however the following indicators may help you: 1) Twitter: just look at what the trendsetters say, e.g. Alex Mashinsky, Celsius CEO, thinks that BTC will oscillate around...

Daily Bitcoin Analysis #1 (2021-01-08)

8 Jan 2021 1 minute read 1 comment Sebbe_727

Weekly Chart Analysis of Bitcoin The continuation of a bullish market has been proven and I do not see why it would drop right now. It will possibly have some dip soon but I think it will obtain a value of at least $32,000.00 - $36,000.00.  More Care...

Institutional Investing in Cryptocurrency -Best bets for 2021!

3 Jan 2021 6 minute read 21 comments crypto_moose

Going into 2021 many retail investors are wondering whether to invest in bitcoin or other coins.  Looking at some of the bigger market capitalized coins we can devise a strategy for investing during 2021. The main premise I want to present to you is...

Will SNX hit $20?

18 Dec 2020 1 minute read 4 comments Fab G

For those who have never tried SNX, it is not too late. This token has a huge potential. For the SNX hodlers, I would recommend to keep it for a while: By conception, SNX tracks stocks and other assets. When stocks increase like today, it increases....

Coinbase Lists Three New Ethereum Tokens

16 Dec 2020 1 minute read 1 comment CryptoVS

Coinbase Adds Three New Ethereum Tokens :  Aave (AAVE) Bancor (BNT) and Synthetix (SNX) all became available for purchase on Coinbase Tuesday 12/15/20 . Usually we see an upswing in a Tokens price when Coinbase adds them to their marketplace, but thi...

Coinbase Pro Lists DeFi Tokens AAVE, BNT and SNX

15 Dec 2020 1 minute read 12 comments Abhimanyu Krishnan

Coinbase Pro has listed DeFi tokens AAVE, BNT and SNX, according to an announcement made on Dec. 15. Coinbase Pro opened deposits for the 3 assets on Dec. 14, with trading to begin at 9 AM PST, Dec. 15 AAVE, BNT and SNX are popular DeFi assets that...

DeFi tokens to pump again

7 Dec 2020 1 minute read 0 comments Fab G

According to Dune analytics report, DeFi users have reached 1 million, i.e. ten times the number of users of last year... And still almost nothing compared to the worldwide potential. DeFi tokens like YFI, YFII, SNX are going to pump significantly fr...

4 Unique DeFi Projects You Should Know About

5 Dec 2020 4 minute read 0 comments Chriss

The DeFi sector continues to see expansion in all aspects. According to recent reports, the market currently holds over $6 billion in value locked in Smart Contracts. Impressively, this growth is increasing in both its scope and rate. There are now m...

Do You Know TRUST WALLET?

4 Dec 2020 1 minute read 8 comments Coincobra

Trust is Binance's official wallet but unlike Binance itself it works only as a mobile application. that is, if you want to take a look at your instances on a conventional desktop computer you won't be able to. Trust Wallet has good options for crypt...