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 is moving to L2 — Earn SNX with no FEES!

26 Sep 2020 1 minute read 0 comments GabrielHaines

A QUICK OVERVIEW OF SYNTHETIX Synthetix is a central part of DeFi and the Ethereum blockchain because it enables access to real life assets like forex and precious metals. In the future, it will also give access to equities (such as stocks like Tesl...

The easiest guide to earn 10K Sat per day, every day (Version 2)

23 Sep 2020 4 minute read 10 comments Roberto D.

Some time ago I wrote a guide called "The easiest guide to earn 10K Sat per day, every day" with the promise that I would publish a "revised and corrected" version 2 of it. Two months later I am ready to tell you about the best way to reach these ble...

Top 16 DeFi Trading Platforms & Protocols

24 Aug 2020 7 minute read 7 comments D3F1

1. Uniswap Automated Market Maker powered only by smart contracts on Ethereum Allows users to swap between ERC-20 tokens in a decentralized manner quickly. Liquidity is provided by users who deposit funds in different pools at a 50/50 ratio When a...

Gold product release

24 Aug 2020 1 minute read 10 comments 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!   Add fee reclaim/rebate events on Synthetix.Exchange As per SI...

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...

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...

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...

Defi, SNX and Satoshi's vision

14 Aug 2020 2 minute read 5 comments bobby dig!tal

If there was an award ceremony for crypto based on potential and innovative technology, SYNTHETIX would be academy award winner.  Right in the middle of Defi is the derivatives market. The estimated combined value of all derivatives contracts is said...

Celsius Network added five new coins but the transfer fees are ridiculous!

13 Aug 2020 1 minute read 5 comments PVMihalache

Since yesterday's  !!Matic, Livepeer (LPT), Kyber Network, Synthetix (SNX) and LINK are available on Celsius, with amazing interest rates of staking and annual yield go to 22.4% The higest interest rate is available if users choose to earn in CEL, h...