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. 

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...

ATOM and SNX my experience a year later. pt 1

12 Aug 2020 1 minute read 0 comments bobby dig!tal

These two projects are a hot topic amongst traders of all types these days.  Defi is hot. Binance and Coinbase have reported a massive increase of online traffic in past weeks. There is more institutional buying  recently in a very long time. With th...

Synthetix to Introduce Synthetic Futures and Rebrand Exchange in H2 2020

5 Aug 2020 1 minute read 0 comments Abhimanyu Krishnan

On July 31, synthetic asset platform Synthetix (SNX) offered an update on its roadmap, detailing several significant offerings for the latter half of 2020. New features and developments include synthetic futures, a rebrand of the exchange and deeper...

The Synthetix DeFi project switched to a decentralized management model

29 Jul 2020 1 minute read 0 comments Danyakot

The largest platform for decentralized derivatives, Synthetix, has switched to a decentralized management model. This is reported in the project's blog. Now the organization behind the project, the Synthetix Foundation, is subject to liquidation. Ins...

For All Things DeFI - Follow These Crypto Twitter Accounts

25 Jul 2020 1 minute read 12 comments Bragato18

Decentralised Finance (DeFi) is all the rage in the Cryptoverse. So here are 9 Crypto Twitter accounts worth following if you would like to keep updated on what is happening in DeFi. #1 Camila Russo @CamiRusso Chiefess at Defiant News, a DeFi news...

Aave Launches New Features and Listings

17 Jul 2020 4 minute read 15 comments Aave

  The Aave team has been hard at work to provide new features and assets in the protocol for the Aave Fam! As always, synergies within the ecosystem and brand new functionalities are on the menu this week. We’re happy to introduce new risk parameter...