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. 

Wall Street Trading Firm is accumulating Bitcoins & Alts

8 Nov 2020 1 minute read 4 comments ircrp

  One of the Wall Street's biggest high-frequency trading firm of Jump Trading with over 700 head count worldwide has been allegedly quietly accumulating on various Cryptocurrencies. The spotlight has been cast upon Jump Trading by a Messari Crypto r...

Synthetic Assets in DeFi: A Comprehensive Guide

5 Nov 2020 5 minute read 1 comment Zild

The market of crypto-synthetic assets has been steadily gaining traction. According to the latest available estimates, there is more than $69 million locked in synthetic derivative contracts. To understand this growing importance of synthetic...

DeFi Synthetic Assets

21 Oct 2020 2 minute read 6 comments NOWNodes

Originally published in the NOWNodes blog. The concept synthetic asset refers to a collection of assets that have the same value as another asset. Traditionally, synthetic products combine various derivatives — options, futures, or swaps — that mimic...

What is DeFi & How to earn on Yield Farming?

21 Oct 2020 8 minute read 5 comments Guarda Wallet

What is DeFi? DeFi or decentralized finance stand for financial applications and services that use smart contracts. DeFi is a decentralized, open-source, and trustless ecosystem of financial applications and services based on various blockchains. The...

pNetwork - the next SNX of DeFi World - better features, 42% staking/year

21 Oct 2020 3 minute read 1 comment VNFC

hello everyone Today I'm gonna present you one of the most promising (for me) projects vs market price in these moments: pNetwork, former EIDOO, a swiss project in crypto Finance this is the Roadmap The most relevant info: -Name:  pNetwork / $PNT (N...

Exchanges & Dapp moving in Layer 2 Scaling

15 Oct 2020 4 minute read 1 comment Agilaxxx

The Coinbase Wallet is moving in Layer 2 scaling too. credits to publish0x This past few month we see alot of news about Ethernium Scaling Development and yesterday October 14 2020 the non-custodial exchanges wallet and dapp browser Coinbase Wall...

Technical Analysis - Oct 9

9 Oct 2020 2 minute read 0 comments LeaderIcarus

Greetings everyone and welcome to this positive - at last technical analysis. Not, as positive as i would like, but still, as you can see on the cover image (from, a sea of green. The market capitalization is, also, increased to $347 b...

Technical Analysis Update BTC/ETH/SNX/XMR - Oct 5

5 Oct 2020 2 minute read 0 comments LeaderIcarus

Greetings everyone, and welcome to an update of this technical analysis. Updating The sideways move continues, for Bitcoin, inside the triangle ABCD, with low volume - just $16 billion - trading currently at $10,640. Its market dominance is still aro...

Trying Synthetix over Optimistic Ethereum (Layer 2 scaling)

4 Oct 2020 4 minute read 2 comments bengy

  Ethereum is the first and most used of the smart contract blockchains. However, due to the way that it achieves consensus via Proof of Work (PoW), it does suffer from network congestion at times when the network is being stressed by usage. User...

The ECB prepares its "digital euro".

3 Oct 2020 4 minute read 21 comments Roberto D.

Central banks have been thinking about this for quite some time. A digital currency under their control that pushes the countless electronic currencies that have proliferated over the last decade to the margins. A day ago, the European Central Bank a...