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. 


Should you buy cryptos before the weekend?

22 Jan 2021 1 minute read 0 comments Cryptofab

An article from Bloomberg last year mentioned that "Weekends are the Wild West for Bitcoin, but Nobody Knows Why". However, several reasons were mentioned to explain why weekends are good for Bitcoin, and these reasons are still valid in January 2021...

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...

Bitcoin less risky than Tesla?

22 Jan 2021 1 minute read 2 comments Cryptofab

That's the conclusion of a recent survey: 56% of 627 respondents surveyed by Deutsche Bank last week claimed that BTC price more likely to halve in a year, and 25% said it's more likely to double, according to a report by Marketwatch. Meanwhile, 62%...

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...

4 Unique DeFi Projects You Should Know About

30 Nov 2020 4 minute read 3 comments Crypto Adventure

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...

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...

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...

What is Synthetix Network Token (SNX)? [A Comprehensive Guide to Understanding Synthetix]

3 Dec 2019 10 minute read 4 comments Mr.CryptoWiki

If you’re a crypto investor, you’ve probably researched and wondered what will kick off the next bull run? After all, we all want to get in early and see massive gains, am I right?  In order to do this, we must first identify the leading trends that...

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...

Will SNX hit $20?

18 Dec 2020 1 minute read 4 comments Cryptofab

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....