Synthetix Network (SNX) News, Price Predictions, Opinions and Analyses Created by Users

Synthetix Network (SNX)

112 Articles 3,784 Followers

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. 


Crypto Community Growth; Ethereum Active Addresses Now Growing Faster Than That Of Any Other Crypto With Bitcoin Inclusive.

6 Feb 2021 1 minute read 3 comments Godsplan

  Hello Community of Publish0x, l’m very glad once again to be here with another article of the recent updates in the crypto community and how the growth has impacted the market in general. Before I start, l would like to thank all my readers for the...

Will SNX hit $30?

4 Feb 2021 1 minute read 2 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....

Another Good News In The Crypto Community.

3 Feb 2021 3 minute read 3 comments Godsplan

  This recent period has been a great time for crypto currencies and many platforms are greatly updating their earning opportunities to help us earn enough. This time, the good news is from one of the oldest earning sites called FreeBitcoin.co.   Fre...

Can DOT hit $100?

29 Jan 2021 1 minute read 0 comments Cryptofab

Polkadot is not only a competitor of Ethereum. There are so many smart contract competitors on the market that nobody can say which one will win, and at the end of the day it could be Ethereum anyway because their market share is so huge that it will...

Will Bitcoin crash?

24 Jan 2021 1 minute read 5 comments Cryptofab

Bitcoin dominance is currently decreasing towards 60% and could even go lower according to the daily candles as shown on the graph below. Bitcoin has increased so much recently that it has attracted newbies, urging the whales to swap their BTC for ET...

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%...

Week 3, personal ideas and analysis

16 Jan 2021 1 minute read 0 comments Feder

After this week purchases as you noticed from my previous post, i'd like today to share some ideas and analysis i made in particular looking at the chart of $ADA - $SNX - $ETH - $DOT and $VET ADA/USD If we look at the 2h chart here we see ADA brea...

Portofolio balance, ideas and opinion part2

15 Jan 2021 1 minute read 0 comments Feder

  Let's get back to one of my previous post when i wanted to have from you a feedback and opinion about how to diversify and in which way i could build a stable for medium-long term portfolio.  The majority of the people who took the survey seems...

Injective Protocol INJ - Incredible potential

14 Jan 2021 1 minute read 4 comments Cryptofab

Hopefully you already know the Injective Protocol. Otherwise, it is still time to learn. According to their description on CoinMarketCap: Injective Protocol describes itself as the first layer-2 DEX that unlocks the full potential of decentralized d...

Synthetix Details 2021 Development Agenda

14 Jan 2021 1 minute read 0 comments Abhimanyu Krishnan

Synthetix founder Kain Warwick, in a detailed blog post published on Jan. 12, explained the planned development roadmap and priorities for the project in 2021. Warwick opens the 2500 word post by saying that while the roadmap is his only his thought...