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 the solution for DEX TRADING

29 Jan 2021 1 minute read 1 comment Makingdigital

As we well know, the highlight of today is the nastiness that the owners of Robinhood, the most famous trading app in the United States to use on the phone, have done to investors who had long positions in Gamestop shares. We are already fed up with...

Layer2 Coming Soon On Synthetix, Uniswap, Aave and Loopring

19 Jan 2021 2 minute read 7 comments ☑️Arͬcͨaͣ🅽🅶eͤl̜̝̖̼͔̞̃ͮ͑̐̉͌🅾➏➏➏

If you are not large holders, it is not convenient to stake tokens on Ethereum's DeFi platforms because the gas is too high. Likewise, there is no incentive to provide liquidity. A scalability solution could come from "Layer2" that some platforms are...

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...

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...

4 Crypto Projects to Bounce Back After Corona Crash

10 Mar 2020 4 minute read 3 comments Adamic0

The last few days have been a bit of a bloodbath for the market. Not just the crypto market, but every other asset class with the exception of gold. Indices have taken a HUGE beating, the oil price war has sent sudden shock waves through the economy...

6 Undervalued DeFi Projects To Put on Your Radar for 2020 & 2021

11 May 2020 9 minute read 18 comments Chenhuang_defi

You probably know what DeFi is since you clicked on this headline, but in case you don't, here's a quick explanation of what it is and why you should care about it: Defining DeFi DeFi is the acronym for ‘decentralized finance’, also known as ‘open fi...

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....

5 DeFi Tokens To Moon in 2021

26 Jan 2021 1 minute read 1 comment busyjordy

CRYPTO CORNER EPISODE 138 In this episode: ►Quick Overview of DeFi ►My top 5 picks of DeFi tokens to boom this year References: 📄http://bit.ly/nimbus-join 📄https://www.coingecko.com/en/coins/defi-yield-protocol/ 📄https://www.coingecko.com/en/coins/k...

Will ETH hit $10k this year?

27 Jan 2021 1 minute read 0 comments Cryptofab

According to a Coinbase report dated January 22, 2021, the interest of the professional investors in Ethereum significantly increased in 2020. These investors buy ETH because they believe in the network potential value and the coverage against inflat...

P/E Ratio for Cryptocurrencies

1 May 2020 6 minute read 2 comments yourmitchy

Investing in cryptocurrencies can be extremely lucrative, that is if you choose the right ones to invest in. Many cryptos have, and can again, show a 10x, a 100x, and maybe even a 1000x return on investment.  These types of returns in crypto are unpa...