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. 


Top Things You Should Know About Synthetix Network (SNX)

16 Jun 2020 7 minute read 8 comments MuyAsk

Hey guys :) I’m back with another comprehensive Q&A piece, this time for one of the most popular and revolutionary Ethereum DeFi projects – Synthetix Network (SNX). Synthetix Network is a protocol for trading synthetic assets on Ethereum. The project...

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Stacking SNX using MintR

7 Jun 2020 3 minute read 2 comments cryptouf

Hi all A new little tutorial for people interested in Synthetix and wishing to stack their SNX to generate interest. I will not present the Synthetix project in this article. You can find the white paper of the project by clicking on the button at th...

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19 May 2020 2 minute read 1 comment CryptoArgha

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11 May 2020 9 minute read 18 comments Chenhuang_defi

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1 May 2020 6 minute read 2 comments yourmitchy

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18 Apr 2020 4 minute read 37 comments Crypto Adventure

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Synthetix (SNX) Price Prediction 2020 - $2.50 Possible?

30 Mar 2020 8 minute read 1 comment CryptoChartWizard91

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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...

Is Synthetix Network Token (SNX) A Good Investment? In-depth Analysis and Near to Longer-Term Expectations

10 Mar 2020 8 minute read 4 comments CryptoBoomer

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