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. 


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...

DeFi tokens to pump again

7 Dec 2020 1 minute read 0 comments Cryptofab

According to Dune analytics report, DeFi users have reached 1 million, i.e. ten times the number of users of last year... And still almost nothing compared to the worldwide potential. DeFi tokens like YFI, YFII, SNX are going to pump significantly fr...

4 Unique DeFi Projects You Should Know About

5 Dec 2020 4 minute read 0 comments Chriss

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...

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...

Crypto of the day - SNX will pump again

4 Dec 2020 1 minute read 0 comments Cryptofab

While everyone is looking at Bitcoin price, wondering whether it is going to hit $20k this year, some altcoins got an outstanding growth potential. One of them is Synthetix token SNX which will certainly pump again in the near future: 1) SNX is a sim...

5 Facts About use Bitcoin PayPal

30 Nov 2020 1 minute read 7 comments Coincobra

  Fact 1 On October 21 it was announced by PayPal that from the beginning of next year, 2021, this giant company will accept payments through cryptocurrencies Bitcoin, Bitcoin cash, Ethereum and Litecoin. Fact 2 PayPal has a partnership with approx...

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...

Bitcoin + Ethreum = Wrapped Bitcoin

25 Nov 2020 1 minute read 1 comment Coincobra

Wrapped Bitcoin is Ethereum's Bitcoin. In fact wBTC is the largest tokenized ERC-20 asset that is currently traded on the Ethereum blockchain. Therefore, it is the version of the BTC in Ethereum in the DeFi ecosystem. This Token is already listed on...

The Risks of Impermanent Loss in Liquidity Pools

21 Nov 2020 3 minute read 2 comments ☑️Arͬcͨaͣ🅽🅶eͤl̜̝̖̼͔̞̃ͮ͑̐̉͌🅾➏➏➏

Have you ever provided liquidity in a pool to realize that some of your coins have disappeared?In times of high market volatility, the supply of tokens in a liquidity pool can lead to losses (compared to a buy & hold strategy; all this thanks to slip...

Discovered 22 Chrome (and Brave) extensions that steal cryptocurrencies

17 Nov 2020 1 minute read 10 comments Roberto D.

A researcher has discovered 22 extensions for Google Chrome whose sole purpose is to steal users' cryptocurrencies. As reported by the information portal Naked Security, Harry Denley (cyber security expert specializing in cryptocurrencies) has discov...