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. 


Trying Synthetix over Optimistic Ethereum (Layer 2 scaling)

4 Oct 2020 4 minute read 2 comments bengy

  Ethereum is the first and most used of the smart contract blockchains. However, due to the way that it achieves consensus via Proof of Work (PoW), it does suffer from network congestion at times when the network is being stressed by usage. User...

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...

Market TA - Oct 2

2 Oct 2020 3 minute read 0 comments LeaderIcarus

Greetings everyone The market is extremely volatile, as it is, also, falling and practically all coins - except stablecoins - are in reds. Even if the 24 hours volume is in the average amounts - almost $55 billion - alongside the high altcoin dominan...

Starting cryptocurrencies for newbies

1 Oct 2020 3 minute read 1 comment Roberto D.

Finance is becoming more virtual by the day. The main reason for this development is cryptocurrency. The cryptocurrency first came to the fore when an anonymous group of developers (or a single person) introduced Bitcoin to the public. This revolutio...

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29 Sep 2020 3 minute read 5 comments Roberto D.

Welcome to the future: the century of cryptocurrencies. But before launching into the world of cryptocurrencies, an exchange that is currently highly developed, it is very appropriate to take a small step back. In this brief time lapse, therefore, we...

Bitpanda added six new DeFi tokens + largest giveaway on Bitpanda yet!

29 Sep 2020 2 minute read 2 comments Jakonfire

www.bitpanda.com have added six new DeFi tokens! These six new DeFi token integrations are a great way to build a diversified cryptocurrency portfolio with more than 30 coins and tokens avaible at Bitpanda.    You can now trade six of the most popula...

How to fix the Eth gas Price problem NOW!

28 Sep 2020 1 minute read 1 comment ManuelAR

Ethereum is the chain of choice for most of the smart contracts that are fueling todays Defi revolution. But success has come at a price, the increased transaction volume has placed considerable strain on the network forcing gas prices up to historic...

Synthetix is moving to L2 — Earn SNX with no FEES!

26 Sep 2020 1 minute read 0 comments GabrielHaines

A QUICK OVERVIEW OF SYNTHETIX Synthetix is a central part of DeFi and the Ethereum blockchain because it enables access to real life assets like forex and precious metals. In the future, it will also give access to equities (such as stocks like Tesl...

The easiest guide to earn 10K Sat per day, every day (Version 2)

23 Sep 2020 4 minute read 10 comments Roberto D.

Some time ago I wrote a guide called "The easiest guide to earn 10K Sat per day, every day" with the promise that I would publish a "revised and corrected" version 2 of it. Two months later I am ready to tell you about the best way to reach these ble...

COINBASE (CELO/BAND/UNISWAP)

23 Sep 2020 1 minute read 0 comments Coincobra

Recently, the largest US exchange listed and made 3 new cryptocurrencies available to negotiate. This is very interesting, as they were launched in sequence over a period of just over 45 days. In the case of coinbase it is not very common for this to...