What Is Synthetix
Synthetix is a derivatives liquidity protocol on Ethereum that enables the issuance and trading of synthetic assets. Each synthetic asset (or Synth) is an ERC20 token which tracks the price of an external asset; for example, each sUSD token tracks the price of the US dollar (and unlike the other synthetic assets, is fixed at 1).
A wide variety of Synths exists within the, including fiat currencies, cryptocurrencies, commodities, and inverse indexes. In principle, the system can support any asset with a clear price and provides on-chain exposure to an unlimited range of real-world assets. The protocol will enable a variety of trading features including binary options, futures, and more.
Quick Fact About Synthetix
|DEFI Coin Name||Synthetix|
|Circulating Supply||108,411,877 SNX|
|Total Supply||210,952,392 SNX|
|Source Code||Click Here To View Source Code|
|Explorers||Click Here To Visit|
|Twitter Group||Click Here To Visit Twitter Group|
|Documentation||Click Here To View|
|Official Project Website||Click Here To Visit Project Website|
How does Synthetix work?
Stakers are rewarded for supporting the system with a pro-rata share of the fees generated by activity in the system. The value of SNX is thus directly connected with the usage of the network it collateralizes.
This mechanism allows Synthetix Coins to support instantaneous, near-frictionless conversion between different flavors of Synths without the liquidity and slippage issues experienced by other decentralized exchanges.
Synthetix is the backbone for derivatives trading in DeFi, allowing anyone, anywhere to gain on-chain exposure to a vast range of assets.
The resulting network of tokens supports an extensive set of use cases including trading, loans, payments, remittance, eCommerce, and more. The was launched in late 2017, originally under the name of Havven (HAV).
Earn rewards by providing collateral to the Synthetix protocol.
Synthetix Network (SNX) Token
SNX is the utility token of the ecosystem and is necessary to create synthetic assets called Synths. Users can buy SNX tokens from several crypto exchanges and deposit them in a compatible wallet in order to stake them.
Once they are locked up, new Synths can be minted. The token’s supply used to be deflationary until it was updated in March 2019. The update saw the implementation of an inflationary monetary policy to encourage stakers to create more Synths.
By 2025, a total of 250 million SNX tokens will be minted. SNX has surged drastically in the last couple of months. It went from $0.79 at the beginning of June to around $3.32 on the 25th of July 2020.
Synthetix Defi Features
Harness the deep liquidity of synthetic assets to power a new era of financial tools. Earn rewards by providing collateral to the Synthetix protocol.
The provides an intuitive and seamless interface for users to buy and sell any Synths available on the platform. The exchange is accessed by connecting the web3 wallets mentioned above, allowing users to easily convert to and from different Synths.
As of writing, apart from ETH gas, the current fee for all Synth exchanges is 0.30%. These fees are distributed to SNX holders who are providing collateral for backing the Synths.
Synthetix Anywhere To Gain
The is the backbone for derivatives trading in DeFi, allowing anyone, anywhere to gain on-chain exposure to a vast range of assets.
Frequently Asked Questions About Synthetix
What Is Synthetix?
Synthetix is a general-purpose framework for building decentralized oracle networks that give your smart contract access to secure and reliable data inputs and outputs.
What Is Current Price Of Synthetix?
Synthetix Current Price Available At Our Marketcap Page. Check Live Price On Coinworldstory Marketcap Page.
What Is Total Supply Of Synthetix?
Total Supply Of Synthetix Is 210,952,392 SNX