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What is Synthetix (SNX)?
SNX - The Ethereum-based blockchain that offers accesses to highly liquid synthetic assets (called synthesizers).
- Synthetix (SNX) offers a technology called 'synthesizers', which offers users highly liquid assets.
- Its main goal is to expand the cryptocurrency spaces by adding assets that are not on the blockchain.
- Its native token, SNX, are mainly used as collateral for those synthetic assets to give more confidence to the user.
Key metrics of Synthetix (SNX)
| Precio Reciente | $1.57 |
|---|---|
Cap de Mercado | $392,010,789 |
Cap de Mercado | 249,478,978 SNX |
Suministro Total | 311,410,508 |
What is Synthetix (SNX)?
Synthetix is a decentralized finance (DeFi) protocol, based entirely on the Ethereum blockchain. Its main feature is that it gives all users access to highly liquid synthetic assets, or also called synthetix.
The network was launched in September 2017 by Kain Warwick. It previously had the name Haven (HAV), but a year later it was decided to change this to Synthetix.
The main function of Synthetix is that it tracks and provides returns on any asset, as the platform does not need the direct holding of another asset, as they are secured by a synthetic and highly liquid asset.
Synthetix's main goal is to expand the spaces they have in cryptocurrencies by introducing assets that are not part of the blockchain, so their main intention is to access a more robust financial market.
In addition, Synthetix is also a decentralized exchange (DEX), with the main feature of being a synthetic asset platform. Its platform allows all users to be able to exchange Synthetix autonomously, all with the ease provided by its native token: SNX.
The Synthetix token (SNX)
In February 2021, the Synthetix network launched its own native token, SNX. The main plan with this token is to give rewards to users who bet on its exchange by giving part of their transaction fees. For such reason, the company launched 212 million tokens, of which only 114 million are in circulation and available to users, something that made the total price of the coin go up.
SNX is compatible with Ethereum's ERC-20 standard, so it started to be traded on various exchanges due to its ease of transaction, as well as the reduction of gas fees and the decrease of its original latency. In addition, if you have SNX tokens available you can bet them on the Synthetix network and get returns on network fees.
Another feature of this token economy is that there is something known as 'wager rewards'. This is another way in which SNX users earn rewards using inflationary monetary policy.
In very early stages, Synthetix sold just over 60 million tokens and raised $30 million. Because so much of its tokens are in circulation, its price went as high as $27.