Synthetix Network – Rating, SNX Current Price, Marketcap

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 Synthetix, 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.

How does Synthetix work?


Synthetix is otherwise composed of a smart contract infrastructure and a set of incentives that maintains Synth prices. It is underpinned by the value of the Synthetix Network Token (SNX). SNX acts as collateral; staking a proportional value of SNX is required to mint Synths. 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 to support instantaneous, near-frictionless conversion between different flavors of Synths without the liquidity and slippage issues experienced by other decentralized exchanges. The resulting network of tokens supports an extensive set of use cases including trading, loans, payments, remittance, eCommerce, and more.

Synthetix was launched in late 2017, originally under the name of Havven (HAV).

FxPro
19 Apr, 2021   FxProBitcoin price drops to $52K, liquidating almost $10B

Bitcoin (BTC) fell to sudden lows of $52,000 on April 18 in a timely reminder of how price action often follows hash rate. Cointelegraph Markets Pro and TradingView...

FxPro
15 Apr, 2021   FxProBitcoin Price Lifts Crypto Stocks Ahead of Coinbase Listing

Listed firms that deal in cryptocurrencies or have exposure to them saw a field of green in global markets Wednesday, ahead of the much-anticipated direct...

FIBO Group
14 Apr, 2021   FIBO GroupRally in the cryptocurrency market

Updating historical highs by any asset is considered a landmark event, but not in the current year. Starting from the main US stock indices and up to the majority...

FxPro
14 Apr, 2021   FxProBitcoin hits new all-time high above $63000

Bitcoin surged to a fresh record high of more than $63,000 on Tuesday, as investors awaited the highly-anticipated stock market debut of cryptocurrency exchange...

FxPro
12 Apr, 2021   FxProBitcoin on-chain data suggests no bull market top at $60K

For the very first time in a Bitcoin (BTC) bull market, not only long-term investors but also short-term speculators who usually add to the daily sell pressure...

FxPro
7 Apr, 2021   FxProXRP is up roughly 20% over the past 24 hours

Ripple Labs has been granted access to U.S. Securities and Exchange Commission documents expressing the agency's interpretation or views on the subject


FxPro
7 Apr, 2021   FxProRiding Bitcoin Surge, Coinbase Active Users Grew by 117% in Q1 2021

Cryptocurrency exchange Coinbase saw a whopping 117% quarter-over-quarter increase in monthly transacting users, the firm revealed Tuesday in its voluntary...

FxPro
6 Apr, 2021   FxProXRP Hits Two-Month Price High in Wake of Ether Rally

XRP, the cryptocurrency used in Ripple Labs' payments network, is rallying on the coattails of altcoin leader ether (ETH, +1.15%)'s recent move to record highs...

FxPro
6 Apr, 2021   FxProCryptocurrency market cap hits $2 trillion

The market capitalization of all cryptocurrencies in existence surpassed $2 trillion on April 5, according to data from Goingecko, led by the impressive growth...