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Synthetix Network Price, SNX/USD Exchange Rates


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).

SNX/USD Price and Exchange Rates Charts

SNX/USD Price, Exchange Rates chart – 7 days

SNX/USD Price, Exchange Rates chart – 30 days

SNX/USD Price, Exchange Rates chart – 60 days

* Forex Rating accepts no liability for any errors in the Synthetix Network Price or SNX Information. For the most recent information please visit the Synthetix Network official site.

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Bitcoin may be near the bottom but not yet ready to rise
Bitcoin may be near the bottom but not yet ready to rise

The tug of war in Bitcoin near the psychologically important $20K continues. After losing 4.7% to $19.9K on Wednesday, the first cryptocurrency returned to $20.4K on Thursday morning...

23 Jun 2022

Cryptocurrencies are attracting investors, but it will pass
Cryptocurrencies are attracting investors, but it will pass

Bitcoin rallied from $20.5K to $21.6K during the day on Tuesday but later reversed to decline and went back on Wednesday morning. Ether corrected deeply...

22 Jun 2022

Bitcoin’s decline is oversold, but it’s too early to talk about a new rally
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21 Jun 2022

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