Synthetix Network Token (SNX) – token and protocol review, course, prospects, where to buy / sell – Synthetix Network Token (SNX) – token of the Synthetix trading platform. This site operates on a distributed protocol to generate synthetic assets on the Ethereum blockchain. The Synthetix Network Token (SNX) is locked in the contract and allows the creation of synthetic assets.
Then the user can directly exchange these assets (“synths”) for each other, bypassing unnecessary intermediaries. SNX can be used for staking.
On July 9, 2020, the Binance exchange listed the Synthetix Network Token (SNX) token. Trading is available in pairs SNX / BTC, SNX / BNB, SNX / BUSD, SNX / USDT.
The Bitcoinminershashrate.com editors prepared an overview of this token and the site within which it operates.
The content of the article
Name | Synthetix |
---|---|
Ticker | SNX |
Blockchain | Ethereum |
Total emission | 200 428 194 SNX |
Current issue as of 09/07/2020 | 118 334 082 SNX |
Course on 09/07/20 | 4,68 $ |
Market Capitalization as of 09/07/2020 | 545 867 482 $ |
Official site | https://www.synthetix.io/ |
https://twitter.com/synthetix_io | |
Source | https://github.com/Synthetixio |
Cryptocurrencies | Binance, Uniswap, OKEx, AEX |
Synthetic assets on the Synthetix platform Is a kind of projection of the value of other digital currencies and objects that can be possessed without owning the underlying assets. Synths are supported by the Synthetix (SNX) token, which is in a locked state with a 750% margin rate.
Synth trading has several positive aspects compared to conventional decentralized or centralized crypto exchanges:
Currently supported synths:
The network architecture is based on the release of synths. A specialized mechanism has been developed for this purpose. Synthetic assets are available for issuance by the owner of SNX tokens, using them as collateral at a minimum of 750%. The release is done through a smart contract. At this moment, the user’s debt (the price of the generated synths) is placed in a special registry. Synthetix uses a currency basket to ensure debt value stability; prices help to find out connected decentralized oracles.
As soon as a debt is assigned to the SNX holder, the smart contract is obliged to release the designated amount of synths and transfer them to the participant’s balance. Later, if the SNX value increases, tokens are automatically unlocked in the amount required to match the price increase. The released tokens, if desired, can be transferred back to the pledge to release additional synths.
Stages of trading on Synthetix.Exchange:
Since the platform converts debt from the first synth to the second on its own, there is no need to search for a counterparty, match orders, a queue system, or adjust the debt pool.
SNX token holders are rewarded for keeping the system running in two ways:
All participants in the system represent a single counterparty for all trading operations using synthetic assets and shift all the risks of the system’s total debt onto their shoulders and therefore are entitled to receive commissions.
Synthetix Token (SNX) supports the following cryptocurrency wallets:
Synthetix Network Token (SNX) has been listed on the renowned cryptocurrency exchange Binance since July 9, 2020. It is quite convenient to buy an asset on this site. Procedure:
Pros:
Minuses
Some experts believe that the Synthetix platform is as close as possible to the vision of cryptocurrencies proposed by Satoshi Nakamoto. The project token provides a fairly wide range of opportunities within the ecosystem and is considered a promising asset. In recent weeks, its rate has been actively growing, although in recent days it has begun to decline.
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