. What is Synthetix (SNX)? Here is the Crypto Currency SNX Coin in All Details – In this article, What is Synthetix (SNX)? We will answer the question and try to present details about the project.
Synthetix (SNX) Down?
Synthetix is an Ethereum-based protocol for the extraction and trading of synthetic assets, including cryptocurrencies, leveraged tokens, stocks and other real world assets.
Traders and other market participants can be chained to various assets without slipping on the Synthetix exchange.
SNX tokens are used to earn an exchange fee to secure the protocol. SNX tokens can be staked on Mintr. Additionally, network statistics are public.
In the Synthetix protocol, collateralized assets are aggregated to act as a debt pool against all issued assets (e.g. synthetic assets such as sUSD and sBTC). It allows users to directly trade synthetic assets without the need for direct counterparties while solving liquidity and slippage issues.
As of 9 July 2020, Synthetix is one of the largest DeFi protocols in Ethereum based on total net asset locked value; its collateral on the chain is worth more than 350 million dollars.
What is SNX Coin?
Synthetix is a protocol for exporting and trading synthetic assets (Synths) on the Ethereum blockchain.
Each Synth is an ERC-20 token that tracks the price of an external asset. For example, each sUSD token tracks the price of the US dollar while sBTC tracks the price of BTC.
In principle, the system can support any asset at a net price and provides on-chain exposure to an unlimited number of real-world assets.
Synths are secured with Synthetix Network Token (SNX). The platform uses a pooled collateral model that allows users to convert between Synths directly with smart contracts, avoiding counterparty risks as well as liquidity and slippage issues in many decentralized exchanges (DEXs).
The Synthetix community growth strategy consists of encouraging active participation in the decision-making process behind the development of Synthetix products, encouraging community engagement, and encouraging direct engagement through informative content using social media platforms such as Twitter and Discord.
Synthetix’s current community growth strategies include:
Hosting community governance surveys on Discord.
Conducting monthly public governance update meetings to inform the public about product delivery and short-term focus.
To set up the GrantDAO Program to fund community proposals.
Running local community manager programs in all countries with language support.
Collaborating with library associations and educational institutions to attract editors.
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