On NN September, Emirex listed Synthetix Network Token (SNX) for trading on the Emirex exchange. Below is detailed information about the project’s current condition and perspective.
- Synthetix is a derivatives liquidity protocol on Ethereum that enables the issuance and trading of synthetic assets.
- The synthetic assets can track the price of any other asset, whether that’s currencies, equities, bonds, commodities, or even other cryptocurrencies.
- SNX tokens are used to earn exchange fees for collateralizing the protocol.
- In the Synthetix protocol, collateralized assets are combined to act as a counterparty debt pool to all minted assets.
- Token Standard - ERC-20
- SNX Price - $5.18 USD
- SNX ROI - 1,040.64%
- Market Rank - #36
- Market Cap - $498,871,782 USD
- 24 Hour Volume - $75,026,335 USD
- Circulating Supply - 96,323,990 SNX
- Total Supply - 201,300,246 SNX
- All Time High - $7.86 USD (Sep 01, 2020)
- All Time Low - $0.032420 USD (Jan 05, 2019)
Synthetix Network Token (SNX) Synthetix is a decentralized synthetic asset issuance protocol built on Ethereum. Formerly known as Havven, the project has undergone a significant rebranding to expand its use cases and future potential. Essentially, synthetic assets are a combination of securities to model the price of another underlying asset. This way, users can access any supported derivative without even worrying about the storage of the underlying asset itself. This allows users to quickly switch between abstract assets (like ETH and APPL) without any delay or exchange fees.
Using Mintr, synthetic assets called Synths are created by placing Synthetix Network Tokens (SNX) as collateral. Synthetix uses a private oracle to obtain real-time information from trusted financial market resources. The protocol currently supports synthetic fiat currencies, digital assets, and commodities.
The ability to store and copy Synths opens up many new possibilities for trading, hedging, making money transfers or other payments, managing portfolios, and more.
The creators created a system consisting of two tokens: Synthetix Network Token and Synths:
- Synthetix Network Token - a token that provides liquidity in the system;
- Synths is a token whose value is tied to the price of a real asset (fiat, precious metals, company shares, etc.).
Such a solution makes it possible to simplify investing in different types of assets, and at the same time contributes to the popularization of cryptocurrency and the growth of the rate.
SNX coins are the backbone of the platform. It is a technical cryptocurrency used to create Synths tokens, which, at the same time, can only be issued with a zero balance in the main wallet. To date, the total supply of tokens is over 150 million SNX.
Synths tokens are produced through a smart contract. During the operation, all information about blocked SNX will be recorded in the XDR regulator. It is designed to prevent fluctuations in the exchange rate. From the received funds, a pool is formed, which is then distributed according to a proportional system among all those who "frozen" SNX. Token transactions go through the Synthetix Exchange.
- 28 Aug 2020: Introduced the new visual brand.
- 1 Sep 2020: Announced the switch of all price oracles over to Chainlink.
- 09 Sep 2020: Announced a new initiative designed to incentivize native integration of the Synthetix protocol across DeFi platforms and protocols.
- 15 Sep 2020: Introduced a brand new interface of the Synthetic grantsDAO.
- 2020 Q1
- Launch of Ethereum collateral (Phase 1)
- Launch of Synthetix.Exchange V2
- Release of new crypto Synths
- Launch of Wallet Delegation
- Release of Synthetix.Exchange interface enhancements (Gypsum, Bauxite, Halite)
- Completion of Phase 0 and Phase 1 of ProtocolDAO
- 2020 Q2
- Release of Equity Index Synths such as sNIKKEI and sFTSE
- Release of Differential Fees
- Launch of Liquidation Mechanism
- Release of Leveraged Synths
- Release of advanced order types
- Release of trading incentives update
- 2020 Q3
- Release of binary options
- Release of Synthetic Futures products
- Integration with Chainlink for on-chain price feeds
- Implementing a new escrow contract
- 2020 Q4
- Launch of Optimistic Layer 2
Bear in mind that the project is still experimental at the moment. Crypto market analysts have speculated that to unlock their SNX, the company's management will have to burn a much larger amount of Synthetix than was released, and this creates a considerable risk for platform users.
The Synthetix project remains dependent on Ethereum. At the same time, the platform may face serious competition in the tokenization of digital assets. Despite this, the Synthetix Network Token system can be considered a promising project within the Ethereum ecosystem. Developers are constantly working on the project, introducing various improvements, which contributes to an increase in potential token creators, who are provided with considerable support.