What is Synthetix Network Token?
Synthetix is a software that enables the creation of new assets that are designed to imitate other assets, both those existing in the real world, like the United States dollar and cryptocurrencies, like Bitcoin. These new assets are collateralized by purchasing the Synthetix token, SNX (Synthetix Network Token). When this new contract is actualized, the novel asset comes into existence through the use of SNX. Serving as collateral in the creation of synths is the principal purpose of the Synthetix Network Token (SNX).
These synths are ERC20 tokens that follow the value of another asset. Almost any asset can have a synth created for it. That includes real-world fiat currencies, cryptocurrencies, and commodities like gold. Presently, five types of Synths exist. These are fiat currencies (like the dollar), commodities (like silver), cryptocurrencies (like Bitcoin), inverse cryptocurrencies, and cryptocurrency indexes. To maintain the newly-created synths, the user must lock in SNX equal to 750 percent of the created synth value. An increase in the price of SNX increases the number of possible Synth creations. Users manage their collateralization ratio. Users that do so effectively earn weekly rewards based on that activity.
Several factors make it attractive for users to use their SNX to create Synths, rather than holding onto the native currency itself. The first is the exchange rewards, generated on Kwenta.io via Synth trades. The second is staking rewards which come from the inflationary monetary policy of the protocol.
While Synthetix Network Tokens are valued according to the open market, utilzation of the network it collateralizes also determines their value. So, synth trading affects the value of the SNX. One of the Synthetix network benefits is that it allows for direct, frictionless trading of different types of synths.
What are Synthetix Network Token Frequenty Asked Questions?
Where does Synthetix Network Token (SNX) rank among in terms of popularity? How relevant is it compared to competitors?
In terms of popularity, Synthetix Network Token currently ranks in position 20 out of the thousands of cryptocurrencies. It is also important to consider Synthetix Network Token‘s market cap – in general, the higher the market cap of a cryptocurrency, the more dominant it is considered to be in the market. Synthetix Network Token has a market cap of $ 2,235,436,865, which compares to Bitcoin (the most popular cryptocurrency by several metrics) with a market cap of $ 582,997,646,083, Litecoin at $ 8,442,933,789, Ethereum at $ 146,811,638,982, Tether at $ 25,472,772,366, and XRP at $ 11,678,253,491.
What is the price of Synthetix Network Token (SNX) today (updated in realtime)?
The current price of Synthetix Network Token is $ 15.69 in USD. (The price in Euros is 12,92 €; and the price in Bitcoin is Ƀ 0.00050000 BTC.)
What is Synthetix Network Token‘s (SNX) market supply?
The total available supply of Synthetix Network Token is 142,497,376 SNX. The total supply of Synthetix Network Token is 216,623,588 SNX.
What is the 24 hour volume for Synthetix Network Token (SNX)?
The 24 hour volume for Synthetix Network Token is $ 310,314,955.
How has Synthetix Network Token (SNX) performed recently?
Synthetix Network Token‘s price has decreased in the last 24 hours by -7.57%. This compares with a seven day change of -0.51%. The trading volume over the last 24 hours was $ 310,314,955. Trading volume indicates how many units of a currency are being bought and sold on specific exchanges. High trading volumes are likely to drive more on-chain activity, for example when people deposit and withdraw funds. It can be a good indicator of the general interest in the cryptocurrency.
What is Synthetix Network Token (SNX) official website?
Links to Synthetix Network Token‘s official website, social accounts, blockchain explorer, and Github repository if applicable.
Has Synthetix Network Token (SNX) performed well historically?
Here is a chart showing how Synthetix Network Token has performed historically.
Where Can I Buy Synthetix Network Token (SNX)?
Here is a breakdown of the current market prices from top cryptocurrency exchanges.
Charts & Market Data
Synthetix Network Token News
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