Synthetix Network Token
Not enough votesBased on 0 votes
What is Synthetix Network Token all about
Synthetix is a decentralized protocol built on Ethereum and Optimistic Ethereum. It serves as a synthetic assets (synths) issuance platform against SNX collateral. Synths are derivative tokens providing exposure to a range of assets. They can be traded with infinite liquidity and zero slippage. Synthetix allows it thanks to the protocol’s unique pooled collateral model. This model solves the liquidity and slippage issues some DEX's experience. Any trade on the platform generates a small fee, which gets distributed as a reward to SNX liquidity providers.
Synths provide exposure to a digital asset without holding the underlying resource. This comes with several advantages. Reducing friction when switching between assets, expanding accessibility, and improving censorship resistance, to list a few. Trading on Synthetix as opposed to decentralized exchanges also comes with advantages. Due to the lack of an order book, all trades are executed against the contract in the form of peer-to-contract trading. Permissionless on-chain trading is also a major advantage. As are the previously mentioned infinite liquidity and zero slippage.
Synths are backed by the Synthetix Network Token (SNX). It is staked as collateral at a ratio of 400%. When a user decides to mint synths, a Synthetix smart contract runs the following steps. It checks if the SNX staker can mint their synths against their SNX collateral. Debt shares are issued to the staker to track their issued debt amount when minting or burning synths. When the staker receives their debt shares, they are issued the correct amount of synths. When the price of SNX increases, an equivalent portion of a staker’s SNX gets unlocked as collateral. This effectively means they can convert more SNX into synths.
Synthetix also supports an additional form of collateral in Ether (ETH). This allows ETH holders to instantly start participating in synth trading. Staking ETH requires a collateralization ratio of 150% and creates a debt denominated in ETH. ETH stakers do not participate in the pooled debt feature of the system. They also don't receive fees or rewards as they take no risk for the debt pool.
Synthetix Network Token Profit Calculator
Date of investment
Today's value would be€0
Start earning crypto
SNX Questions & Answers
Currently, what is the price of Synthetix Network Token?
Today's price of Synthetix Network Token is 2.58 EUR.
What will the Synthetix Network Token price be in 30 days?
Using our short term prediction, we suspect Synthetix Network Token's price will be between €1.35 and €4.96 in one month time.
What was the highest historical price of Synthetix Network Token?
The price of Synthetix Network Token peaked on 2021-02-14, when it was at 23.54 Euro.
How much will Synthetix Network Token cost in 90 days?
In accordance with our price prediction algorithm we suspect Synthetix Network Token's cost is likely going to reach between €0.77 and €7.29 in 90 days.
How much will Synthetix Network Token cost half year from now?
Difficult as it is projecting long term in accordance with our price prediction we suspect that the price of Synthetix Network Token will be anywhere between €0 and €7.29 in half a year.
Is Synthetix Network Token popular?
8998 users were participating in an online discussion on Reddit about Synthetix Network Token in the last 48 hours. Synthetix Network Token's Twitter profile currently is followed by 211197 users.
10 days Synthetix Network Token price forecast
Long term Synthetix Network Token price prediction