The 18Digits community has voted the Synthetix Network’s token (SNX) up to the second-biggest gainer of voting week 25, coming behind $SPELL. SNX gained 11,271 spots to rank 7,655 on the overall chart for this week. We have decided to review the Synthetix Network and its native token to enlighten readers on why the community united to skyrocket the token during this voting week.
Note: The material provided in this article is strictly for information purposes. The content is not intended to be taken as financial advice.
What Is Synthetix?
Synthetix is a decentralized finance (DeFi) protocol that offers on-chain exposure to various digital and non-digital assets. The protocol gives users access to highly liquid synthetic assets (synths) and is built on the Ethereum network. Synths track and give returns on the underlying asset without requiring direct ownership of the asset. By adding non-blockchain assets, the platform seeks to diversify the crypto space by opening up access to a more developed financial system.
Who Are the Founders of Synthetix?
The Synthetix network was launched as Havven in September 2017 by Kain Warwick before being rebranded as Synthetix.
What Is the Synthetix Network Token (SNX)?
Synthetix Network Token (SNX) is an ERC-20 token that powers the Synthetix Network. SNX plays a pivotal role in the Synthetix Network as SNX tokens are utilized as collateral when the network users want to create synths, which are synthetic assets that users can trade with fellow network users.
Synthetix Network Token (SNX) Information
SNX has a price of $2.90, with a market capitalization of $333,855,119.79 and a market dominance of 0.03%. The token has a circulating supply of 114.8 million SNX tokens out of a total supply of 215.3 million SNX. (Price index from June 26, 2022, according to CoinMarketCap)
If you’re looking to buy SNX, the main cryptocurrency exchanges for trading SNX are Binance, Coinbase Exchange, and Huobi Global.
What Makes Synthetix Distinctive?
The protocol is made up so that users can access the underlying assets through synths without actually holding them. Users can trade and exchange synths on the marketplace on their own. Additionally, it offers a pool where holders can stake their SNX tokens and receive a portion of the transaction fees from the Synthetix Exchange.
Since its debut, the protocol has moved to the Optimistic Ethereum mainnet to help cut network gas fees and oracle latency.
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