Synthetix (SNX)

CryptoSynthetix (SNX)

Synthetix has a price of $ 2.34 with a marketcap of $ 527.78 M. It ranks number 83 of all cryptocurrencies.

Synthetix (SNX) was launched at the end of 2017, originally under the name Havven (HAV) and allows derivatives to be traded via the Ethereum network. Each Synthetic Asset (or Synth) is an ERC20 token that tracks the price of an external asset; For example, each sUSD token tracks the price of the US dollar. Within Synthetix there is a wide variety of Synths including fiat currencies, cryptocurrencies and commodities.

Synthetix consists of a smart contract infrastructure and a series of incentives that use the Synth prices. This is supported by the value of the Synthetic Network Token which acts as collateral. To make Synths, plotting a value using SNX is required. This means that the value of Synthetix Network Token is directly linked to the use of the network that provides the collateral. This allows Synthetix Network to support direct conversion between different synths without the liquidity and slippage problems experienced by other decentralized exchanges. The Synthetic Network Tokens network supports a wide variety of use cases including trading, loans, payments, wire transfers, e-commerce and more.

havvenSynthetix Network
$ 2.34

Socials Synthetix

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